It was a tough day for special purpose acquisition companies, or SPACs, which had already fallen out of favor after roughly 18 months in the limelight.
First, Senator Elizabeth Warren announced today that she’s planning a bill that targets the SPAC industry. Called the “SPAC Accountability Act of 2022,” the bill would expand the legal liability of parties involved in SPAC transactions, close loopholes that SPACs have “long exploited to make overblown projections,” and lock in longer the investors sponsoring a deal.
Even if the bill never passes, SPACs look to be starting a new chapter, given that the SEC is today concluding a 60-day public comment period on a number of its own proposed guidelines for SPACs, spe …
