Aug. 26, 2021
Dear SEC, I am writing in support of the proposed rule change in file number SR-NYSE-2021-45. The SPAC industry has come under much scrutiny this year and for good reason. I do feel that the rule would bring innovation to the industry, provide protections to investors, and provide a benefit to business owners for reasons including the following. 1. SPACs by nature tie up capital in a mystery box. This rule, if implemented, would allow the investor to not tie up capital yet still invest in a transaction following their due diligence in the transaction itself as opposed to speculation. This would have positive impacts for the broader market as the capital that would be otherwise tied up can be utilized for other investments while a deal is being made. 2. There is still a need in our market for an investment vehicle similar to SPACs. The proposed rule would attract more investors and ultimately benefit the market in bringing more companies public. 3. Business owners wanting to go public may have a harder time attracting institutional investors. Reasons may include that institutional investors may not understand their product or business model due to complexities. However, complexities may bring innovations and it would be a shame for an innovation to be lost due to funding. This proposed rule would expand the pool of potential investors, a benefit for the business, as well as protect such investors having to opt-in instead of out. 4. I am a strong believer that if there are ways to improve then we should take the opportunity to do so. The proposed rule would be a significant improvement to the existing SPAC concept in many ways that overall benefit all involved. 5. Ultimately, I do not see any cons in applying this proposed rule and only benefits to all that would be involved in the transaction. The recent scrutiny on SPACs has shown that some improvements are needed and I believe this rule is a significant step forward. Sincerely, Brian Li