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NYSE Seeks To Lower Required No. Of Investors For SPACs

Law360, Washington (December 4, 2017, 9:13 PM EST) -- The U.S. Securities and Exchange Commission has requested public comment on a New York Stock Exchange proposal to ease rules on special-purpose acquisition companies, which include halving the minimum number of investors and adding a capital requirement to exempt SPACs from penny-stock rules.

SPACs are shell companies set up for the sole purpose of raising investor capital to buy a private company and take it public, and the NYSE believes the rule changes will mitigate obstacles for the so-called blank check companies without adding substantial risk....
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