Warren to Offer SPAC Regulation Bill, Urges Crackdown on Abuses

Senator Elizabeth Warren plans to introduce a bill to codify increasing the disclosures required for a de-SPAC transaction.

• Warren’s bill would also close “loopholes that SPACs have long exploited to make overblown projections,” according to statement
• “This industry is rife with fraud, self-dealing, and inflated fees, and the SEC and Congress should continue to act to crack down on these abuses,” Warren says
• NOTE: SEC proposed earlier this year new rules that includes curbing legal protections keeping special purpose acquisition companies from being sued by investors over embellished projections about the firms they take public

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