On Thursday, March 24th, the Securities and Exchange Commission announced an agenda for a March 30th open meeting for the Divisions on Corporate Finance and Investment Management.  The meeting has only one agenda item: SPACs, shell companies, and projections.

In December 2021, SEC Chair Gary Gensler compared SPACs to traditional IPOs, and noted that there may be different levels of disclosure provided to various parties involved in SPAC transactions.  He further made reference to future regulatory action on SPACs.

This March gathering may well be what Chair Gensler promised, as the Commission will consider at this meeting “whether to propose amendments regarding special purpose acquisition companies, shell companies, the use of projections in Commission filings and a rule addressing the status of special purpose acquisition companies under the Investment Company Act of 1940.”

We will be monitoring this meeting and other SEC actions regarding SPACs.  Stay tuned here for more updates.

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Photo of Julia Alonzo Julia Alonzo

Julia Alonzo is a senior counsel in the Litigation Department with a focus on securities and corporate governance litigation. She is experienced in complex civil securities matters and parallel proceedings, including federal securities class actions, shareholder derivative lawsuits, internal investigations, and SEC investigations.

Julia Alonzo is a senior counsel in the Litigation Department with a focus on securities and corporate governance litigation. She is experienced in complex civil securities matters and parallel proceedings, including federal securities class actions, shareholder derivative lawsuits, internal investigations, and SEC investigations. In addition, Julia has represented numerous companies facing litigation relating to pending M&A transactions. Julia is also a member of Proskauer’s Asset Management Litigation team.

Julia writes on topics relating to all aspects of civil securities litigation. She regularly updates a definitive treatise on shareholder derivative law, Shareholder Derivative Litigation: Besieging the Board. She is also the co-editor of Proskauer’s Corporate Defense & Disputes blog, which focuses on federal securities litigation, as well as the Minding Your Business blog on commercial litigation.

Julia maintains an active pro bono practice, with a focus on asylum, child welfare issues, and housing law.

Photo of Corey I. Rogoff Corey I. Rogoff

Corey Rogoff is an associate in the Litigation Department. His practice focuses on securities and commercial litigation, including federal securities class actions, shareholder derivative lawsuits, and internal and governmental investigations. Corey is also part of the litigation team that represents the Financial Oversight…

Corey Rogoff is an associate in the Litigation Department. His practice focuses on securities and commercial litigation, including federal securities class actions, shareholder derivative lawsuits, and internal and governmental investigations. Corey is also part of the litigation team that represents the Financial Oversight and Management Board in the Commonwealth of Puerto Rico’s bankruptcy proceedings.

Corey also maintains an active pro bono practice, with a focus on social security disability law and sealing criminal records.  He was recently part of a team working with 100+ Meridian Heights residents in bringing a suit against the owners and property managers for terrible living conditions. Corey also assisted an individual in fighting for her social security disability benefits.