Thursday, July 15, 2021
On July 13, 2021, the US Securities and Exchange Commission (SEC) announced charges against a special purpose acquisition company (SPAC), the SPAC’s sponsor, the SPAC’s proposed merger target and two executives for allegedly misleading claims about the SPAC target’s technology and about national security and foreign ownership concerns associated with the target’s former CEO. This is the first enforcement action against a SPAC following recent public statements from SEC Commissioners and the staff; these statements suggested that the SEC would scrutinize this alternative route to the public markets.
IN DEPTH
According to the SEC’s settled order, Momentus Inc. a privately held company that aspires to provide space infrastructure and its founder and former CEO Mikhail Kokorich made fraudulent statements and omissions as it sought to go public through a business combination with Stable Road Acquisition Company, a SPAC. Specifically, Momentus
SRAC ALERT: Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Stable Road Acquisition Corp , Announces Opportunity for Investors With Substantial Losses to Lead Case
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SEC Charges SPAC, Sponsor, Merger Target and CEOs for Misleading Disclosures | McDermott Will & Emery
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SEC Brings Enforcement Action Against All Sides of a Proposed SPAC Transaction for Misleading Disclosures | Cozen O Connor
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