Sponsor Promote and Compensation Act

Summary

Sponsor Promote and Compensation Act This bill establishes additional disclosure requirements for a blank check company (e.g., a special purpose acquisition company) during an initial public offering or prior to a merger. A blank check company is a development stage company that issues a penny stock and (1) has no specific business plan or purpose, or (2) has indicated that its business plan is to merge with a company or companies. Specifically, the bill requires such a company to disclose the amount of cash per share expected to be held by the blank check company immediately prior to the merger under various redemption scenarios; side payments or agreements to pay sponsors, blank check company investors, or private investors in public equity for their participation in the merger; and fees or other payments to the sponsor, underwriter, and any other party.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 April 2021

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 April 2021

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• Introduced in Senate

  summary · EN · 29 April 2021

  Open at official source

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