On July 13, 2021, the Securities and Exchange Commission (the “SEC”) announced settlement of enforcement actions aganist a Special Purpose Acquisition Corporation (the “SPAC”), entitled Stable Road Acquisition Company, its sponsor, its CEO, its merger target, entitled Momentus Inc. (“Momentus”) and the founder and the former CEO of Momentus. SPACS have become increasingly popular in… Read more »
Posts Categorized: M&A
UK National Security and Investment Act 2021
On April 29, 2021, the U.K. adopted the National Security and Investment Act. The United Kingdom has issued draft rules and the law will go into effect on January 4, 2022. The law is and rules are complex, but from that date, acquisitions of 25% or more in a company active in the United Kingdom… Read more »
UK Requires Certain Sensitive Transactions to Be Filed For Approval
On April 29, 2021, the United Kingdom adopted the National Security and Investment Act 2021 (the “Act”). The Act will be effective once new rules are adopted, expected at the end of this year. It will require that any acquisition involving a buyer of a target “carrying on” activities in the United Kingdom in certain… Read more »
New Committee on Foreign Investment in the United States (“CFIUS”) Rules to Go Into Effect
On February 13, 2020, new CFIUS rules are scheduled to go into effect. The new rules have been adopted by the Treasury Department under the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) which increases the CFIUS authority to review and disallow investment in U.S. sensitive companies. The rules also resulted in the exemption… Read more »
CFIUS Guidelines for Mandatory Critical Technology Reporting
We previously reported on the updates made to the implementing legislation of the Committee on Foreign Investment in the United States (“CFIUS”) by the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). Among other things, FIRRMA mandated reporting of transactions that involve acquisition of critical technologies in the United States. On October 11, 2018,… Read more »