Alerts7.21.21

As Use of SPACs Increase $8 Million Settlement Cautions Due Diligence

Finance_Detail

Special Purpose Acquisition Companies obtain investor funds and then merge with a privately held company and take it public

The Securities and Exchange Commission (SEC) announced, on July 13, that it reached a settlement agreement with Stable Road Acquisition Company and its CEO Brian Kabot, and Momentus, Inc. for more than $8 million in connection to a proposed merger and misleading claims about Momentus’ technology. The SEC is continuing an action in the U.S. District Court for the District of Columbia against Momentus, Inc. former CEO  Mikhail Kokorich.

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