§ 229.1601. (Item 1601) Definitions.
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/us/cfr/t17/s§ 229.1601·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purposes of this subpart:
(a)De-SPAC transaction. The term de-SPAC transaction means a business combination, such as a merger, consolidation, exchange of securities, acquisition of assets, reorganization, or similar transaction, involving a special purpose acquisition company and one or more target companies (contemporaneously, in the case of more than one target company).
(b)Special purpose acquisition company (SPAC). The term special purpose acquisition company
(SPAC)means a company that has:
(1)Indicated that its business plan is to:
(i)Conduct a primary offering of securities that is not subject to the requirements of § 230.419 of this chapter (Rule 419 under the Securities Act);
(ii)Complete a business combination, such as a merger, consolidation, exchange of securities, acquisition of assets, reorganization, or similar transaction, with one or more target companies within a specified time frame; and
(iii)Return proceeds from the offering and any concurrent offering (if such offering or concurrent offering intends to raise proceeds) to its security holders if the company does not complete a business combination, such as a merger, consolidation, exchange of securities, acquisition of assets, reorganization, or similar transaction, with one or more target companies within the specified time frame; or
(2)Represented that it pursues or will pursue a special purpose acquisition company strategy.
(c)SPAC sponsor. The term SPAC sponsor means any entity and/or person primarily responsible for organizing, directing, or managing the business and affairs of a special purpose acquisition company, excluding, if an entity is a SPAC sponsor, officers and directors of the special purpose acquisition company who are not affiliates of any such entity that is a SPAC sponsor.
(d)Target company. The term target company means an operating company, business or assets.
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§ 229.1601
(Item 1601) Definitions.
Fed. Reg.×41
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