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Reuters

U.S. SEC set to unveil tighter rules on blank-check companies

The U.S. securities regulator on Wednesday will unveil a proposal to tighten its rules on special purpose acquisition companies (SPACs) after a frenzy of deals in 2020 and early 2021 sparked concerns some investors are getting a raw deal. Wall Street’s biggest gold rush of recent years, SPACs are shell companies that raise funds through a listing to acquire a private company with the purpose of taking it public, allowing such targets to sidestep the stiffer regulatory scrutiny of a traditional initial public offering. Over the past year, the SEC has been scrutinizing these deals amid worries over inadequate disclosures, lofty revenue projections, potential fee conflicts and accounting issues, according to Reuters’ reports and statements by public officials.

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