S. 1901 · 118th Congress
Sponsor Promote and Compensation Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KennedySponsorNo cosponsors.
This bill establishes additional disclosure requirements for a blank check company (e.g., a special purpose acquisition company) during an initial public offering or prior to a merger.
What it does: CRS summary · Introduced in Senate · Jun 8, 2023
Sponsor Promote and Compensation Act
This bill establishes additional disclosure requirements for a blank check company (e.g., a special purpose acquisition company) during an initial public offering or prior to a merger. A blank check company is a development stage company that issues a penny stock and (1) has no specific business plan or purpose, or (2) has indicated that its business plan is to merge with a company or companies.
Specifically, the bill requires such a company to disclose
- the amount of cash per share expected to be held by the blank check company immediately prior to the merger under various redemption scenarios;
- side payments or agreements to pay sponsors, blank check company investors, or private investors in public equity for their participation in the merger; and
- fees or other payments to the sponsor, underwriter, and any other party.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Sponsor Promote and Compensation Act
Latest action (Jun 8, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 8, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.