Exclusive: U.S. watchdog mulls guidance to curb SPAC projections, liability shield - sources
By Anirban Sen, Chris Prentice and Joshua Franklin
Reuters
WASHINGTON (Reuters) - The U.S. securities regulator is considering new guidance to rein in growth projections made by listed blank-check companies, and clarify when they qualify for certain legal protections, according to three people with knowledge of the discussions.
The previously unreported measures being weighed by staff at the Securities and Exchange Commission (SEC) would escalate its crackdown on the deal frenzy in special purpose acquisition companies, or SPACs, which it worries is putting investors at risk.
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NEW YORK Super Group, the parent company of online bookmaker Betway, said on Sunday it has agreed to go public through a merger with blank-check acquisition firm Sports Entertainment Acquisition Corp at a valuation of around $5 billion.
The deal comes as Betway, which has its roots in Europe, expands in the United States. Betway also said it has agreed to acquire Digital Gaming Corp, tapping the online sports betting and gaming market in 10 U.S. states.
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