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2020’s SPAC IPO explosion will inevitably lead to some underwhelming de-SPAC transactions and failures to consummate any transaction at all. This in turn will lead to increases in SPAC-related litigation and enforcement activity, embroiling not only SPAC sponsors but also the directors and officers of de-SPAC acquisition targets and the continuing public entities that take over target businesses. The SEC has already expressed its intent to increase regulatory scrutiny in this area and the Securities Class Action Clearinghouse recently began tracking SPAC suits as a distinct category of shareholder litigation.
Join Stephen B. Amdur, Ari M. Berman, Lee Brand and Bruce A. Ericson of Pillsbury Winthrop Shaw Pittman LLP as they discuss the litigation and enforcement risks presented by various stages and elements of the SPAC process:
- SPAC IPO registration statements (10 minutes);
- de-SPAC proxy statements (15 minutes);
- potential de-SPAC registration statements (10 minutes);
- financial projections (10 minutes);
- redemption of SPAC shares (5 minutes);
- de-SPAC deadlines (5 minutes); and
- post-SPAC public status (5 minutes).
Program Level: Update
Intended Audience: Attorneys and accountants who deal with SPACs, DeSPACing, IPOs, and M&A, including in-house counsel, outside attorneys, regulators, partners of public accounting firms and their staff
Advanced Preparation: None