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Table of Contents
Introduction ....................................................................................................... .............................................. 3
Substantive and High Profile Changes ....................................................................... ................................... 4
Underwriter Status and Liability in De-SPAC Transactions ............................................................................ 4
Elimination of PSLRA Safe Harbor ................................................................................................................ 6
Enhanced Projections Disclosure .................................................................................................................. 7
Proposed Amendments to Item 10(b) of Regulation S-K ............................................................................ 7
Proposed Item 1609 of Regulation S-K ...................................................................................................... 8
Fairness Disclosure ....................................................................................................................................... 9
Reports, Opinions, and Appraisals ............................................................................................................... 10
Investment Company Act Safe Harbor ......................................................................................................... 10
Technical and Conforming Changes ............................................................................................. ............... 14
De-SPACs Deemed a Sale to SPAC Shareholders ..................................................................................... 14
Private Operating Company as Co-Registrant to Form S-4 and Form F-4 ................................................... 15
New Subpart 1600 of Regulation S-K .......................................................................................................... 16
Definitions ................................................................................................................................................ 16
Disclosure Regarding SPAC Sponsors .................................................................................................... 17
Conflicts of Interest Disclosure ................................................................................................................. 17
Dilution Disclosure ................................................................................................................................... 18
Prospectus Cover Page and Prospectus Summary Disclosure ................................................................ 18
Disclosure and Procedural Requirements in De-SPAC Transactions ........................................................... 20
Background of and Reasons for the De-SPAC Transaction; Terms and Effects ....................................... 20
Requirements for Tender Offers Conducted in De-SPAC Transactions ................................................... 21
Structured Data Requirement .................................................................................................................. 21
Aligning De-SPAC Transactions with Initial Public Offerings ........................................................................ 21
Aligning Non-Financial Disclosures in De-SPAC Disclosure Documents .................................................. 21
Minimum Dissemination Period ................................................................................................................ 22
Re-Determination of Smaller Reporting Company Status......................................................................... 22
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Financial Statement Requirements in Business Combination Transactions Involving Shell Companies ....... 23
Number of Years of Financial Statements ................................................................................................ 24
Audit Requirements of the Predecessor ................................................................................................... 24
Age of Financial Statements of the Predecessor ...................................................................................... 24
Acquisitions of Businesses by a Shell Company Registrant or Its Predecessor That Are Not or Will
Not Be the Predecessor ........................................................................................................................... 24
Financial Statements of a Shell Company Registrant After the Combination ........................................... 25
Other Amendments ...................................................................................................................................... 25
Proposed Amendment to Rule 11-01(d) of Regulation S-X ...................................................................... 25
Proposed Amendment to Item 2.01(f) of Form 8-K ................................................................................... 25
Proposed Amendments to Rules 3-01, 8-02, and 10-01(a)(1) of Regulation S-X ..................................... 26
Other Potential Revisions ....................... ...................................................................... ................................ 26
Comment Process and Importance; Final Rules ..................................................................................... .... 27
