Draft 2025 Special Purpose Acquisition Company (SPAC) Taxonomy

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Draft 2025 Special Purpose Acquisition Company (SPAC) Taxonomy

The Commission adopted new rules and amendments to enhance disclosures and provide additional investor protection in initial public offerings (IPOs) by special purpose acquisition companies (SPACs) and in subsequent business combination transactions between SPACs and target companies (de-SPAC transactions). The new rules and amendments require enhanced disclosures about conflicts of interest, SPAC sponsor compensation, dilution, and other information that are important to investors in SPAC IPOs and de-SPAC transactions. The rules also require registrants to provide additional information about the target company to investors that will help investors make more informed voting and investment decisions in connection with a de-SPAC transaction. See https://www.sec.gov/files/rules/final/2024/33-11265.pdf.

As part of the adopted rules and amendments, the Commission requires the enhanced disclosures for SPAC IPOs and de-SPAC transactions to be tagged in Inline XBRL. The elements needed to tag these disclosures are in the new draft Special Purpose Acquisition Company (SPAC) taxonomy.

A draft version of the SPAC taxonomy has been posted, and the files are available at https://www.sec.gov/data-research/taxonomies-schemas/current-draft-taxonomy-schema-files. Please provide technical feedback to [email protected] by 4pm EST, January 14, 2025. Include "Draft 2025 SPAC Taxonomy" in the subject header. The Commission will make the feedback received publicly available by posting them to SEC.gov | Draft Taxonomy Technical Feedback.

Last Reviewed or Updated: Nov. 15, 2024