SEC, Gensler Put SPAC Players On Notice With Latest Action
By Al Barbarino (July 15, 2021, 9:57 PM EDT) -- The regulatory hammer that the U.S. Securities and Exchange Commission brought down on a special purpose acquisition company deal this week, accompanied by a rare statement from the agency's chairman, sent a strong signal to the key players in the booming SPAC market: Don't cut corners, or you could get burned.
Tuesday's settlement resolving the SEC's misrepresentation claims carried a more than $8 million fine against various parties involved in the acquisition of a company developing spaceflight technology by a SPAC called Stable Road Acquisition. The SEC said investors were misled into believing a propulsion system developed by the merger target company, Momentus, had...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!