September 23, 2021
I'd like to strongly support the approval of SR-NYSE-2021-45.
Listed subscription warrants will largely remove the significant opportunity cost that now makes it difficult for retail investors to participate in early funding of newly listed companies, an existing structural imbalance that has particularly disadvantaged retail. Subscription warrants will also help eliminate the speculative aspect of SPACs, since the deal will be known before the majority of funds need to be committed. Given the obvious negatives and frequently predatory structure of SPACs it seems like subscription warrants with sufficient safeguards will begin to level the playing field and give retail just a small measure of the access and safety that institutional investors and private equity have enjoyed for decades.