Aug. 27, 2021
To Whom It May Concern, My name is Hansel Tsai and I am writing to in support of NYSE rule change SR - NYSE - 2021 -45. I have been investing in SPACs since the middle of 2020. I think the biggest downside of SPACs as they are currently is the opportunity cost of my money sitting stagnant earning nothing while waiting for a merger deal by the SPAC sponsor, IF a merger deal happens at all prior to the two year deadline. As a retail investor, a subscription warrant will allow us access to investing in companies that we otherwise wouldn't have access to - without needing to tie up excessive capital. This model also supports the ability for retail investors to better vet and examine fully a potential transaction before fronting over limited capital (compare to large funds and hedge funds that can cast a wide net of millions into various vehicles). While the SPAC vehicle has given retail investors access to many early-stage high growth companies, the speculative nature of the vehicle along with sponsor promote cut led to many unrealistic valuations. Approving SR-NYSE-2021-45 will alleviate many of these concerns while still granting the retail investor access to either high-growth early-stage companies or mature revenue-generating companies. This rule change will further protect investors and further facilitate better capital information. I ask that the SEC support SR - NYSE - 45 Sincerely, Hansel Tsai