March 14, 2022
I am submitting comments in favor of the rule change described by SR-NYSE-2021-45:
I feel that having the opportunity to have a placeholder to make the decision to buy into a company is much more favorable than the current SPAC arrangement where my investment dollars are tied up for a lengthy period of time, not know what company I may be buying. While theres always excitement around the SPAC community with speculation on what company a SPAC may take public based on which sponsor is in charge of the SPAC, once the excitement is gone, the stockholder must sit patiently to see when/if a deal will actually happen. Given the choice, I would prefer the SPARC arrangement where I can utilize the capital I have while the details are worked out, knowing that I will have to be able to produce capital to fund my SPARC warrants if I like the deal.
I would like to close by saying that Im not against SPACs either. But given a choice, Id choose the SPARC over the SPAC. But unless the SPAC sponsor is doing something wrong, I see no reason why an investor cant make their own choice about how to invest their money. Investors already have brokers that protect them from certain investments. I personally had to get a separate broker to invest in SPACs because my brokerage firm wouldnt allow me to invest my own money in a SPAC. If I make a bad investment and it happens to be a SPAC, thats on me unless the sponsor has done something wrong. In the current environment, it looks like the existing SPACs that are approaching deadlines are the most stable investments in the market.
Please consider allowing the SPARC warrant option as a viable alternative for investing.
Respectfully,
Chris ONeal