In January 2024, the Securities and Exchange Commission (SEC) approved new rules and amendments to better align Special Purpose Acquisition Company (SPAC) transactions with traditional IPOs. Now as the June 30th compliance date quickly approaches, businesses must prepare to meet the new structured data requirements.
These rules address mounting concerns that SPACs are not providing the same levels of shareholder protection as traditional initial public offerings (IPOs). The Commission addressed these concerns by enhancing investor protections and mandating the use of inline XBRL (iXBRL), marking the first time the SEC will require tagging in an IPO.
This change will make it easier for investors, analysts, and regulators to access, compare, and analyze data across filings to identify trends, inconsistencies, or risks. EDGAR has been updated to support compliance with the tagging requirements. The newly added Special Purpose Acquisition Company (SPAC) taxonomy includes the elements needed for tagging the enhanced disclosure requirements for SPAC initial public offering and de-SPAC transactions as part of the final rules.
Over the upcoming weeks, companies will undoubtedly have many questions, and DFIN is in a unique position to help. Our team includes SPAC specialists who have delivered results at every stage of the process, along with seasoned XBRL experts who have helped thousands of companies meet complex compliance requirements—while saving time and reducing costs.
If your team is preparing for June 30, DFIN is ready to support you every step of the way.
