![]() PSTH is the world’s biggest SPAC, having sold 200 million IPO units for $20 each, valuing it at $4 billion, according to the filing. “Defendants cannot cite any authority in which the SEC or the courts have knowingly authorized any issuer to offer redemption rights in a pool of securities comprising 100% of its assets with no operating business for two and a half years without becoming an investment company,” Assad said in the filing. The lawsuit could have wide-ranging implications for the financial industry if a court determines that SPACs more generally should be regarded as investment companies subject to the 1940 Investment Company Act, which requires registration with the Securities Exchange Commission and places restrictions on fees charged for investment advice.
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