On March 30, 2022, the Securities and Exchange Commission proposed rules that would impose a wide range of new requirements on special purpose acquisition companies (SPACs) for IPOs and business combinations with private operating companies (which we refer to as de-SPAC transactions). The proposed rules represent the SEC’s latest efforts to align the procedural and disclosure requirements for de-SPAC transactions more closely with those for IPOs. The new regulations would significantly affect how SPACs acquire targets, and would meaningfully increase the cost and complexity of compliance for SPACs and their targets.