Michael Kliegman Authors Bloomberg Tax Article on Continuity of Business Enterprise in SPAC Transactions
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Bloomberg’s Tax Management Memorandum has published the article “Continuity of Business Enterprise in SPAC Transactions,” written by Akin Gump senior counsel Michael Kliegman.
The article provides a brief description of the typical capital structure of special purpose acquisition companies (SPACs) that have gone public, before focusing on the de-SPAC phase, and in particular, “the relatively uncommon situations where the SPAC will be a ‘target’ corporation in a putative reorganization.” Kliegman writes that it is in this context where questions have been raised as to “whether such a transaction can satisfy the continuity of business enterprise (COBE) requirement under the §368 reorganization rules.”
To read the article in its entirety, please click here.
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