SPAC Track materials:
SPAC Insider materials:
SPAC Analytics materials:

SEC and Regulatory Authority Rules, Releases and Statements

SEC Safe Harbor Rule for Forward-looking Statements: 15 U.S. Code § 78u–5 “Application of safe harbor for forward-looking statements”

Corporation Finance Disclosure Guidance: Topic No. 11: Special Purpose Acquisition Companies (December 22, 2020)

“Investing in a SPAC,” Financial Industry Regulatory Authority online (March 29, 2021)

SPACs, IPOs and Liability Risk under the Securities Laws,” John Coates, Acting Director of SEC Division of Corporation Finance (April 8, 2021)

“Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” John Coates, Acting Director of Division of Corporation Finance and Paul Muntner, Acting Chief Accountant (April 12, 2021)

U.S. Securities and Exchange Commission “What You Need to Know About SPACs—Updated Investor Bulletin” (May 25, 2021) []

“Special Purpose Acquisition Companies, Shell Companies, and Projections,” SEC Release Nos. 33-11048; 34-94546; IC-34549; File No. S7-13-22 (March 30, 2022)

United States Code on clearance of a registration statement by the SEC: 15 USC §77h.

“Financial Reporting and Auditing Considerations of Companies Merging with SPACs,” Paul Munter, Acting SEC Chief Accountant (March 31, 2021)

“Statement on the Proposal to Enhance Investor Protections in SPACs,” speech by SEC Commissioner Allison Herren, (March 30, 2022)

“Damning and Deeming: Dissenting Statement on Shell Companies, Projections, and SPACs Proposal,” Statement by SEC Commissioner Hester M. Peirce (March 30, 2022)

“Overview of Capital-Raising Exemptions” (modified April 28, 2022)

Example of S-1 Registration Statement for blank-check company: Social Capital Hedosophia Holdings IV, the blank check company for Virgin Galactic –

Congressional Testimony

Testimony of Scott Kupor, Managing Partner, Andreessen Horowitz (IT venture capital firm) (May 2021)

Testimony by SEC Chair Gary Gensler Before the United States House of Representatives Committee on Financial Services (October 5, 2021)

Tax and Accounting Issues

“Tax and SPAC – The Tax Ramifications of Going Public with a SPAC, ” CBIZ online Nasdaq, (December 28, 2020)

“Important Tax Issues When Navigating a SPAC Transaction,” Randy Schwartzman and Eric Mauner, Partners, BDO United States (August 2021)

“20-6 Accounting and SEC Reporting Considerations for SPAC Transactions,” Deloitte Accounting Research Tool (retrieved on 5/16/22),

University Studies and Publications

“Special Purpose Acquisition Companies: An Introduction,” Ramey Layne and Brenda Lenahan, Vinson & Elkins LLP, Harvard Law School Forum on Corporate Governance (July 6, 2018)

“A Sober Look at SPACs,” Michael Klausner (Stanford University), Michael Ohlrogge (NYU), and Emily Ruan (Stanford University), Harvard Law School Forum on Corporate Governance (November 19, 2020)

“The SPAC Bubble is About to Burst,” Ivana Mauvoska, Harvard Business Review: Mergers and Acquisitions (February18, 2021),

“SPACs: What You Need to Know,” Max H. Bazerman and Paresh Patel, Harvard Business Review: Entrepreneurship (July-August 2021)

Other Sources

“Egregious Founder Shares. Free Money for Hedge Funds. A Cluster***k of Competing Interests. Welcome to the Great 2020 SPAC Boom,” Michelle Celarier, Institutional Investor (September 21, 2020)

“2020 Has Been the Year of SPAC IPOs: Here Are the Prominent 4” Sanghamitra Saha, Nasdaq, (December 28, 2020)

INDXX SPAC & NEXTGEN IPO Index Methodology (January 2021)

“Investment in space companies put at record $8.9 billion in 2020 despite Covid”, Michael Sheetz, CNBC (online)(January 25, 2021),

“The IPO SPAC-TACLE” Allison Nathan, Gabriel Lipton Galbraith, and Jenny Grimberg, Goldman Sachs Global Macro Research, Issue 95 (January 28, 2021)

“Column: Wall Street’s love affair with ‘blank check’ investments won’t end happily,” Michael Hitzik, Los Angeles Times (March 2, 2021)

“SPAC Overview and Life Cycle,” PWC Viewpoint ((January 25, 2021 (updated March 11, 2021))

“SPAC transactions come to a halt amid SEC crackdown, cooling retail investor interest” Yun Li, CNBC (online) (April 22, 2021),

“Meet the New SPAC Circus Ringleader: The PIPE Investor,” Louis Lehot, Global Trade (August 31, 2021)

“Months after the SPAC boom, returns have been ‘weak,’ says Goldman Sachs,” Anne Sraders, Fortune (September 16, 2021),

“Post-SPAC Warrant Redemption Features (Part 1) Matthew South (September 20, 2021)

“SPACs: Their Current Status and the Future of Regulation,” Megan J. Penick (November 16, 2021) Michelman & Robinson M&A Blog,

“The Spac machine sputters back to life after dramatic meltdown,” Miles Kruppa and __, Financial Times (November 21, 2021)

“SPACs explained :Frequently asked questions about special purpose acquisition companies,” Fidelity website (undated),

“SPAC Transactions —Considerations for Target-Company CFOs,” Deloitte, Cooley (undated),–considerations-for-targetcompany-cfos-secured.ashx la=en&hash=6346947744D0F11E6E38FFD58F9532CD

“SEC Charges SPAC and Sponsor for Alleged Misrepresentations in Preliminary Proxy Filing Arising From Due Diligence Failures” Kramer Levin M&A Monitor (July 27, 2021),

“3 Best SPAC ETFs To Invest in SPACs in 2022 – But Should You?” Optimized Portfolio (March 22, 2022)

“Bankers for Spac deals cut fees as redemptions rise,” Nikou Asgari, Financial Times (March 28, 2022)

“As SEC Cracks down on Shady SPACS, CIA Officials Get in on the Action,“ Lee Fang, The Intercept (May 5, 2022)