What SPAC Litigation Trends Could Mean For D&O Insurance
Law360 (July 20, 2021, 12:35 PM EDT) -- Special purpose acquisition companies, sometimes referred to as blank-check companies, are shell entities that go through initial public offerings without any underlying business operations or assets, other than cash in a trust account, and are usually required to seek merger with a private company within two years of the IPO to avoid liquidation.
Special purpose acquisition companies, or SPACs, provide a fast track for private companies to go public and have become a popular vehicle for SPAC management teams and shareholders to obtain substantial return on investment relatively quickly.
Accompanying the pressure to accomplish an initial business combination in a short...
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