“Statement Regarding SPAC Matter,” is the most recent from SEC Commissioner Hester Peirce. Appears fully anodyne, doesn’t it? However, as they are saying, appears to be like will be deceiving. As a substitute, it’s a withering criticism of the SEC’s failure to declare a SPAC registration assertion efficient in time to permit a de-SPAC merger to go ahead, implicitly suggesting on the finish that the SEC might have displayed a scarcity of excellent religion in its Kafkaesque course of (her metaphor, not mine), which had the impact of stringing the registrant alongside for a lot of months till it was too late to go ahead and liquidation was the one doable end result. Peirce presumes the failure to declare effectiveness was primarily based on the SEC’s “newfound hostility to SPAC capital formation.” In fact, as not one of the correspondence with the SEC has been posted, we actually haven’t any impartial details about what occurred or exactly why the registration assertion was not declared efficient; it’s definitely doable that the deal was extra thorny than the norm. Peirce calls SEC “inaction on a request for acceleration of the efficient date of a registration assertion…extremely uncommon.” However then, so is her assertion.