On January 24, 2024, the sec issued new guidance on when a special purpose acquisition company (SPAC) may run afoul of the U.S. Investment Company Act (the Act). While this guidance was directed at spacs that register or file reports with the SEC, it is also instructive for other types of shell companies, including Canadian capital pool companies, SPACs, and similar shell companies that do not file reports with the SEC.
Source: Canadian CPCs, SPACs, and Shells Should Be Careful to Avoid U.S. Investment Company Status