Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Klausner and Grant & Eisenhofer lawyers win ruling against GigCapital3 and SEC plans to finalize two dozen rules in 2023
SPAC Defenders Fear Professor’s Victory Means Lawsuit Gold Rush
Stanford Law Professor Michael Klausner’s legal push aimed at showing SPACs are a rip-off for everyday investors is going as well as he could have hoped. And some fear it’s going too well.
Klausner and Grant & Eisenhofer lawyers won a ruling last week allowing their case against a SPAC, GigCapital3 Inc., to move toward trial. The Delaware Chancery Court ruling essentially rubber-stamped Klausner’s conclusions about the murky economics of special purpose acquisition companies.
SEC Plans to Finalize Two Dozen Rules in 2023
The SEC’s most recent update to its rulemaking agenda shows that the commission is planning to finalize 24 proposed rules, the vast majority of them by the spring of 2023.
The SEC is proposing to require additional disclosures about SPAC sponsors, conflicts of interest and sources of dilution. The proposal also would require additional information about business combination transactions, including disclosures related to the fairness of the transactions.
