SEC Urges Blank-Check Companies To Bolster Disclosures
Law360 (December 23, 2020, 7:57 PM EST) -- The U.S. Securities and Exchange Commission issued guidance this week urging blank-check companies to provide robust disclosures regarding potential conflicts of interests and other information that investors may not be getting as these vehicles explode in popularity.
The SEC's disclosure guidance, posted on its website Tuesday, notes that founders of blank-check companies may have interests that are different than those of public shareholders. The agency is pushing companies to disclose compensation incentives that blank-check backers receive and report potential conflicts of interest that could influence what company the blank-check ultimately acquires, so that common shareholders can be better aware of risks....
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