On January 24, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules governing initial public offerings (“IPOs”) of special purpose acquisition companies (“SPACs”) and subsequent combinations between SPACs and target operating companies (“de-SPAC transactions”). The SEC’s original proposals in March 2022 generated substantial public comment. The final rules, reflected in a 581- page release, were narrowly approved on a 3-2 vote of the Commissioners and will take effect 125 days after publication in the Federal Register.