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Special Purpose Acquisition Companies (Spacs) And The Sec, Neal Newman, Lawrence J. Trautman
Special Purpose Acquisition Companies (Spacs) And The Sec, Neal Newman, Lawrence J. Trautman
Faculty Scholarship
Special Purpose Acquisition Companies (SPACs) are simply enterprises that raise money from the public with the intention of purchasing an existing business and becoming publicly traded in the securities markets. If the SPAC is successful in raising money and the acquisition takes place, the target company takes the SPAC’s place on a stock exchange in a transaction that resembles a public offering. Also known as “blank-check” or “reverse merger” companies, this process avoids many of the pitfalls of a traditional initial public offering.
During late 2020 and 2021 an unprecedented surge in the popularity and issuance of Special Purpose Acquisition …
A Lesson From Startups: Contracting Out Of Shareholder Appraisal, Jill E. Fisch
A Lesson From Startups: Contracting Out Of Shareholder Appraisal, Jill E. Fisch
All Faculty Scholarship
Appraisal is a controversial topic. Policymakers have debated the goals served by the appraisal remedy, and legislatures have repeatedly revised appraisal statutes in an effort to meet those goals while minimizing the cost and potential abuse associated with appraisal litigation. Courts have struggled to determine the most appropriate valuation methodology and the extent to which that methodology should depend on case-specific factors. These difficulties are exacerbated by variation in the procedures by which mergers are negotiated and the potential for conflict-of-interest transactions.
Private ordering offers a market-based alternative to continued legislative or judicial efforts to refine the appraisal remedy. Through …