Ackman SPAC Illegal Under Proposed SEC Rule, Investor Claims.

Earlier this week, Pershing Square argued in its own court filing that the proposed SEC rule suggests the agency would not consider it an investment company. The proposed rule "does not state that all SPACs are -- or any existing SPAC is -- an investment company" as defined under U.S. securities law, a lawyer for Ackman said. (Bloomberg) -- There's "no doubt" that Bill Ackman's SPAC is illegal under a proposed SEC rule, a shareholder suing the blank-check company said. [Extracted from the article]

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