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In Mintz s recent article- Public Benefit Corporations are Going
Public, -we predicted that, as Special Purpose Acquisition
Companies ( SPACs ) reemerge as an alternative to
initial public offerings ( IPOs ), Public Benefit
Corporations ( PBCs ) would start going public through
the SPAC process. Not surprisingly, two PBCs have recently done
just that, and it seems certain that more PBCs will follow. It is
important to note, however, that regulators like the U.S.
Securities and Exchange Commission (the SEC ) are
increasingly focused on SPAC oversight, which may slow the
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Wednesday, April 21, 2021
In Mintz’s recent article “Public Benefit Corporations are Going Public,” we predicted that, as Special Purpose Acquisition Companies (“SPACs”) reemerge as an alternative to initial public offerings (“IPOs”), Public Benefit Corporations (“PBCs”) would start going public through the SPAC process. Not surprisingly, two PBCs have recently done just that, and it seems certain that more PBCs will follow. It is important to note, however, that regulators like the U.S. Securities and Exchange Commission (the “SEC”) are increasingly focused on SPAC oversight, which may slow the frequency of SPAC transactions as regulators issue new guidance and enforcement measures.
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As society increasingly expects corporations, large and small,
to generate positive social impact alongside profits, many
entrepreneurs and executives are incorporating their companies as,
or converting to, Public Benefit Corporations
( PBCs ). As discussed in our articles for
VC
Experts- Can I Raise Venture Capital as a PBC?
and What are My Exit Options as a PBC? -a PBC
is a legal corporate form created by the state of Delaware in 2013
that, among other things, codifies a company s social mission.
Most significantly, a PBC allows a board of directors to make