Fiduciary Duty Claims in the Context of SPACs: A “Quintessential Delaware Concern”
Nov 28, 2022
Manola Aillaud
A special purpose acquisition company (“SPAC”) is a newly formed corporation by a prominent and qualified sponsor and management team for the purpose of raising capital in an initial public offering in anticipation of identifying and consummating a business combination and transforming a private company into a publicly-traded company within a certain time frame (usually twenty-four months).