Author: Michal Zabadal

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Introduction SPACs, better known as Special Purpose Acquisition Companies, are mainstream financial products of Wall Street, as Grab’s transaction shows. At the same time, SPACs are the “poor man’s private equity funds,” according to Lora Dimitrova, and the promised “bubble to burst,” according to Ivana Naumovska. On May 24th, 2021, the U.S. House Committee on Financial Services received draft legislation amending the Securities Act of 1933 and the Securities Exchange Act of 1934 to specifically exclude all SPACs from the safe harbour exemption for forward-looking statements. The draft legislation defines the SPAC as a “development stage company.” However, the definition…