United States SEC Fines Brokerage & Investment Bank Cantor Fitzgerald $6.75 Million for Causing 2 SPACs to Provide Misleading Statements to Investors Before IPOs in 2020 & 2021, SPACs Misled Investors by Denying Having Contact or Have Substantive Discussions with Potential Business Combination Targets Prior to IPOs, SPACs CF Finance Acquisition Corp. II Subsequently Merged with View and CF Acquisition Corp. V Merged with Statellogic
13th December 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined brokerage & investment bank Cantor Fitzgerald $6.75 million for causing 2 SPACs (Special Purpose Acquisition Companies) to provide misleading statements to investors before their IPOs in 2020 & 2021, with the SPACs misleading investors by denying having contact or have substantive discussions with potential business combination targets prior to IPOs. Cantor Fitzgerald SPACs CF Finance Acquisition Corp. II subsequently merged with View and CF Acquisition Corp. V merged with Statellogic. United States SEC (12/12/24): “he Securities and Exchange Commission today charged global financial services firm Cantor Fitzgerald, L.P. with causing two special purpose acquisition companies (SPACs) that it controlled to make misleading statements to investors ahead of their initial public offerings (IPOs). Cantor Fitzgerald has agreed to pay a $6.75 million civil penalty to settle the SEC’s charges. A SPAC is an entity with no underlying business operations that is formed to raise money through an IPO so it can then identify and acquire an operating business. According to the SEC’s Order, in 2020 and 2021, a team of Cantor Fitzgerald executives managed and controlled two SPACs – CF Finance Acquisition Corp. II and CF Acquisition Corp. V – which raised $750 million from investors through IPOs ahead of the SPACs’ eventual mergers with View, Inc. and Satellogic Inc., respectively. The SEC’s order finds that Cantor Fitzgerald caused the SPACs in their SEC filings to deny having had contact or substantive discussions with potential business combination targets prior to their IPOs. However, the Order finds that at the time of each SPAC’s IPO, Cantor Fitzgerald personnel, acting on behalf of the SPACs, had already commenced negotiations with a small group of potential target companies for the SPACs, including with View and Satellogic, the companies with which the SPACs eventually merged. The order charges Cantor with causing violations of certain antifraud and proxy provisions of the federal securities laws. Without admitting or denying the order’s findings, Cantor agreed to cease and desist from violations of the charged provisions and to pay the aforementioned $6.75 million civil penalty.”
“ United States SEC Fines Brokerage & Investment Bank Cantor Fitzgerald $6.75 Million for Causing 2 SPACs to Provide Misleading Statements to Investors Before IPOs in 2020 & 2021, SPACs Misled Investors by Denying Having Contact or Have Substantive Discussions with Potential Business Combination Targets Prior to IPOs, SPACs CF Finance Acquisition Corp. II Subsequently Merged with View and CF Acquisition Corp. V Merged with Statellogic “
United States SEC Fines Brokerage & Investment Bank Cantor Fitzgerald $6.75 Million for Causing 2 SPACs to Provide Misleading Statements to Investors Before IPOs in 2020 & 2021, SPACs Misled Investors by Denying Having Contact or Have Substantive Discussions with Potential Business Combination Targets Prior to IPOs, SPACs CF Finance Acquisition Corp. II Subsequently Merged with View and CF Acquisition Corp. V Merged with Statellogic
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