Opening Bell: 4.1.21
Author:
SPAC-up; lamentable listings; Trump cards; and more!
Since the start of last week, four deals have been postponed…. The SEC’s processing of SPAC documentation is taking longer than it previously did. In some cases, agency staff have warned lawyers that it may take a full 30 days to review paperwork and to expect an additional two weeks to hear back on changes or amendments, according to people familiar with the situation.
One problem, another person said, is that more filings are arriving incomplete or containing errors. The agency is also contending with a barrage of phone calls from lawyers asking questions on their deals. To handle the deluge, the SEC expanded the unit that reviews SPAC filings, the people said.