Updated September 3, 2021

Recently a purported shareholder of certain SPACs initiated derivative lawsuits asserting that the SPACs are investment companies under the Investment Company Act of 1940. More than 60 law firms listed in a joint statement, including Davis Polk, view the assertion that SPACs are investment companies as without factual or legal basis.  A copy of the full text of the joint statement is available at the link below.

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