The Securities and Exchange Commission (SEC) has approved new rules and changes aimed at safeguarding investors and improving transparency in the initial public offerings (IPOs) of special purpose acquisition companies (SPACs) and subsequent business mergers between SPACs and target companies (known as de-SPAC transactions). SPAC IPOs and de-SPAC transactions are commonly used by private companies seeking to go public. Recognizing the complexity of these transactions, the SEC is focused on bolstering investor protection by ensuring sufficient disclosure and responsible use of financial projections. These rules also address concerns about investor protection in relation to shell companies and blank check companies, including SPACs.