On January 25, 2024, the SEC announced the settlement of cease-and-desist proceedings against northern star investment corp. ii, a special purpose acquisition company (SPAC). The SEC alleged that the company failed to disclose preliminary de-spac negotiations with a target company in its ipo prospectus and falsely disclosed that it had not identified any potential targets or engaged in substantive discussions.
Source: SEC Slaps SPAC for Hiding Preliminary M&A Talks: Lessons for Other Public Companies