3.0.0 1901 2025-01-14T18:20:21Z 2025-01-14T18:20:21Z Senate S S 2023-06-08 118 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred To 2023-06-08T18:21:42Z 2023-06-08 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2023-06-08 Introduced in Senate IntroReferral 10000 9 Library of Congress K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA N Finance and Financial Sector Finance and Financial Sector 2023-07-07T16:15:22Z

00 2023-06-08 Introduced in Senate 2024-02-23T13:44:33Z <p><strong>Sponsor Promote and Compensation Act </strong></p> <p>This bill establishes additional disclosure requirements for a blank check company (e.g., a special purpose acquisition company) during an initial public offering or prior to a merger. A <em>blank check company</em> is a development stage company that issues a penny stock and (1) has no specific business plan or purpose, or (2) has indicated that its business plan is to merge with a company or companies. </p> <p>Specifically, the bill requires such a company to disclose </p> <ul> <li>the amount of cash per share expected to be held by the blank check company immediately prior to the merger under various redemption scenarios; </li> <li>side payments or agreements to pay sponsors, blank check company investors, or private investors in public equity for their participation in the merger; and </li> <li>fees or other payments to the sponsor, underwriter, and any other party.</li> </ul>

Display Title 45 2024-07-24T15:21:44Z Short Title(s) as Introduced 101 2024-05-24T13:39:02Z Introduced in Senate IS Official Title as Introduced 6 2024-02-24T09:08:24Z Introduced in Senate IS Introduced in Senate 2023-06-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s1901is/xml/BILLS-118s1901is.xml 2023-06-08 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.