In April, the NYSE proposed a rule change that would have amended Section 102.06 of the Listed Company Manual to allow a SPAC to “remain listed until forty-two months from its original listing date if it has entered into a definitive agreement with respect to a business combination within three years of listing.” (See this PubCo post.) The current rule imposes a three-year deadline for a SPAC to complete its de-SPAC merger. At the end of last week, the SEC posted a notice that the NYSE had withdrawn the proposal to extend the period that the SPAC can remain listed if it has signed a definitive de-SPAC merger agreement. Why?
Source: NYSE withdraws proposal to extend time period for completion of de-SPAC transaction