id	sid	tid	token	lemma	pos
cblr-14254	1	1	8	8	X
cblr-14254	1	2	.	.	PUNCT
cblr-14254	2	1	feng	feng	PROPN
cblr-14254	2	2	the	the	DET
cblr-14254	2	3	spac	spac	PROPN
cblr-14254	2	4	phenomenon	phenomenon	NOUN
cblr-14254	2	5	note	note	VERB
cblr-14254	2	6	the	the	DET
cblr-14254	2	7	spac	spac	PROPN
cblr-14254	2	8	phenomenon	phenomenon	NOUN
cblr-14254	2	9	:	:	PUNCT
cblr-14254	2	10	a	a	DET
cblr-14254	2	11	transaction	transaction	NOUN
cblr-14254	2	12	of	of	ADP
cblr-14254	2	13	reinvention	reinvention	NOUN
cblr-14254	2	14	and	and	CCONJ
cblr-14254	2	15	the	the	DET
cblr-14254	2	16	sec	sec	PROPN
cblr-14254	2	17	’s	’s	PART
cblr-14254	2	18	reluctant	reluctant	ADJ
cblr-14254	2	19	hand	hand	NOUN
cblr-14254	2	20	sabrina	sabrina	PROPN
cblr-14254	2	21	feng	feng	PROPN
cblr-14254	2	22	*	*	PROPN
cblr-14254	2	23	spacs	spacs	PROPN
cblr-14254	2	24	(	(	PUNCT
cblr-14254	2	25	special	special	ADJ
cblr-14254	2	26	purpose	purpose	NOUN
cblr-14254	2	27	acquisition	acquisition	NOUN
cblr-14254	2	28	companies	company	NOUN
cblr-14254	2	29	)	)	PUNCT
cblr-14254	2	30	hit	hit	VERB
cblr-14254	2	31	an	an	DET
cblr-14254	2	32	all	all	DET
cblr-14254	2	33	-	-	PUNCT
cblr-14254	2	34	time	time	NOUN
cblr-14254	2	35	high	high	ADJ
cblr-14254	2	36	in	in	ADP
cblr-14254	2	37	recent	recent	ADJ
cblr-14254	2	38	years	year	NOUN
cblr-14254	2	39	as	as	ADP
cblr-14254	2	40	a	a	DET
cblr-14254	2	41	popular	popular	ADJ
cblr-14254	2	42	vehicle	vehicle	NOUN
cblr-14254	2	43	for	for	ADP
cblr-14254	2	44	taking	take	VERB
cblr-14254	2	45	companies	company	NOUN
cblr-14254	2	46	public	public	ADJ
cblr-14254	2	47	.	.	PUNCT
cblr-14254	3	1	these	these	DET
cblr-14254	3	2	transactions	transaction	NOUN
cblr-14254	3	3	promised	promise	VERB
cblr-14254	3	4	investors	investor	NOUN
cblr-14254	3	5	early	early	ADJ
cblr-14254	3	6	access	access	NOUN
cblr-14254	3	7	to	to	ADP
cblr-14254	3	8	high	high	ADJ
cblr-14254	3	9	-	-	PUNCT
cblr-14254	3	10	growth	growth	NOUN
cblr-14254	3	11	companies	company	NOUN
cblr-14254	3	12	and	and	CCONJ
cblr-14254	3	13	private	private	ADJ
cblr-14254	3	14	firms	firm	NOUN
cblr-14254	3	15	seeking	seek	VERB
cblr-14254	3	16	capital	capital	NOUN
cblr-14254	3	17	the	the	DET
cblr-14254	3	18	speed	speed	NOUN
cblr-14254	3	19	and	and	CCONJ
cblr-14254	3	20	flexibility	flexibility	NOUN
cblr-14254	3	21	to	to	PART
cblr-14254	3	22	bypass	bypass	VERB
cblr-14254	3	23	the	the	DET
cblr-14254	3	24	rigors	rigor	NOUN
cblr-14254	3	25	of	of	ADP
cblr-14254	3	26	traditional	traditional	ADJ
cblr-14254	3	27	ipos	ipos	NOUN
cblr-14254	3	28	.	.	PUNCT
cblr-14254	4	1	yet	yet	ADV
cblr-14254	4	2	,	,	PUNCT
cblr-14254	4	3	years	year	NOUN
cblr-14254	4	4	later	later	ADV
cblr-14254	4	5	,	,	PUNCT
cblr-14254	4	6	de	de	ADJ
cblr-14254	4	7	-	-	ADJ
cblr-14254	4	8	spac	spac	NOUN
cblr-14254	4	9	companies	company	NOUN
cblr-14254	4	10	are	be	AUX
cblr-14254	4	11	widely	widely	ADV
cblr-14254	4	12	underperforming	underperform	VERB
cblr-14254	4	13	,	,	PUNCT
cblr-14254	4	14	with	with	ADP
cblr-14254	4	15	poor	poor	ADJ
cblr-14254	4	16	returns	return	NOUN
cblr-14254	4	17	and	and	CCONJ
cblr-14254	4	18	mounting	mount	VERB
cblr-14254	4	19	bankruptcies	bankruptcy	NOUN
cblr-14254	4	20	.	.	PUNCT
cblr-14254	5	1	beneath	beneath	ADP
cblr-14254	5	2	this	this	DET
cblr-14254	5	3	innovation	innovation	NOUN
cblr-14254	5	4	lies	lie	VERB
cblr-14254	5	5	a	a	DET
cblr-14254	5	6	fundamental	fundamental	ADJ
cblr-14254	5	7	regulatory	regulatory	ADJ
cblr-14254	5	8	challenge	challenge	NOUN
cblr-14254	5	9	:	:	PUNCT
cblr-14254	5	10	the	the	DET
cblr-14254	5	11	spac	spac	NOUN
cblr-14254	5	12	structure	structure	NOUN
cblr-14254	5	13	exploits	exploit	VERB
cblr-14254	5	14	gaps	gap	NOUN
cblr-14254	5	15	in	in	ADP
cblr-14254	5	16	securities	security	NOUN
cblr-14254	5	17	law	law	NOUN
cblr-14254	5	18	to	to	PART
cblr-14254	5	19	create	create	VERB
cblr-14254	5	20	a	a	DET
cblr-14254	5	21	transaction	transaction	NOUN
cblr-14254	5	22	rife	rife	NOUN
cblr-14254	5	23	with	with	ADP
cblr-14254	5	24	misaligned	misaligned	ADJ
cblr-14254	5	25	incentives	incentive	NOUN
cblr-14254	5	26	.	.	PUNCT
cblr-14254	6	1	this	this	DET
cblr-14254	6	2	note	note	NOUN
cblr-14254	6	3	argues	argue	VERB
cblr-14254	6	4	that	that	SCONJ
cblr-14254	6	5	the	the	DET
cblr-14254	6	6	sec	sec	PROPN
cblr-14254	6	7	’s	’s	PART
cblr-14254	6	8	disclosure	disclosure	NOUN
cblr-14254	6	9	-	-	PUNCT
cblr-14254	6	10	based	base	VERB
cblr-14254	6	11	regulatory	regulatory	ADJ
cblr-14254	6	12	regime	regime	NOUN
cblr-14254	6	13	is	be	AUX
cblr-14254	6	14	nonresponsive	nonresponsive	ADJ
cblr-14254	6	15	to	to	ADP
cblr-14254	6	16	the	the	DET
cblr-14254	6	17	structural	structural	ADJ
cblr-14254	6	18	flaws	flaw	NOUN
cblr-14254	6	19	embedded	embed	VERB
cblr-14254	6	20	in	in	ADP
cblr-14254	6	21	the	the	DET
cblr-14254	6	22	spac	spac	PROPN
cblr-14254	6	23	lifecycle	lifecycle	NOUN
cblr-14254	6	24	.	.	PUNCT
cblr-14254	7	1	by	by	ADP
cblr-14254	7	2	analyzing	analyze	VERB
cblr-14254	7	3	the	the	DET
cblr-14254	7	4	legal	legal	ADJ
cblr-14254	7	5	origins	origin	NOUN
cblr-14254	7	6	of	of	ADP
cblr-14254	7	7	spacs	spac	NOUN
cblr-14254	7	8	and	and	CCONJ
cblr-14254	7	9	examining	examine	VERB
cblr-14254	7	10	the	the	DET
cblr-14254	7	11	incentive	incentive	NOUN
cblr-14254	7	12	dynamics	dynamic	NOUN
cblr-14254	7	13	of	of	ADP
cblr-14254	7	14	sponsors	sponsor	NOUN
cblr-14254	7	15	,	,	PUNCT
cblr-14254	7	16	directors	director	NOUN
cblr-14254	7	17	,	,	PUNCT
cblr-14254	7	18	pipes	pipe	NOUN
cblr-14254	7	19	,	,	PUNCT
cblr-14254	7	20	and	and	CCONJ
cblr-14254	7	21	investors	investor	NOUN
cblr-14254	7	22	,	,	PUNCT
cblr-14254	7	23	this	this	DET
cblr-14254	7	24	note	note	NOUN
cblr-14254	7	25	shows	show	VERB
cblr-14254	7	26	that	that	SCONJ
cblr-14254	7	27	spacs	spac	NOUN
cblr-14254	7	28	operate	operate	VERB
cblr-14254	7	29	more	more	ADV
cblr-14254	7	30	as	as	ADP
cblr-14254	7	31	tool	tool	NOUN
cblr-14254	7	32	for	for	ADP
cblr-14254	7	33	capital	capital	NOUN
cblr-14254	7	34	extraction	extraction	NOUN
cblr-14254	7	35	than	than	ADP
cblr-14254	7	36	for	for	ADP
cblr-14254	7	37	genuine	genuine	ADJ
cblr-14254	7	38	value	value	NOUN
cblr-14254	7	39	creation	creation	NOUN
cblr-14254	7	40	.	.	PUNCT
cblr-14254	8	1	spacs	spac	NOUN
cblr-14254	8	2	are	be	AUX
cblr-14254	8	3	emblematic	emblematic	ADJ
cblr-14254	8	4	of	of	ADP
cblr-14254	8	5	a	a	DET
cblr-14254	8	6	broader	broad	ADJ
cblr-14254	8	7	trend	trend	NOUN
cblr-14254	8	8	in	in	ADP
cblr-14254	8	9	financial	financial	ADJ
cblr-14254	8	10	innovation	innovation	NOUN
cblr-14254	8	11	,	,	PUNCT
cblr-14254	8	12	where	where	SCONJ
cblr-14254	8	13	legal	legal	ADJ
cblr-14254	8	14	engineering	engineering	NOUN
cblr-14254	8	15	and	and	CCONJ
cblr-14254	8	16	disclosure	disclosure	NOUN
cblr-14254	8	17	regimes	regime	NOUN
cblr-14254	8	18	mask	mask	NOUN
cblr-14254	8	19	transactions	transaction	NOUN
cblr-14254	8	20	that	that	PRON
cblr-14254	8	21	*	*	PUNCT
cblr-14254	8	22	j.d	j.d	PROPN
cblr-14254	8	23	.	.	PROPN
cblr-14254	8	24	candidate	candidate	NOUN
cblr-14254	8	25	2025	2025	NUM
cblr-14254	8	26	,	,	PUNCT
cblr-14254	8	27	columbia	columbia	PROPN
cblr-14254	8	28	law	law	PROPN
cblr-14254	8	29	school	school	NOUN
cblr-14254	8	30	;	;	PUNCT
cblr-14254	8	31	b.a	b.a	PROPN
cblr-14254	8	32	.	.	PROPN
cblr-14254	8	33	2021	2021	NUM
cblr-14254	8	34	,	,	PUNCT
cblr-14254	8	35	university	university	NOUN
cblr-14254	8	36	of	of	ADP
cblr-14254	8	37	southern	southern	PROPN
cblr-14254	8	38	california	california	PROPN
cblr-14254	8	39	.	.	PUNCT
cblr-14254	9	1	thank	thank	VERB
cblr-14254	9	2	you	you	PRON
cblr-14254	9	3	to	to	ADP
cblr-14254	9	4	professor	professor	PROPN
cblr-14254	9	5	katharina	katharina	PROPN
cblr-14254	9	6	pistor	pistor	PROPN
cblr-14254	9	7	for	for	ADP
cblr-14254	9	8	her	her	PRON
cblr-14254	9	9	insightful	insightful	ADJ
cblr-14254	9	10	feedback	feedback	NOUN
cblr-14254	9	11	and	and	CCONJ
cblr-14254	9	12	engaging	engage	VERB
cblr-14254	9	13	discussions	discussion	NOUN
cblr-14254	9	14	throughout	throughout	ADP
cblr-14254	9	15	the	the	DET
cblr-14254	9	16	note	note	NOUN
cblr-14254	9	17	-	-	PUNCT
cblr-14254	9	18	writing	writing	NOUN
cblr-14254	9	19	process	process	NOUN
cblr-14254	9	20	.	.	PUNCT
cblr-14254	10	1	thank	thank	VERB
cblr-14254	10	2	you	you	PRON
cblr-14254	10	3	to	to	ADP
cblr-14254	10	4	the	the	DET
cblr-14254	10	5	editorial	editorial	ADJ
cblr-14254	10	6	staff	staff	NOUN
cblr-14254	10	7	and	and	CCONJ
cblr-14254	10	8	board	board	NOUN
cblr-14254	10	9	of	of	ADP
cblr-14254	10	10	the	the	DET
cblr-14254	10	11	columbia	columbia	PROPN
cblr-14254	10	12	business	business	PROPN
cblr-14254	10	13	law	law	PROPN
cblr-14254	10	14	review	review	NOUN
cblr-14254	10	15	for	for	ADP
cblr-14254	10	16	their	their	PRON
cblr-14254	10	17	efforts	effort	NOUN
cblr-14254	10	18	in	in	ADP
cblr-14254	10	19	preparing	prepare	VERB
cblr-14254	10	20	this	this	DET
cblr-14254	10	21	piece	piece	NOUN
cblr-14254	10	22	for	for	ADP
cblr-14254	10	23	publication	publication	NOUN
cblr-14254	10	24	.	.	PUNCT
cblr-14254	11	1	finally	finally	ADV
cblr-14254	11	2	,	,	PUNCT
cblr-14254	11	3	thank	thank	VERB
cblr-14254	11	4	you	you	PRON
cblr-14254	11	5	to	to	ADP
cblr-14254	11	6	my	my	PRON
cblr-14254	11	7	family	family	NOUN
cblr-14254	11	8	for	for	ADP
cblr-14254	11	9	their	their	PRON
cblr-14254	11	10	support	support	NOUN
cblr-14254	11	11	in	in	ADP
cblr-14254	11	12	my	my	PRON
cblr-14254	11	13	academic	academic	ADJ
cblr-14254	11	14	journey	journey	NOUN
cblr-14254	11	15	and	and	CCONJ
cblr-14254	11	16	to	to	ADP
cblr-14254	11	17	my	my	PRON
cblr-14254	11	18	peers	peer	NOUN
cblr-14254	11	19	for	for	ADP
cblr-14254	11	20	their	their	PRON
cblr-14254	11	21	debates	debate	NOUN
cblr-14254	11	22	and	and	CCONJ
cblr-14254	11	23	discussions	discussion	NOUN
cblr-14254	11	24	that	that	PRON
cblr-14254	11	25	helped	help	VERB
cblr-14254	11	26	shape	shape	VERB
cblr-14254	11	27	this	this	DET
cblr-14254	11	28	note	note	NOUN
cblr-14254	11	29	.	.	PUNCT
cblr-14254	12	1	452	452	NUM
cblr-14254	12	2	columbia	columbia	PROPN
cblr-14254	12	3	business	business	NOUN
cblr-14254	12	4	law	law	PROPN
cblr-14254	12	5	review	review	NOUN
cblr-14254	12	6	[	[	X
cblr-14254	12	7	vol	vol	NOUN
cblr-14254	12	8	.	.	PUNCT
cblr-14254	12	9	2025	2025	NUM
cblr-14254	12	10	primarily	primarily	ADV
cblr-14254	12	11	benefit	benefit	VERB
cblr-14254	12	12	insiders	insider	NOUN
cblr-14254	12	13	at	at	ADP
cblr-14254	12	14	the	the	DET
cblr-14254	12	15	expense	expense	NOUN
cblr-14254	12	16	of	of	ADP
cblr-14254	12	17	public	public	ADJ
cblr-14254	12	18	investors	investor	NOUN
cblr-14254	12	19	and	and	CCONJ
cblr-14254	12	20	market	market	NOUN
cblr-14254	12	21	integrity	integrity	NOUN
cblr-14254	12	22	.	.	PUNCT
cblr-14254	13	1	this	this	DET
cblr-14254	13	2	note	note	NOUN
cblr-14254	13	3	calls	call	VERB
cblr-14254	13	4	for	for	ADP
cblr-14254	13	5	more	more	ADV
cblr-14254	13	6	thoughtful	thoughtful	ADJ
cblr-14254	13	7	deal	deal	NOUN
cblr-14254	13	8	-	-	PUNCT
cblr-14254	13	9	making	make	VERB
cblr-14254	13	10	and	and	CCONJ
cblr-14254	13	11	policymaking	policymake	VERB
cblr-14254	13	12	from	from	ADP
cblr-14254	13	13	regulators	regulator	NOUN
cblr-14254	13	14	,	,	PUNCT
cblr-14254	13	15	legal	legal	ADJ
cblr-14254	13	16	,	,	PUNCT
cblr-14254	13	17	and	and	CCONJ
cblr-14254	13	18	financial	financial	ADJ
cblr-14254	13	19	professionals	professional	NOUN
cblr-14254	13	20	alike	alike	ADV
cblr-14254	13	21	.	.	PUNCT
cblr-14254	14	1	i.	i.	PROPN
cblr-14254	14	2	introduction	introduction	NOUN
cblr-14254	14	3	.........................................................	.........................................................	PUNCT
cblr-14254	15	1	452	452	NUM
cblr-14254	15	2	ii	ii	NOUN
cblr-14254	15	3	.	.	PUNCT
cblr-14254	16	1	the	the	DET
cblr-14254	16	2	rise	rise	NOUN
cblr-14254	16	3	of	of	ADP
cblr-14254	16	4	the	the	DET
cblr-14254	16	5	spac	spac	PROPN
cblr-14254	16	6	:	:	PUNCT
cblr-14254	16	7	the	the	DET
cblr-14254	16	8	psra	psra	ADJ
cblr-14254	16	9	,	,	PUNCT
cblr-14254	16	10	rule	rule	VERB
cblr-14254	16	11	419	419	NUM
cblr-14254	16	12	,	,	PUNCT
cblr-14254	16	13	and	and	CCONJ
cblr-14254	16	14	legal	legal	ADJ
cblr-14254	16	15	engineering	engineering	NOUN
cblr-14254	16	16	...............................................	...............................................	PUNCT
cblr-14254	17	1	455	455	NUM
cblr-14254	17	2	a.	a.	NOUN
cblr-14254	17	3	the	the	DET
cblr-14254	17	4	birth	birth	NOUN
cblr-14254	17	5	and	and	CCONJ
cblr-14254	17	6	early	early	ADJ
cblr-14254	17	7	regulatory	regulatory	ADJ
cblr-14254	17	8	landscape	landscape	NOUN
cblr-14254	17	9	of	of	ADP
cblr-14254	17	10	the	the	DET
cblr-14254	17	11	spac	spac	PROPN
cblr-14254	17	12	...........................................................	...........................................................	PUNCT
cblr-14254	18	1	455	455	NUM
cblr-14254	18	2	b.	b.	PROPN
cblr-14254	19	1	how	how	SCONJ
cblr-14254	19	2	spacs	spac	NOUN
cblr-14254	19	3	circumvent	circumvent	VERB
cblr-14254	19	4	key	key	ADJ
cblr-14254	19	5	legislation	legislation	NOUN
cblr-14254	19	6	.......	.......	PUNCT
cblr-14254	20	1	458	458	NUM
cblr-14254	20	2	iii	iii	NOUN
cblr-14254	20	3	.	.	PUNCT
cblr-14254	21	1	the	the	DET
cblr-14254	21	2	contemporary	contemporary	ADJ
cblr-14254	21	3	spac	spac	PROPN
cblr-14254	21	4	:	:	PUNCT
cblr-14254	21	5	structure	structure	NOUN
cblr-14254	21	6	and	and	CCONJ
cblr-14254	21	7	incentives	incentive	NOUN
cblr-14254	21	8	.............................................................	.............................................................	PUNCT
cblr-14254	21	9	461	461	NUM
cblr-14254	21	10	a.	a.	NOUN
cblr-14254	21	11	sponsors	sponsor	NOUN
cblr-14254	21	12	and	and	CCONJ
cblr-14254	21	13	directors	director	NOUN
cblr-14254	21	14	:	:	PUNCT
cblr-14254	21	15	formation	formation	NOUN
cblr-14254	21	16	and	and	CCONJ
cblr-14254	21	17	target	target	NOUN
cblr-14254	21	18	acquisition	acquisition	NOUN
cblr-14254	21	19	........................................................	........................................................	PUNCT
cblr-14254	22	1	462	462	NUM
cblr-14254	22	2	b.	b.	PROPN
cblr-14254	22	3	shareholders	shareholder	NOUN
cblr-14254	22	4	and	and	CCONJ
cblr-14254	22	5	pipes	pipe	NOUN
cblr-14254	22	6	:	:	PUNCT
cblr-14254	22	7	the	the	DET
cblr-14254	22	8	de	de	PROPN
cblr-14254	22	9	-	-	ADJ
cblr-14254	22	10	spac	spac	PROPN
cblr-14254	22	11	merger	merger	NOUN
cblr-14254	22	12	...........................................................................	...........................................................................	PUNCT
cblr-14254	22	13	465	465	NUM
cblr-14254	22	14	c.	c.	NOUN
cblr-14254	22	15	parties	party	NOUN
cblr-14254	22	16	that	that	PRON
cblr-14254	22	17	benefit	benefit	VERB
cblr-14254	22	18	most	most	ADV
cblr-14254	22	19	from	from	ADP
cblr-14254	22	20	the	the	DET
cblr-14254	22	21	transaction	transaction	NOUN
cblr-14254	22	22	.......................................................	.......................................................	PUNCT
cblr-14254	22	23	468	468	NUM
cblr-14254	22	24	iv	iv	NOUN
cblr-14254	22	25	.	.	PUNCT
cblr-14254	23	1	the	the	DET
cblr-14254	23	2	sec	sec	PROPN
cblr-14254	23	3	’s	’s	PART
cblr-14254	23	4	response	response	NOUN
cblr-14254	23	5	is	be	AUX
cblr-14254	23	6	nonresponsive	nonresponsive	ADJ
cblr-14254	23	7	:	:	PUNCT
cblr-14254	23	8	the	the	DET
cblr-14254	23	9	failures	failure	NOUN
cblr-14254	23	10	of	of	ADP
cblr-14254	23	11	a	a	DET
cblr-14254	23	12	disclosure	disclosure	NOUN
cblr-14254	23	13	-	-	PUNCT
cblr-14254	23	14	based	base	VERB
cblr-14254	23	15	regime	regime	NOUN
cblr-14254	23	16	..............	..............	PUNCT
cblr-14254	23	17	470	470	NUM
cblr-14254	23	18	a.	a.	NOUN
cblr-14254	23	19	the	the	DET
cblr-14254	23	20	sec	sec	PROPN
cblr-14254	23	21	’s	’s	PART
cblr-14254	23	22	proposal	proposal	NOUN
cblr-14254	23	23	..........................................	..........................................	PUNCT
cblr-14254	23	24	470	470	NUM
cblr-14254	23	25	b.	b.	NOUN
cblr-14254	23	26	the	the	DET
cblr-14254	23	27	proposed	propose	VERB
cblr-14254	23	28	rules	rule	NOUN
cblr-14254	23	29	do	do	AUX
cblr-14254	23	30	not	not	PART
cblr-14254	23	31	re	re	VERB
cblr-14254	23	32	-	-	VERB
cblr-14254	23	33	align	align	ADJ
cblr-14254	23	34	incentives	incentive	NOUN
cblr-14254	23	35	...........................................................................	...........................................................................	PUNCT
cblr-14254	23	36	472	472	NUM
cblr-14254	23	37	c.	c.	NOUN
cblr-14254	23	38	framing	framing	NOUN
cblr-14254	23	39	impact	impact	NOUN
cblr-14254	23	40	on	on	ADP
cblr-14254	23	41	investors	investor	NOUN
cblr-14254	23	42	..........................	..........................	PUNCT
cblr-14254	24	1	473	473	NUM
cblr-14254	24	2	d.	d.	NOUN
cblr-14254	24	3	is	be	AUX
cblr-14254	24	4	the	the	DET
cblr-14254	24	5	spac	spac	PROPN
cblr-14254	24	6	just	just	ADV
cblr-14254	24	7	a	a	DET
cblr-14254	24	8	vehicle	vehicle	NOUN
cblr-14254	24	9	for	for	ADP
cblr-14254	24	10	minting	mint	VERB
cblr-14254	24	11	capital	capital	NOUN
cblr-14254	24	12	?	?	PUNCT
cblr-14254	25	1	...........................................................................	...........................................................................	PUNCT
cblr-14254	26	1	476	476	NUM
cblr-14254	26	2	v.	v.	ADP
cblr-14254	26	3	conclusion	conclusion	NOUN
cblr-14254	26	4	............................................................	............................................................	PUNCT
cblr-14254	27	1	481	481	NUM
cblr-14254	27	2	i.	i.	NOUN
cblr-14254	27	3	introduction	introduction	NOUN
cblr-14254	27	4	amongst	amongst	ADP
cblr-14254	27	5	other	other	ADJ
cblr-14254	27	6	titles	title	NOUN
cblr-14254	27	7	,	,	PUNCT
cblr-14254	27	8	2020	2020	NUM
cblr-14254	27	9	was	be	AUX
cblr-14254	27	10	crowned	crown	VERB
cblr-14254	27	11	“	"	PUNCT
cblr-14254	27	12	the	the	DET
cblr-14254	27	13	year	year	NOUN
cblr-14254	27	14	of	of	ADP
cblr-14254	27	15	the	the	DET
cblr-14254	27	16	spac.1	spac.1	NOUN
cblr-14254	27	17	special	special	ADJ
cblr-14254	27	18	acquisition	acquisition	NOUN
cblr-14254	27	19	purpose	purpose	NOUN
cblr-14254	27	20	companies	company	NOUN
cblr-14254	27	21	(	(	PUNCT
cblr-14254	27	22	spacs	spac	NOUN
cblr-14254	27	23	)	)	PUNCT
cblr-14254	27	24	,	,	PUNCT
cblr-14254	27	25	also	also	ADV
cblr-14254	27	26	known	know	VERB
cblr-14254	27	27	as	as	ADP
cblr-14254	27	28	“	"	PUNCT
cblr-14254	27	29	blank	blank	ADJ
cblr-14254	27	30	-	-	PUNCT
cblr-14254	27	31	check	check	NOUN
cblr-14254	27	32	”	"	PUNCT
cblr-14254	27	33	companies	company	NOUN
cblr-14254	27	34	,	,	PUNCT
cblr-14254	27	35	saw	see	VERB
cblr-14254	27	36	an	an	DET
cblr-14254	27	37	extraordinary	extraordinary	ADJ
cblr-14254	27	38	1	1	NUM
cblr-14254	27	39	christopher	christopher	PROPN
cblr-14254	27	40	m.	m.	PROPN
cblr-14254	27	41	barlow	barlow	PROPN
cblr-14254	27	42	et	et	PROPN
cblr-14254	27	43	al	al	PROPN
cblr-14254	27	44	.	.	PROPN
cblr-14254	27	45	,	,	PUNCT
cblr-14254	27	46	the	the	DET
cblr-14254	27	47	year	year	NOUN
cblr-14254	27	48	of	of	ADP
cblr-14254	27	49	the	the	DET
cblr-14254	27	50	spac	spac	PROPN
cblr-14254	27	51	,	,	PUNCT
cblr-14254	27	52	skadden	skadden	ADJ
cblr-14254	27	53	,	,	PUNCT
cblr-14254	27	54	arps	arp	NOUN
cblr-14254	27	55	,	,	PUNCT
cblr-14254	27	56	slate	slate	NOUN
cblr-14254	27	57	,	,	PUNCT
cblr-14254	27	58	meagher	meagher	PROPN
cblr-14254	27	59	&	&	CCONJ
cblr-14254	27	60	flom	flom	PROPN
cblr-14254	27	61	llp	llp	PROPN
cblr-14254	27	62	and	and	CCONJ
cblr-14254	27	63	affiliates	affiliate	NOUN
cblr-14254	27	64	(	(	PUNCT
cblr-14254	27	65	jan	jan	PROPN
cblr-14254	27	66	.	.	PROPN
cblr-14254	27	67	26	26	NUM
cblr-14254	27	68	,	,	PUNCT
cblr-14254	27	69	2021	2021	NUM
cblr-14254	27	70	)	)	PUNCT
cblr-14254	27	71	,	,	PUNCT
cblr-14254	28	1	https://www.skadden.com/insights/publications/2021/01/2021-insights/corporate/theyear-of-the-spac	https://www.skadden.com/insights/publications/2021/01/2021-insights/corporate/theyear-of-the-spac	PROPN
cblr-14254	28	2	[	[	X
cblr-14254	28	3	https://perma.cc/rvh3-qchw	https://perma.cc/rvh3-qchw	X
cblr-14254	28	4	]	]	PUNCT
cblr-14254	28	5	.	.	PUNCT
cblr-14254	29	1	no	no	INTJ
cblr-14254	29	2	.	.	NOUN
cblr-14254	30	1	1	1	NUM
cblr-14254	30	2	]	]	PUNCT
cblr-14254	30	3	the	the	DET
cblr-14254	30	4	spac	spac	PROPN
cblr-14254	30	5	phenomenon	phenomenon	NOUN
cblr-14254	30	6	453	453	NUM
cblr-14254	30	7	boom	boom	NOUN
cblr-14254	30	8	in	in	ADP
cblr-14254	30	9	investor	investor	NOUN
cblr-14254	30	10	interest	interest	NOUN
cblr-14254	30	11	and	and	CCONJ
cblr-14254	30	12	capital	capital	NOUN
cblr-14254	30	13	inflow	inflow	NOUN
cblr-14254	30	14	.	.	PUNCT
cblr-14254	31	1	while	while	SCONJ
cblr-14254	31	2	global	global	ADJ
cblr-14254	31	3	m&a	m&a	PROPN
cblr-14254	31	4	decreased	decrease	VERB
cblr-14254	31	5	from	from	ADP
cblr-14254	31	6	2019	2019	NUM
cblr-14254	31	7	to	to	ADP
cblr-14254	31	8	2020	2020	NUM
cblr-14254	31	9	by	by	ADP
cblr-14254	31	10	9.7%,2	9.7%,2	NOUN
cblr-14254	31	11	the	the	DET
cblr-14254	31	12	“	"	PUNCT
cblr-14254	31	13	spac	spac	PROPN
cblr-14254	31	14	frenzy	frenzy	NOUN
cblr-14254	31	15	”	"	PUNCT
cblr-14254	31	16	saw	see	VERB
cblr-14254	31	17	its	its	PRON
cblr-14254	31	18	namesake	namesake	NOUN
cblr-14254	31	19	transactions	transaction	NOUN
cblr-14254	31	20	increase	increase	NOUN
cblr-14254	31	21	by	by	ADP
cblr-14254	31	22	320%.3	320%.3	PROPN
cblr-14254	31	23	spac	spac	NOUN
cblr-14254	31	24	transactions	transaction	NOUN
cblr-14254	31	25	amounted	amount	VERB
cblr-14254	31	26	to	to	ADP
cblr-14254	31	27	a	a	DET
cblr-14254	31	28	total	total	NOUN
cblr-14254	31	29	of	of	ADP
cblr-14254	31	30	$	$	SYM
cblr-14254	31	31	82	82	NUM
cblr-14254	31	32	billion	billion	NUM
cblr-14254	31	33	in	in	ADP
cblr-14254	31	34	2020	2020	NUM
cblr-14254	31	35	,	,	PUNCT
cblr-14254	31	36	an	an	DET
cblr-14254	31	37	amount	amount	NOUN
cblr-14254	31	38	greater	great	ADJ
cblr-14254	31	39	than	than	ADP
cblr-14254	31	40	all	all	DET
cblr-14254	31	41	money	money	NOUN
cblr-14254	31	42	previously	previously	ADV
cblr-14254	31	43	raised	raise	VERB
cblr-14254	31	44	through	through	ADP
cblr-14254	31	45	such	such	ADJ
cblr-14254	31	46	transactions.4	transactions.4	PROPN
cblr-14254	31	47	low	low	ADJ
cblr-14254	31	48	interest	interest	NOUN
cblr-14254	31	49	rates	rate	NOUN
cblr-14254	31	50	,	,	PUNCT
cblr-14254	31	51	high	high	ADJ
cblr-14254	31	52	money	money	NOUN
cblr-14254	31	53	supply	supply	NOUN
cblr-14254	31	54	,	,	PUNCT
cblr-14254	31	55	and	and	CCONJ
cblr-14254	31	56	sudden	sudden	ADJ
cblr-14254	31	57	excess	excess	ADJ
cblr-14254	31	58	time	time	NOUN
cblr-14254	31	59	at	at	ADP
cblr-14254	31	60	home	home	NOUN
cblr-14254	31	61	,	,	PUNCT
cblr-14254	31	62	married	marry	VERB
cblr-14254	31	63	with	with	ADP
cblr-14254	31	64	promises	promise	NOUN
cblr-14254	31	65	of	of	ADP
cblr-14254	31	66	high	high	ADJ
cblr-14254	31	67	return	return	NOUN
cblr-14254	31	68	,	,	PUNCT
cblr-14254	31	69	perceived	perceive	VERB
cblr-14254	31	70	lower	low	ADJ
cblr-14254	31	71	risk	risk	NOUN
cblr-14254	31	72	of	of	ADP
cblr-14254	31	73	tapping	tap	VERB
cblr-14254	31	74	into	into	ADP
cblr-14254	31	75	specialized	specialized	ADJ
cblr-14254	31	76	expertise	expertise	NOUN
cblr-14254	31	77	,	,	PUNCT
cblr-14254	31	78	and	and	CCONJ
cblr-14254	31	79	celebrity	celebrity	NOUN
cblr-14254	31	80	endorsements	endorsement	NOUN
cblr-14254	31	81	made	make	VERB
cblr-14254	31	82	spacs	spac	NOUN
cblr-14254	31	83	an	an	DET
cblr-14254	31	84	exceedingly	exceedingly	ADV
cblr-14254	31	85	attractive	attractive	ADJ
cblr-14254	31	86	and	and	CCONJ
cblr-14254	31	87	sought	seek	VERB
cblr-14254	31	88	-	-	PUNCT
cblr-14254	31	89	after	after	ADP
cblr-14254	31	90	investment	investment	NOUN
cblr-14254	31	91	opportunity	opportunity	NOUN
cblr-14254	31	92	in	in	ADP
cblr-14254	31	93	2020.5	2020.5	NUM
cblr-14254	31	94	spacs	spac	NOUN
cblr-14254	31	95	made	make	VERB
cblr-14254	31	96	up	up	ADP
cblr-14254	31	97	most	most	ADJ
cblr-14254	31	98	of	of	ADP
cblr-14254	31	99	the	the	DET
cblr-14254	31	100	growth	growth	NOUN
cblr-14254	31	101	in	in	ADP
cblr-14254	31	102	the	the	DET
cblr-14254	31	103	u.s	u.s	PROPN
cblr-14254	31	104	.	.	PROPN
cblr-14254	31	105	ipo	ipo	PROPN
cblr-14254	31	106	market	market	NOUN
cblr-14254	31	107	from	from	ADP
cblr-14254	31	108	2020	2020	NUM
cblr-14254	31	109	to	to	ADP
cblr-14254	31	110	2021,6	2021,6	PROPN
cblr-14254	31	111	with	with	ADP
cblr-14254	31	112	big	big	ADJ
cblr-14254	31	113	names	name	NOUN
cblr-14254	31	114	like	like	ADP
cblr-14254	31	115	draftkings	draftking	NOUN
cblr-14254	31	116	,	,	PUNCT
cblr-14254	31	117	buzzfeed	buzzfeed	NOUN
cblr-14254	31	118	,	,	PUNCT
cblr-14254	31	119	wework	wework	NOUN
cblr-14254	31	120	,	,	PUNCT
cblr-14254	31	121	23andme	23andme	NUM
cblr-14254	31	122	all	all	PRON
cblr-14254	31	123	going	go	VERB
cblr-14254	31	124	public	public	ADJ
cblr-14254	31	125	via	via	ADP
cblr-14254	31	126	spacs.7	spacs.7	PROPN
cblr-14254	31	127	in	in	ADP
cblr-14254	31	128	the	the	DET
cblr-14254	31	129	wake	wake	NOUN
cblr-14254	31	130	of	of	ADP
cblr-14254	31	131	this	this	DET
cblr-14254	31	132	spac	spac	NOUN
cblr-14254	31	133	frenzy	frenzy	NOUN
cblr-14254	31	134	,	,	PUNCT
cblr-14254	31	135	the	the	DET
cblr-14254	31	136	initial	initial	ADJ
cblr-14254	31	137	craze	craze	NOUN
cblr-14254	31	138	seems	seem	VERB
cblr-14254	31	139	to	to	PART
cblr-14254	31	140	now	now	ADV
cblr-14254	31	141	closer	close	ADV
cblr-14254	31	142	resemble	resemble	VERB
cblr-14254	31	143	the	the	DET
cblr-14254	31	144	dot	dot	NOUN
cblr-14254	31	145	-	-	PUNCT
cblr-14254	31	146	com	com	NOUN
cblr-14254	31	147	bubble	bubble	NOUN
cblr-14254	31	148	rather	rather	ADV
cblr-14254	31	149	than	than	ADP
cblr-14254	31	150	the	the	DET
cblr-14254	31	151	2	2	NUM
cblr-14254	31	152	global	global	ADJ
cblr-14254	31	153	mergers	merger	NOUN
cblr-14254	31	154	and	and	CCONJ
cblr-14254	31	155	acquisitions	acquisition	NOUN
cblr-14254	31	156	decrease	decrease	NOUN
cblr-14254	31	157	in	in	ADP
cblr-14254	31	158	2020	2020	NUM
cblr-14254	31	159	but	but	CCONJ
cblr-14254	31	160	2021	2021	NUM
cblr-14254	31	161	is	be	AUX
cblr-14254	31	162	looking	look	VERB
cblr-14254	31	163	favorable	favorable	ADJ
cblr-14254	31	164	for	for	ADP
cblr-14254	31	165	m&a	m&a	PROPN
cblr-14254	31	166	,	,	PUNCT
cblr-14254	31	167	ey	ey	PRON
cblr-14254	31	168	tax	tax	NOUN
cblr-14254	31	169	news	news	NOUN
cblr-14254	31	170	(	(	PUNCT
cblr-14254	31	171	july	july	PROPN
cblr-14254	31	172	9	9	NUM
cblr-14254	31	173	,	,	PUNCT
cblr-14254	31	174	2021	2021	NUM
cblr-14254	31	175	)	)	PUNCT
cblr-14254	31	176	,	,	PUNCT
cblr-14254	31	177	https://taxnews.ey.com/news/20211421-global-mergers-and-acquisitions-decrease-in-2020-but-2021-is-lookingfavorable-for-m-andampa#:~:text=global%20m%26a%20decreased%209.7%25%20to,)%2c%20when%	https://taxnews.ey.com/news/20211421-global-mergers-and-acquisitions-decrease-in-2020-but-2021-is-lookingfavorable-for-m-andampa#:~:text=global%20m%26a%20decreased%209.7%25%20to,)%2c%20when%	NOUN
cblr-14254	31	178	20compared%20to%202019	20compared%20to%202019	NUM
cblr-14254	32	1	[	[	X
cblr-14254	32	2	https://perma.cc/awk7-tkjy	https://perma.cc/awk7-tkjy	X
cblr-14254	32	3	]	]	X
cblr-14254	32	4	.	.	PUNCT
cblr-14254	32	5	3	3	NUM
cblr-14254	32	6	barlow	barlow	PROPN
cblr-14254	32	7	et	et	PROPN
cblr-14254	32	8	al	al	PROPN
cblr-14254	32	9	.	.	PROPN
cblr-14254	32	10	,	,	PUNCT
cblr-14254	32	11	supra	supra	PROPN
cblr-14254	32	12	note	note	PROPN
cblr-14254	32	13	1	1	NUM
cblr-14254	32	14	,	,	PUNCT
cblr-14254	32	15	at	at	ADP
cblr-14254	32	16	1	1	NUM
cblr-14254	32	17	.	.	ADP
cblr-14254	32	18	4	4	NUM
cblr-14254	32	19	amrith	amrith	ADP
cblr-14254	32	20	ramkumar	ramkumar	PROPN
cblr-14254	32	21	,	,	PUNCT
cblr-14254	32	22	2020	2020	NUM
cblr-14254	32	23	spac	spac	PROPN
cblr-14254	32	24	boom	boom	NOUN
cblr-14254	32	25	lifted	lift	VERB
cblr-14254	32	26	wall	wall	PROPN
cblr-14254	32	27	steet	steet	PROPN
cblr-14254	32	28	’s	’s	PART
cblr-14254	32	29	biggest	big	ADJ
cblr-14254	32	30	banks	bank	NOUN
cblr-14254	32	31	,	,	PUNCT
cblr-14254	32	32	wall	wall	PROPN
cblr-14254	32	33	st	st	PROPN
cblr-14254	32	34	.	.	PROPN
cblr-14254	32	35	j.	j.	PROPN
cblr-14254	32	36	(	(	PUNCT
cblr-14254	32	37	jan	jan	PROPN
cblr-14254	32	38	.	.	PROPN
cblr-14254	32	39	5	5	NUM
cblr-14254	32	40	,	,	PUNCT
cblr-14254	32	41	2021	2021	NUM
cblr-14254	32	42	)	)	PUNCT
cblr-14254	32	43	,	,	PUNCT
cblr-14254	32	44	https://www.wsj.com/articles/2020-spac-boom-lifted-wall-streetsbiggest-banks-11609842601	https://www.wsj.com/articles/2020-spac-boom-lifted-wall-streetsbiggest-banks-11609842601	PROPN
cblr-14254	32	45	.	.	PROPN
cblr-14254	32	46	5	5	NUM
cblr-14254	32	47	the	the	DET
cblr-14254	32	48	us	us	PROPN
cblr-14254	32	49	printed	print	VERB
cblr-14254	32	50	more	more	ADJ
cblr-14254	32	51	than	than	ADP
cblr-14254	32	52	$	$	SYM
cblr-14254	32	53	3	3	NUM
cblr-14254	32	54	trillion	trillion	NUM
cblr-14254	32	55	in	in	ADP
cblr-14254	32	56	2020	2020	NUM
cblr-14254	32	57	alone	alone	ADV
cblr-14254	32	58	.	.	PUNCT
cblr-14254	33	1	here	here	ADV
cblr-14254	33	2	’s	’	VERB
cblr-14254	33	3	why	why	SCONJ
cblr-14254	33	4	it	it	PRON
cblr-14254	33	5	matters	matter	VERB
cblr-14254	33	6	today	today	NOUN
cblr-14254	33	7	,	,	PUNCT
cblr-14254	33	8	depledge	depledge	VERB
cblr-14254	33	9	strategic	strategic	ADJ
cblr-14254	33	10	wealth	wealth	NOUN
cblr-14254	33	11	mgmt	mgmt	NOUN
cblr-14254	33	12	.	.	PUNCT
cblr-14254	34	1	(	(	PUNCT
cblr-14254	34	2	june	june	PROPN
cblr-14254	34	3	17	17	NUM
cblr-14254	34	4	,	,	PUNCT
cblr-14254	34	5	2022	2022	NUM
cblr-14254	34	6	)	)	PUNCT
cblr-14254	34	7	,	,	PUNCT
cblr-14254	34	8	https://www.depledgeswm.com/depledge/the-us-printed-more-than-3-trillion-in-2020alone-heres-why-it-matters-today/	https://www.depledgeswm.com/depledge/the-us-printed-more-than-3-trillion-in-2020alone-heres-why-it-matters-today/	NOUN
cblr-14254	35	1	[	[	X
cblr-14254	35	2	https://perma.cc/8d4x-b89l	https://perma.cc/8d4x-b89l	X
cblr-14254	35	3	]	]	PUNCT
cblr-14254	35	4	;	;	PUNCT
cblr-14254	35	5	rachel	rachel	PROPN
cblr-14254	35	6	curry	curry	PROPN
cblr-14254	35	7	,	,	PUNCT
cblr-14254	35	8	what	what	PRON
cblr-14254	35	9	to	to	PART
cblr-14254	35	10	know	know	VERB
cblr-14254	35	11	about	about	ADP
cblr-14254	35	12	celebrity	celebrity	NOUN
cblr-14254	35	13	spacs	spac	NOUN
cblr-14254	35	14	,	,	PUNCT
cblr-14254	35	15	public	public	ADJ
cblr-14254	35	16	,	,	PUNCT
cblr-14254	35	17	https://public.com/learn/what-to-knowabout-celebrityspacs#:~:text=other%20noteworthy%20celebrities%20who%20have,invested%20	https://public.com/learn/what-to-knowabout-celebrityspacs#:~:text=other%20noteworthy%20celebrities%20who%20have,invested%20	NOUN
cblr-14254	35	18	in	in	ADP
cblr-14254	35	19	%	%	NOUN
cblr-14254	35	20	20the%20parent%20co	20the%20parent%20co	NOUN
cblr-14254	36	1	[	[	X
cblr-14254	36	2	https://perma.cc/kba3-7jm2	https://perma.cc/kba3-7jm2	X
cblr-14254	36	3	]	]	X
cblr-14254	36	4	(	(	PUNCT
cblr-14254	36	5	last	last	ADJ
cblr-14254	36	6	visited	visit	VERB
cblr-14254	36	7	feb	feb	PROPN
cblr-14254	36	8	.	.	PROPN
cblr-14254	36	9	24	24	NUM
cblr-14254	36	10	,	,	PUNCT
cblr-14254	36	11	2024	2024	NUM
cblr-14254	36	12	)	)	PUNCT
cblr-14254	36	13	.	.	PUNCT
cblr-14254	37	1	6	6	NUM
cblr-14254	37	2	sanghamitra	sanghamitra	ADJ
cblr-14254	37	3	saha	saha	PROPN
cblr-14254	37	4	,	,	PUNCT
cblr-14254	37	5	2020	2020	NUM
cblr-14254	37	6	has	have	AUX
cblr-14254	37	7	been	be	AUX
cblr-14254	37	8	the	the	DET
cblr-14254	37	9	year	year	NOUN
cblr-14254	37	10	of	of	ADP
cblr-14254	37	11	spac	spac	PROPN
cblr-14254	37	12	ipos	ipos	PROPN
cblr-14254	37	13	:	:	PUNCT
cblr-14254	37	14	here	here	ADV
cblr-14254	37	15	are	be	AUX
cblr-14254	37	16	the	the	DET
cblr-14254	37	17	prominent	prominent	ADJ
cblr-14254	37	18	4	4	NUM
cblr-14254	37	19	,	,	PUNCT
cblr-14254	37	20	nasdaq	nasdaq	PROPN
cblr-14254	37	21	(	(	PUNCT
cblr-14254	37	22	dec	dec	PROPN
cblr-14254	37	23	.	.	PROPN
cblr-14254	37	24	28	28	NUM
cblr-14254	37	25	,	,	PUNCT
cblr-14254	37	26	2020	2020	NUM
cblr-14254	37	27	)	)	PUNCT
cblr-14254	37	28	,	,	PUNCT
cblr-14254	37	29	https://www.nasdaq.com/articles/2020-hasbeen-the-year-of-spac-ipos:-here-are-the-prominent-4-2020-12-28	https://www.nasdaq.com/articles/2020-hasbeen-the-year-of-spac-ipos:-here-are-the-prominent-4-2020-12-28	PROPN
cblr-14254	38	1	[	[	X
cblr-14254	38	2	https://perma.cc/gg9w-kg6s	https://perma.cc/gg9w-kg6s	X
cblr-14254	38	3	]	]	X
cblr-14254	38	4	.	.	PUNCT
cblr-14254	39	1	7	7	NUM
cblr-14254	39	2	tom	tom	PROPN
cblr-14254	39	3	huddleston	huddleston	PROPN
cblr-14254	39	4	jr	jr	PROPN
cblr-14254	39	5	.	.	PROPN
cblr-14254	39	6	,	,	PUNCT
cblr-14254	39	7	what	what	PRON
cblr-14254	39	8	is	be	AUX
cblr-14254	39	9	a	a	DET
cblr-14254	39	10	spac	spac	NOUN
cblr-14254	39	11	?	?	PUNCT
cblr-14254	40	1	explaining	explain	VERB
cblr-14254	40	2	one	one	NUM
cblr-14254	40	3	of	of	ADP
cblr-14254	40	4	wall	wall	PROPN
cblr-14254	40	5	steet	steet	PROPN
cblr-14254	40	6	’s	’s	PART
cblr-14254	40	7	hottest	hot	ADJ
cblr-14254	40	8	trends	trend	NOUN
cblr-14254	40	9	,	,	PUNCT
cblr-14254	40	10	cnbc	cnbc	PROPN
cblr-14254	40	11	(	(	PUNCT
cblr-14254	40	12	jan	jan	PROPN
cblr-14254	40	13	.	.	PROPN
cblr-14254	40	14	30	30	NUM
cblr-14254	40	15	,	,	PUNCT
cblr-14254	40	16	2021	2021	NUM
cblr-14254	40	17	)	)	PUNCT
cblr-14254	40	18	,	,	PUNCT
cblr-14254	40	19	https://www.cnbc.com/2021/01/30/what-is-a-spac.html	https://www.cnbc.com/2021/01/30/what-is-a-spac.html	X
cblr-14254	40	20	[	[	X
cblr-14254	40	21	https://perma.cc/3kfm-w6cc	https://perma.cc/3kfm-w6cc	X
cblr-14254	40	22	]	]	PUNCT
cblr-14254	40	23	.	.	PUNCT
cblr-14254	41	1	454	454	NUM
cblr-14254	41	2	columbia	columbia	PROPN
cblr-14254	41	3	business	business	NOUN
cblr-14254	41	4	law	law	PROPN
cblr-14254	41	5	review	review	NOUN
cblr-14254	41	6	[	[	X
cblr-14254	41	7	vol	vol	NOUN
cblr-14254	41	8	.	.	PUNCT
cblr-14254	41	9	2025	2025	NUM
cblr-14254	41	10	revolutionary	revolutionary	ADJ
cblr-14254	41	11	financial	financial	ADJ
cblr-14254	41	12	innovation	innovation	NOUN
cblr-14254	41	13	it	it	PRON
cblr-14254	41	14	promised	promise	VERB
cblr-14254	41	15	.	.	PUNCT
cblr-14254	42	1	de	de	PROPN
cblr-14254	42	2	-	-	NOUN
cblr-14254	42	3	spac	spac	PROPN
cblr-14254	42	4	companies	company	NOUN
cblr-14254	42	5	on	on	ADP
cblr-14254	42	6	average	average	ADJ
cblr-14254	42	7	are	be	AUX
cblr-14254	42	8	significantly	significantly	ADV
cblr-14254	42	9	underperforming	underperform	VERB
cblr-14254	42	10	.	.	PUNCT
cblr-14254	43	1	the	the	DET
cblr-14254	43	2	average	average	ADJ
cblr-14254	43	3	one	one	NUM
cblr-14254	43	4	-	-	PUNCT
cblr-14254	43	5	year	year	NOUN
cblr-14254	43	6	return	return	NOUN
cblr-14254	43	7	on	on	ADP
cblr-14254	43	8	a	a	DET
cblr-14254	43	9	company	company	NOUN
cblr-14254	43	10	that	that	PRON
cblr-14254	43	11	went	go	VERB
cblr-14254	43	12	public	public	ADJ
cblr-14254	43	13	via	via	ADP
cblr-14254	43	14	de	de	ADJ
cblr-14254	43	15	-	-	ADJ
cblr-14254	43	16	spac	spac	NOUN
cblr-14254	43	17	merger	merger	NOUN
cblr-14254	43	18	in	in	ADP
cblr-14254	43	19	2021	2021	NUM
cblr-14254	43	20	was	be	AUX
cblr-14254	43	21	-64.2%.8	-64.2%.8	PROPN
cblr-14254	43	22	chamath	chamath	PROPN
cblr-14254	43	23	palihapitiya	palihapitiya	PROPN
cblr-14254	43	24	,	,	PUNCT
cblr-14254	43	25	the	the	DET
cblr-14254	43	26	once	once	ADV
cblr-14254	43	27	-	-	PUNCT
cblr-14254	43	28	crowned	crown	VERB
cblr-14254	43	29	“	"	PUNCT
cblr-14254	43	30	king	king	NOUN
cblr-14254	43	31	of	of	ADP
cblr-14254	43	32	spacs	spac	NOUN
cblr-14254	43	33	,	,	PUNCT
cblr-14254	43	34	”	"	PUNCT
cblr-14254	43	35	saw	see	VERB
cblr-14254	43	36	a	a	DET
cblr-14254	43	37	70	70	NUM
cblr-14254	43	38	%	%	NOUN
cblr-14254	43	39	drop	drop	NOUN
cblr-14254	43	40	in	in	ADP
cblr-14254	43	41	value	value	NOUN
cblr-14254	43	42	from	from	ADP
cblr-14254	43	43	his	his	PRON
cblr-14254	43	44	projects.9	projects.9	ADJ
cblr-14254	43	45	other	other	ADJ
cblr-14254	43	46	big	big	ADJ
cblr-14254	43	47	names	name	NOUN
cblr-14254	43	48	that	that	PRON
cblr-14254	43	49	went	go	VERB
cblr-14254	43	50	public	public	ADJ
cblr-14254	43	51	via	via	ADP
cblr-14254	43	52	despac	despac	ADJ
cblr-14254	43	53	—	—	PUNCT
cblr-14254	43	54	wework	wework	NOUN
cblr-14254	43	55	,	,	PUNCT
cblr-14254	43	56	core	core	NOUN
cblr-14254	43	57	scientific	scientific	PROPN
cblr-14254	43	58	,	,	PUNCT
cblr-14254	43	59	inc	inc	PROPN
cblr-14254	43	60	.	.	PROPN
cblr-14254	43	61	,	,	PUNCT
cblr-14254	43	62	and	and	CCONJ
cblr-14254	43	63	virgin	virgin	PROPN
cblr-14254	43	64	orbit	orbit	PROPN
cblr-14254	43	65	holdings	holding	NOUN
cblr-14254	43	66	—	—	PUNCT
cblr-14254	43	67	are	be	AUX
cblr-14254	43	68	filing	file	VERB
cblr-14254	43	69	for	for	ADP
cblr-14254	43	70	bankruptcy	bankruptcy	NOUN
cblr-14254	43	71	in	in	ADP
cblr-14254	43	72	rapid	rapid	ADJ
cblr-14254	43	73	succession.10	succession.10	NOUN
cblr-14254	43	74	this	this	DET
cblr-14254	43	75	note	note	NOUN
cblr-14254	43	76	argues	argue	VERB
cblr-14254	43	77	that	that	SCONJ
cblr-14254	43	78	the	the	DET
cblr-14254	43	79	newly	newly	ADV
cblr-14254	43	80	proposed	propose	VERB
cblr-14254	43	81	sec	sec	PROPN
cblr-14254	43	82	rules	rule	NOUN
cblr-14254	43	83	for	for	ADP
cblr-14254	43	84	spacs	spac	NOUN
cblr-14254	43	85	,	,	PUNCT
cblr-14254	43	86	which	which	PRON
cblr-14254	43	87	seek	seek	VERB
cblr-14254	43	88	to	to	PART
cblr-14254	43	89	align	align	VERB
cblr-14254	43	90	the	the	DET
cblr-14254	43	91	spac	spac	PROPN
cblr-14254	43	92	disclosure	disclosure	NOUN
cblr-14254	43	93	regime	regime	NOUN
cblr-14254	43	94	with	with	ADP
cblr-14254	43	95	traditional	traditional	ADJ
cblr-14254	43	96	ipo	ipo	NOUN
cblr-14254	43	97	disclosures	disclosure	NOUN
cblr-14254	43	98	by	by	ADP
cblr-14254	43	99	requiring	require	VERB
cblr-14254	43	100	robust	robust	ADJ
cblr-14254	43	101	sponsor	sponsor	NOUN
cblr-14254	43	102	background	background	NOUN
cblr-14254	43	103	disclosure	disclosure	NOUN
cblr-14254	43	104	,	,	PUNCT
cblr-14254	43	105	a	a	DET
cblr-14254	43	106	transaction	transaction	NOUN
cblr-14254	43	107	-	-	PUNCT
cblr-14254	43	108	accompanying	accompany	VERB
cblr-14254	43	109	fairness	fairness	NOUN
cblr-14254	43	110	opinion	opinion	NOUN
cblr-14254	43	111	,	,	PUNCT
cblr-14254	43	112	and	and	CCONJ
cblr-14254	43	113	explicit	explicit	ADJ
cblr-14254	43	114	nullification	nullification	NOUN
cblr-14254	43	115	of	of	ADP
cblr-14254	43	116	the	the	DET
cblr-14254	43	117	forward	forward	ADV
cblr-14254	43	118	-	-	PUNCT
cblr-14254	43	119	looking	look	VERB
cblr-14254	43	120	safe	safe	ADJ
cblr-14254	43	121	harbor	harbor	NOUN
cblr-14254	43	122	provided	provide	VERB
cblr-14254	43	123	by	by	ADP
cblr-14254	43	124	the	the	DET
cblr-14254	43	125	private	private	ADJ
cblr-14254	43	126	securities	security	NOUN
cblr-14254	43	127	litigation	litigation	PROPN
cblr-14254	43	128	act	act	PROPN
cblr-14254	43	129	(	(	PUNCT
cblr-14254	43	130	pslra	pslra	NOUN
cblr-14254	43	131	)	)	PUNCT
cblr-14254	43	132	,	,	PUNCT
cblr-14254	43	133	fall	fall	VERB
cblr-14254	43	134	short	short	ADV
cblr-14254	43	135	of	of	ADP
cblr-14254	43	136	effectively	effectively	ADV
cblr-14254	43	137	addressing	address	VERB
cblr-14254	43	138	the	the	DET
cblr-14254	43	139	misaligned	misaligned	ADJ
cblr-14254	43	140	incentives	incentive	NOUN
cblr-14254	43	141	that	that	PRON
cblr-14254	43	142	contribute	contribute	VERB
cblr-14254	43	143	to	to	ADP
cblr-14254	43	144	market	market	NOUN
cblr-14254	43	145	inefficiencies	inefficiency	NOUN
cblr-14254	43	146	.	.	PUNCT
cblr-14254	44	1	this	this	DET
cblr-14254	44	2	note	note	NOUN
cblr-14254	44	3	evaluates	evaluate	VERB
cblr-14254	44	4	the	the	DET
cblr-14254	44	5	exact	exact	ADJ
cblr-14254	44	6	mechanisms	mechanism	NOUN
cblr-14254	44	7	of	of	ADP
cblr-14254	44	8	the	the	DET
cblr-14254	44	9	transaction	transaction	NOUN
cblr-14254	44	10	,	,	PUNCT
cblr-14254	44	11	considers	consider	VERB
cblr-14254	44	12	the	the	DET
cblr-14254	44	13	responsiveness	responsiveness	NOUN
cblr-14254	44	14	of	of	ADP
cblr-14254	44	15	the	the	DET
cblr-14254	44	16	sec	sec	PROPN
cblr-14254	44	17	’s	’s	PART
cblr-14254	44	18	new	new	ADJ
cblr-14254	44	19	rules	rule	NOUN
cblr-14254	44	20	to	to	ADP
cblr-14254	44	21	those	those	DET
cblr-14254	44	22	incentives	incentive	NOUN
cblr-14254	44	23	,	,	PUNCT
cblr-14254	44	24	and	and	CCONJ
cblr-14254	44	25	suggests	suggest	VERB
cblr-14254	44	26	that	that	SCONJ
cblr-14254	44	27	due	due	ADP
cblr-14254	44	28	to	to	ADP
cblr-14254	44	29	the	the	DET
cblr-14254	44	30	complex	complex	ADJ
cblr-14254	44	31	dynamics	dynamic	NOUN
cblr-14254	44	32	of	of	ADP
cblr-14254	44	33	spac	spac	PROPN
cblr-14254	44	34	transactions	transaction	NOUN
cblr-14254	44	35	,	,	PUNCT
cblr-14254	44	36	these	these	DET
cblr-14254	44	37	financial	financial	ADJ
cblr-14254	44	38	instruments	instrument	NOUN
cblr-14254	44	39	normatively	normatively	ADV
cblr-14254	44	40	ought	ought	AUX
cblr-14254	44	41	to	to	PART
cblr-14254	44	42	be	be	AUX
cblr-14254	44	43	more	more	ADV
cblr-14254	44	44	appropriately	appropriately	ADV
cblr-14254	44	45	restricted	restrict	VERB
cblr-14254	44	46	from	from	ADP
cblr-14254	44	47	retail	retail	ADJ
cblr-14254	44	48	investor	investor	NOUN
cblr-14254	44	49	participation	participation	NOUN
cblr-14254	44	50	.	.	PUNCT
cblr-14254	45	1	it	it	PRON
cblr-14254	45	2	critically	critically	ADV
cblr-14254	45	3	evaluates	evaluate	VERB
cblr-14254	45	4	whether	whether	SCONJ
cblr-14254	45	5	spacs	spac	NOUN
cblr-14254	45	6	represent	represent	VERB
cblr-14254	45	7	merely	merely	ADV
cblr-14254	45	8	the	the	DET
cblr-14254	45	9	latest	late	ADJ
cblr-14254	45	10	in	in	ADP
cblr-14254	45	11	a	a	DET
cblr-14254	45	12	series	series	NOUN
cblr-14254	45	13	of	of	ADP
cblr-14254	45	14	non	non	ADJ
cblr-14254	45	15	-	-	ADJ
cblr-14254	45	16	value	value	NOUN
cblr-14254	45	17	-	-	PUNCT
cblr-14254	45	18	adding	add	VERB
cblr-14254	45	19	financial	financial	ADJ
cblr-14254	45	20	innovations	innovation	NOUN
cblr-14254	45	21	that	that	PRON
cblr-14254	45	22	require	require	VERB
cblr-14254	45	23	a	a	DET
cblr-14254	45	24	move	move	NOUN
cblr-14254	45	25	towards	towards	ADP
cblr-14254	45	26	more	more	ADV
cblr-14254	45	27	thoughtful	thoughtful	ADJ
cblr-14254	45	28	,	,	PUNCT
cblr-14254	45	29	equitable	equitable	ADJ
cblr-14254	45	30	regulatory	regulatory	ADJ
cblr-14254	45	31	reforms	reform	NOUN
cblr-14254	45	32	prioritizing	prioritize	VERB
cblr-14254	45	33	investor	investor	NOUN
cblr-14254	45	34	protection	protection	NOUN
cblr-14254	45	35	and	and	CCONJ
cblr-14254	45	36	market	market	NOUN
cblr-14254	45	37	integrity	integrity	NOUN
cblr-14254	45	38	over	over	ADP
cblr-14254	45	39	speculative	speculative	ADJ
cblr-14254	45	40	gains	gain	NOUN
cblr-14254	45	41	.	.	PUNCT
cblr-14254	46	1	part	part	NOUN
cblr-14254	46	2	ii	ii	PROPN
cblr-14254	46	3	of	of	ADP
cblr-14254	46	4	this	this	DET
cblr-14254	46	5	note	note	NOUN
cblr-14254	46	6	outlines	outline	VERB
cblr-14254	46	7	the	the	DET
cblr-14254	46	8	inception	inception	ADJ
cblr-14254	46	9	and	and	CCONJ
cblr-14254	46	10	regulatory	regulatory	ADJ
cblr-14254	46	11	evolution	evolution	NOUN
cblr-14254	46	12	of	of	ADP
cblr-14254	46	13	spacs	spac	NOUN
cblr-14254	46	14	,	,	PUNCT
cblr-14254	46	15	detailing	detail	VERB
cblr-14254	46	16	their	their	PRON
cblr-14254	46	17	emergence	emergence	NOUN
cblr-14254	46	18	as	as	ADP
cblr-14254	46	19	a	a	DET
cblr-14254	46	20	response	response	NOUN
cblr-14254	46	21	to	to	ADP
cblr-14254	46	22	sec	sec	PROPN
cblr-14254	46	23	regulations	regulation	NOUN
cblr-14254	46	24	and	and	CCONJ
cblr-14254	46	25	their	their	PRON
cblr-14254	46	26	development	development	NOUN
cblr-14254	46	27	through	through	ADP
cblr-14254	46	28	legal	legal	ADJ
cblr-14254	46	29	strategies	strategy	NOUN
cblr-14254	46	30	to	to	PART
cblr-14254	46	31	navigate	navigate	VERB
cblr-14254	46	32	these	these	DET
cblr-14254	46	33	rules	rule	NOUN
cblr-14254	46	34	.	.	PUNCT
cblr-14254	47	1	part	part	NOUN
cblr-14254	47	2	iii	iii	NUM
cblr-14254	47	3	delves	delf	NOUN
cblr-14254	47	4	into	into	ADP
cblr-14254	47	5	the	the	DET
cblr-14254	47	6	8	8	NUM
cblr-14254	47	7	mark	mark	NOUN
cblr-14254	47	8	dent	dent	NOUN
cblr-14254	47	9	,	,	PUNCT
cblr-14254	47	10	the	the	DET
cblr-14254	47	11	spectacular	spectacular	ADJ
cblr-14254	47	12	failure	failure	NOUN
cblr-14254	47	13	of	of	ADP
cblr-14254	47	14	spacs	spac	NOUN
cblr-14254	47	15	,	,	PUNCT
cblr-14254	47	16	the	the	DET
cblr-14254	47	17	hustle	hustle	NOUN
cblr-14254	47	18	(	(	PUNCT
cblr-14254	47	19	nov	nov	PROPN
cblr-14254	47	20	.	.	PROPN
cblr-14254	47	21	18	18	NUM
cblr-14254	47	22	,	,	PUNCT
cblr-14254	47	23	2023	2023	NUM
cblr-14254	47	24	)	)	PUNCT
cblr-14254	47	25	,	,	PUNCT
cblr-14254	47	26	https://thehustle.co/the-spectacular-failure-of-spacs	https://thehustle.co/the-spectacular-failure-of-spac	NOUN
cblr-14254	47	27	[	[	X
cblr-14254	47	28	https://perma.cc/l6x9-uprh	https://perma.cc/l6x9-uprh	NOUN
cblr-14254	47	29	]	]	PUNCT
cblr-14254	47	30	.	.	PUNCT
cblr-14254	48	1	9	9	NUM
cblr-14254	48	2	i	i	PRON
cblr-14254	48	3	d.	d.	PROPN
cblr-14254	48	4	10	10	NUM
cblr-14254	48	5	bailey	bailey	PROPN
cblr-14254	48	6	lipschultz	lipschultz	NOUN
cblr-14254	48	7	,	,	PUNCT
cblr-14254	48	8	wework	wework	NOUN
cblr-14254	48	9	joins	join	VERB
cblr-14254	48	10	a	a	DET
cblr-14254	48	11	long	long	ADJ
cblr-14254	48	12	list	list	NOUN
cblr-14254	48	13	of	of	ADP
cblr-14254	48	14	high	high	ADJ
cblr-14254	48	15	-	-	PUNCT
cblr-14254	48	16	profile	profile	NOUN
cblr-14254	48	17	spacs	spac	NOUN
cblr-14254	48	18	that	that	PRON
cblr-14254	48	19	have	have	AUX
cblr-14254	48	20	failed	fail	VERB
cblr-14254	48	21	,	,	PUNCT
cblr-14254	48	22	bloomberg	bloomberg	PROPN
cblr-14254	48	23	l.	l.	PROPN
cblr-14254	48	24	(	(	PUNCT
cblr-14254	48	25	nov	nov	PROPN
cblr-14254	48	26	.	.	PROPN
cblr-14254	48	27	7	7	NUM
cblr-14254	48	28	,	,	PUNCT
cblr-14254	48	29	2023	2023	NUM
cblr-14254	48	30	)	)	PUNCT
cblr-14254	48	31	,	,	PUNCT
cblr-14254	48	32	https://www.bloomberglaw.com/bloomberglawnews/capitalmarkets/x3jg28vc000000?bna_news_filter=capital-markets#jcite	https://www.bloomberglaw.com/bloomberglawnews/capitalmarkets/x3jg28vc000000?bna_news_filter=capital-markets#jcite	PROPN
cblr-14254	48	33	[	[	X
cblr-14254	48	34	https://perma.cc/4dvu-7nje	https://perma.cc/4dvu-7nje	NOUN
cblr-14254	48	35	]	]	X
cblr-14254	48	36	.	.	PUNCT
cblr-14254	49	1	no	no	INTJ
cblr-14254	49	2	.	.	NOUN
cblr-14254	50	1	1	1	NUM
cblr-14254	50	2	]	]	PUNCT
cblr-14254	50	3	the	the	DET
cblr-14254	50	4	spac	spac	PROPN
cblr-14254	50	5	phenomenon	phenomenon	NOUN
cblr-14254	50	6	455	455	NUM
cblr-14254	50	7	structure	structure	NOUN
cblr-14254	50	8	and	and	CCONJ
cblr-14254	50	9	dynamics	dynamic	NOUN
cblr-14254	50	10	of	of	ADP
cblr-14254	50	11	contemporary	contemporary	ADJ
cblr-14254	50	12	spac	spac	PROPN
cblr-14254	50	13	transactions	transaction	NOUN
cblr-14254	50	14	,	,	PUNCT
cblr-14254	50	15	highlighting	highlight	VERB
cblr-14254	50	16	the	the	DET
cblr-14254	50	17	roles	role	NOUN
cblr-14254	50	18	and	and	CCONJ
cblr-14254	50	19	incentives	incentive	NOUN
cblr-14254	50	20	of	of	ADP
cblr-14254	50	21	key	key	ADJ
cblr-14254	50	22	stakeholders	stakeholder	NOUN
cblr-14254	50	23	,	,	PUNCT
cblr-14254	50	24	including	include	VERB
cblr-14254	50	25	sponsors	sponsor	NOUN
cblr-14254	50	26	,	,	PUNCT
cblr-14254	50	27	directors	director	NOUN
cblr-14254	50	28	,	,	PUNCT
cblr-14254	50	29	pipes	pipe	NOUN
cblr-14254	50	30	,	,	PUNCT
cblr-14254	50	31	and	and	CCONJ
cblr-14254	50	32	investors	investor	NOUN
cblr-14254	50	33	,	,	PUNCT
cblr-14254	50	34	and	and	CCONJ
cblr-14254	50	35	the	the	DET
cblr-14254	50	36	implications	implication	NOUN
cblr-14254	50	37	for	for	ADP
cblr-14254	50	38	target	target	NOUN
cblr-14254	50	39	acquisition	acquisition	NOUN
cblr-14254	50	40	and	and	CCONJ
cblr-14254	50	41	merger	merger	NOUN
cblr-14254	50	42	processes	process	NOUN
cblr-14254	50	43	.	.	PUNCT
cblr-14254	51	1	part	part	NOUN
cblr-14254	51	2	iv	iv	NUM
cblr-14254	51	3	critiques	critique	NOUN
cblr-14254	51	4	the	the	DET
cblr-14254	51	5	sec	sec	PROPN
cblr-14254	51	6	’s	’s	PART
cblr-14254	51	7	regulatory	regulatory	ADJ
cblr-14254	51	8	proposals	proposal	NOUN
cblr-14254	51	9	for	for	ADP
cblr-14254	51	10	spacs	spac	NOUN
cblr-14254	51	11	,	,	PUNCT
cblr-14254	51	12	arguing	argue	VERB
cblr-14254	51	13	that	that	SCONJ
cblr-14254	51	14	they	they	PRON
cblr-14254	51	15	fall	fall	VERB
cblr-14254	51	16	short	short	ADV
cblr-14254	51	17	of	of	ADP
cblr-14254	51	18	addressing	address	VERB
cblr-14254	51	19	the	the	DET
cblr-14254	51	20	fundamental	fundamental	ADJ
cblr-14254	51	21	issues	issue	NOUN
cblr-14254	51	22	of	of	ADP
cblr-14254	51	23	incentive	incentive	NOUN
cblr-14254	51	24	misalignment	misalignment	NOUN
cblr-14254	51	25	and	and	CCONJ
cblr-14254	51	26	proposing	propose	VERB
cblr-14254	51	27	alternative	alternative	ADJ
cblr-14254	51	28	approaches	approach	NOUN
cblr-14254	51	29	to	to	PART
cblr-14254	51	30	better	well	ADV
cblr-14254	51	31	align	align	VERB
cblr-14254	51	32	the	the	DET
cblr-14254	51	33	interests	interest	NOUN
cblr-14254	51	34	of	of	ADP
cblr-14254	51	35	all	all	DET
cblr-14254	51	36	parties	party	NOUN
cblr-14254	51	37	involved	involve	VERB
cblr-14254	51	38	and	and	CCONJ
cblr-14254	51	39	enhance	enhance	VERB
cblr-14254	51	40	market	market	NOUN
cblr-14254	51	41	integrity	integrity	NOUN
cblr-14254	51	42	.	.	PUNCT
cblr-14254	52	1	ii	ii	PROPN
cblr-14254	52	2	.	.	PUNCT
cblr-14254	53	1	the	the	DET
cblr-14254	53	2	rise	rise	NOUN
cblr-14254	53	3	of	of	ADP
cblr-14254	53	4	the	the	DET
cblr-14254	53	5	spac	spac	PROPN
cblr-14254	53	6	:	:	PUNCT
cblr-14254	53	7	the	the	DET
cblr-14254	53	8	psra	psra	ADJ
cblr-14254	53	9	,	,	PUNCT
cblr-14254	53	10	rule	rule	VERB
cblr-14254	53	11	419	419	NUM
cblr-14254	53	12	,	,	PUNCT
cblr-14254	53	13	and	and	CCONJ
cblr-14254	53	14	legal	legal	ADJ
cblr-14254	53	15	engineering	engineering	NOUN
cblr-14254	53	16	a.	a.	NOUN
cblr-14254	53	17	the	the	DET
cblr-14254	53	18	birth	birth	NOUN
cblr-14254	53	19	and	and	CCONJ
cblr-14254	53	20	early	early	ADJ
cblr-14254	53	21	regulatory	regulatory	ADJ
cblr-14254	53	22	landscape	landscape	NOUN
cblr-14254	53	23	of	of	ADP
cblr-14254	53	24	the	the	DET
cblr-14254	53	25	spac	spac	PROPN
cblr-14254	53	26	spacs	spac	NOUN
cblr-14254	53	27	have	have	AUX
cblr-14254	53	28	long	long	ADV
cblr-14254	53	29	existed	exist	VERB
cblr-14254	53	30	as	as	ADP
cblr-14254	53	31	a	a	DET
cblr-14254	53	32	tool	tool	NOUN
cblr-14254	53	33	of	of	ADP
cblr-14254	53	34	reinvention	reinvention	NOUN
cblr-14254	53	35	and	and	CCONJ
cblr-14254	53	36	circumvention	circumvention	NOUN
cblr-14254	53	37	.	.	PUNCT
cblr-14254	54	1	spacs	spac	NOUN
cblr-14254	54	2	initially	initially	ADV
cblr-14254	54	3	arose	arise	VERB
cblr-14254	54	4	in	in	ADP
cblr-14254	54	5	the	the	DET
cblr-14254	54	6	1990s	1990	NOUN
cblr-14254	54	7	as	as	ADP
cblr-14254	54	8	a	a	DET
cblr-14254	54	9	workaround	workaround	NOUN
cblr-14254	54	10	of	of	ADP
cblr-14254	54	11	the	the	DET
cblr-14254	54	12	sec	sec	PROPN
cblr-14254	54	13	’s	’s	PART
cblr-14254	54	14	penny	penny	NOUN
cblr-14254	54	15	stock	stock	PROPN
cblr-14254	54	16	reform	reform	PROPN
cblr-14254	54	17	act	act	NOUN
cblr-14254	54	18	of	of	ADP
cblr-14254	54	19	1990	1990	NUM
cblr-14254	54	20	(	(	PUNCT
cblr-14254	54	21	psra	psra	ADJ
cblr-14254	54	22	)	)	PUNCT
cblr-14254	54	23	and	and	CCONJ
cblr-14254	54	24	subsequent	subsequent	ADJ
cblr-14254	54	25	enforcement	enforcement	NOUN
cblr-14254	54	26	mechanism	mechanism	NOUN
cblr-14254	54	27	rule	rule	VERB
cblr-14254	54	28	419	419	NUM
cblr-14254	54	29	.	.	PUNCT
cblr-14254	55	1	the	the	DET
cblr-14254	55	2	psra	psra	ADJ
cblr-14254	55	3	and	and	CCONJ
cblr-14254	55	4	rule	rule	VERB
cblr-14254	55	5	419	419	NUM
cblr-14254	55	6	responded	respond	VERB
cblr-14254	55	7	to	to	ADP
cblr-14254	55	8	the	the	DET
cblr-14254	55	9	1980s	1980	NOUN
cblr-14254	55	10	’	'	PUNCT
cblr-14254	55	11	trend	trend	NOUN
cblr-14254	55	12	of	of	ADP
cblr-14254	55	13	“	"	PUNCT
cblr-14254	55	14	blank	blank	ADJ
cblr-14254	55	15	check	check	NOUN
cblr-14254	55	16	”	"	PUNCT
cblr-14254	55	17	companies11	companies11	NOUN
cblr-14254	55	18	engaged	engage	VERB
cblr-14254	55	19	in	in	ADP
cblr-14254	55	20	“	"	PUNCT
cblr-14254	55	21	pump	pump	VERB
cblr-14254	55	22	-	-	PUNCT
cblr-14254	55	23	and	and	CCONJ
cblr-14254	55	24	-	-	PUNCT
cblr-14254	55	25	dump	dump	NOUN
cblr-14254	55	26	schemes	scheme	NOUN
cblr-14254	55	27	”	"	PUNCT
cblr-14254	55	28	whereby	whereby	SCONJ
cblr-14254	55	29	these	these	DET
cblr-14254	55	30	companies	company	NOUN
cblr-14254	55	31	would	would	AUX
cblr-14254	55	32	acquire	acquire	VERB
cblr-14254	55	33	money	money	NOUN
cblr-14254	55	34	through	through	ADP
cblr-14254	55	35	issuing	issue	VERB
cblr-14254	55	36	penny	penny	NOUN
cblr-14254	55	37	stocks	stock	NOUN
cblr-14254	55	38	in	in	ADP
cblr-14254	55	39	an	an	DET
cblr-14254	55	40	ipo	ipo	NOUN
cblr-14254	55	41	with	with	ADP
cblr-14254	55	42	the	the	DET
cblr-14254	55	43	purported	purport	VERB
cblr-14254	55	44	business	business	NOUN
cblr-14254	55	45	plan	plan	NOUN
cblr-14254	55	46	of	of	ADP
cblr-14254	55	47	merging	merge	VERB
cblr-14254	55	48	with	with	ADP
cblr-14254	55	49	an	an	DET
cblr-14254	55	50	already	already	ADV
cblr-14254	55	51	existing	exist	VERB
cblr-14254	55	52	company.12	company.12	NOUN
cblr-14254	55	53	they	they	PRON
cblr-14254	55	54	would	would	AUX
cblr-14254	55	55	superficially	superficially	ADV
cblr-14254	55	56	and	and	CCONJ
cblr-14254	55	57	temporarily	temporarily	ADV
cblr-14254	55	58	inflate	inflate	VERB
cblr-14254	55	59	market	market	NOUN
cblr-14254	55	60	price	price	NOUN
cblr-14254	55	61	of	of	ADP
cblr-14254	55	62	said	say	VERB
cblr-14254	55	63	stock	stock	NOUN
cblr-14254	55	64	through	through	ADP
cblr-14254	55	65	fraudulent	fraudulent	ADJ
cblr-14254	55	66	representations	representation	NOUN
cblr-14254	55	67	and	and	CCONJ
cblr-14254	55	68	ultimately	ultimately	ADV
cblr-14254	55	69	sell	sell	VERB
cblr-14254	55	70	at	at	ADP
cblr-14254	55	71	the	the	DET
cblr-14254	55	72	inflated	inflated	ADJ
cblr-14254	55	73	price	price	NOUN
cblr-14254	55	74	,	,	PUNCT
cblr-14254	55	75	effectively	effectively	ADV
cblr-14254	55	76	offloading	offload	VERB
cblr-14254	55	77	harm	harm	NOUN
cblr-14254	55	78	to	to	ADP
cblr-14254	55	79	retail	retail	ADJ
cblr-14254	55	80	investors	investor	NOUN
cblr-14254	55	81	.	.	PUNCT
cblr-14254	56	1	the	the	DET
cblr-14254	56	2	key	key	NOUN
cblr-14254	56	3	to	to	ADP
cblr-14254	56	4	this	this	DET
cblr-14254	56	5	scheme	scheme	NOUN
cblr-14254	56	6	was	be	AUX
cblr-14254	56	7	the	the	DET
cblr-14254	56	8	penny	penny	NOUN
cblr-14254	56	9	stock	stock	NOUN
cblr-14254	56	10	,	,	PUNCT
cblr-14254	56	11	which	which	PRON
cblr-14254	56	12	at	at	ADP
cblr-14254	56	13	the	the	DET
cblr-14254	56	14	time	time	NOUN
cblr-14254	56	15	exempted	exempt	VERB
cblr-14254	56	16	them	they	PRON
cblr-14254	56	17	from	from	ADP
cblr-14254	56	18	registration	registration	NOUN
cblr-14254	56	19	and	and	CCONJ
cblr-14254	56	20	thus	thus	ADV
cblr-14254	56	21	also	also	ADV
cblr-14254	56	22	from	from	ADP
cblr-14254	56	23	sec	sec	PROPN
cblr-14254	56	24	scrutiny	scrutiny	NOUN
cblr-14254	56	25	and	and	CCONJ
cblr-14254	56	26	disclosure	disclosure	NOUN
cblr-14254	56	27	requirements	requirement	NOUN
cblr-14254	56	28	.	.	PUNCT
cblr-14254	57	1	the	the	DET
cblr-14254	57	2	psra	psra	ADJ
cblr-14254	57	3	and	and	CCONJ
cblr-14254	57	4	rule	rule	VERB
cblr-14254	57	5	419	419	NUM
cblr-14254	57	6	combated	combat	VERB
cblr-14254	57	7	this	this	PRON
cblr-14254	57	8	by	by	ADP
cblr-14254	57	9	requiring	require	VERB
cblr-14254	57	10	disclosure	disclosure	NOUN
cblr-14254	57	11	.	.	PUNCT
cblr-14254	58	1	the	the	DET
cblr-14254	58	2	psra	psra	ADJ
cblr-14254	58	3	updated	update	VERB
cblr-14254	58	4	the	the	DET
cblr-14254	58	5	definition	definition	NOUN
cblr-14254	58	6	of	of	ADP
cblr-14254	58	7	“	"	PUNCT
cblr-14254	58	8	penny	penny	NOUN
cblr-14254	58	9	stock	stock	NOUN
cblr-14254	58	10	”	"	PUNCT
cblr-14254	58	11	11	11	NUM
cblr-14254	58	12	see	see	VERB
cblr-14254	58	13	h.r	h.r	PROPN
cblr-14254	58	14	.	.	PROPN
cblr-14254	58	15	rep	rep	PROPN
cblr-14254	58	16	.	.	PROPN
cblr-14254	59	1	no	no	INTJ
cblr-14254	59	2	.	.	PUNCT
cblr-14254	60	1	101	101	NUM
cblr-14254	60	2	-	-	SYM
cblr-14254	60	3	617	617	NUM
cblr-14254	60	4	(	(	PUNCT
cblr-14254	60	5	1990	1990	NUM
cblr-14254	60	6	)	)	PUNCT
cblr-14254	60	7	,	,	PUNCT
cblr-14254	60	8	reprinted	reprint	VERB
cblr-14254	60	9	in	in	ADP
cblr-14254	60	10	1990	1990	NUM
cblr-14254	60	11	u.s.c.c.a.n	u.s.c.c.a.n	PROPN
cblr-14254	60	12	.	.	PUNCT
cblr-14254	60	13	1408	1408	NUM
cblr-14254	60	14	.	.	PUNCT
cblr-14254	61	1	12	12	NUM
cblr-14254	61	2	u.s	u.s	PROPN
cblr-14254	61	3	.	.	PROPN
cblr-14254	61	4	sec	sec	PROPN
cblr-14254	61	5	.	.	PROPN
cblr-14254	61	6	&	&	CCONJ
cblr-14254	61	7	exch	exch	PROPN
cblr-14254	61	8	.	.	PUNCT
cblr-14254	62	1	comm’n	comm’n	PROPN
cblr-14254	62	2	,	,	PUNCT
cblr-14254	62	3	pump	pump	VERB
cblr-14254	62	4	and	and	CCONJ
cblr-14254	62	5	dump	dump	VERB
cblr-14254	62	6	schemes	scheme	NOUN
cblr-14254	62	7	,	,	PUNCT
cblr-14254	62	8	investor.gov	investor.gov	PROPN
cblr-14254	62	9	,	,	PUNCT
cblr-14254	62	10	https://www.investor.gov/introductioninvesting/investing-basics/glossary/pump-and-dump-schemes	https://www.investor.gov/introductioninvesting/investing-basics/glossary/pump-and-dump-scheme	VERB
cblr-14254	63	1	[	[	X
cblr-14254	63	2	https://perma.cc/lfp6-tpa7	https://perma.cc/lfp6-tpa7	X
cblr-14254	63	3	]	]	PUNCT
cblr-14254	63	4	.	.	PUNCT
cblr-14254	64	1	456	456	NUM
cblr-14254	64	2	columbia	columbia	PROPN
cblr-14254	64	3	business	business	PROPN
cblr-14254	64	4	law	law	PROPN
cblr-14254	64	5	review	review	NOUN
cblr-14254	64	6	[	[	X
cblr-14254	64	7	vol	vol	NOUN
cblr-14254	64	8	.	.	PUNCT
cblr-14254	64	9	2025	2025	NUM
cblr-14254	64	10	and	and	CCONJ
cblr-14254	64	11	established	establish	VERB
cblr-14254	64	12	mandatory	mandatory	ADJ
cblr-14254	64	13	risk	risk	NOUN
cblr-14254	64	14	disclosure	disclosure	NOUN
cblr-14254	64	15	guidelines	guideline	NOUN
cblr-14254	64	16	and	and	CCONJ
cblr-14254	64	17	specific	specific	ADJ
cblr-14254	64	18	rules	rule	NOUN
cblr-14254	64	19	for	for	ADP
cblr-14254	64	20	blank	blank	ADJ
cblr-14254	64	21	-	-	PUNCT
cblr-14254	64	22	check	check	NOUN
cblr-14254	64	23	companies.13	companies.13	NOUN
cblr-14254	64	24	rule	rule	VERB
cblr-14254	64	25	419	419	NUM
cblr-14254	64	26	specifically	specifically	ADV
cblr-14254	64	27	addresses	address	NOUN
cblr-14254	64	28	blank	blank	ADJ
cblr-14254	64	29	check	check	NOUN
cblr-14254	64	30	companies	company	NOUN
cblr-14254	64	31	,	,	PUNCT
cblr-14254	64	32	requiring	require	VERB
cblr-14254	64	33	:	:	PUNCT
cblr-14254	64	34	(	(	PUNCT
cblr-14254	64	35	1	1	X
cblr-14254	64	36	)	)	PUNCT
cblr-14254	64	37	ipo	ipo	NOUN
cblr-14254	64	38	proceeds	proceed	NOUN
cblr-14254	64	39	to	to	PART
cblr-14254	64	40	be	be	AUX
cblr-14254	64	41	kept	keep	VERB
cblr-14254	64	42	in	in	ADP
cblr-14254	64	43	escrow	escrow	NOUN
cblr-14254	64	44	until	until	ADP
cblr-14254	64	45	purchase	purchase	NOUN
cblr-14254	64	46	approval	approval	NOUN
cblr-14254	64	47	,	,	PUNCT
cblr-14254	64	48	(	(	PUNCT
cblr-14254	64	49	2	2	X
cblr-14254	64	50	)	)	PUNCT
cblr-14254	64	51	a	a	DET
cblr-14254	64	52	post	post	ADJ
cblr-14254	64	53	-	-	ADJ
cblr-14254	64	54	effective	effective	ADJ
cblr-14254	64	55	amendment	amendment	NOUN
cblr-14254	64	56	when	when	SCONJ
cblr-14254	64	57	identifying	identify	VERB
cblr-14254	64	58	a	a	DET
cblr-14254	64	59	probable	probable	ADJ
cblr-14254	64	60	acquisition	acquisition	NOUN
cblr-14254	64	61	target	target	NOUN
cblr-14254	64	62	,	,	PUNCT
cblr-14254	64	63	(	(	PUNCT
cblr-14254	64	64	3	3	X
cblr-14254	64	65	)	)	PUNCT
cblr-14254	64	66	an	an	DET
cblr-14254	64	67	amendment	amendment	NOUN
cblr-14254	64	68	upon	upon	SCONJ
cblr-14254	64	69	execution	execution	NOUN
cblr-14254	64	70	of	of	ADP
cblr-14254	64	71	an	an	DET
cblr-14254	64	72	acquisition	acquisition	NOUN
cblr-14254	64	73	agreement	agreement	NOUN
cblr-14254	64	74	to	to	PART
cblr-14254	64	75	which	which	PRON
cblr-14254	64	76	an	an	DET
cblr-14254	64	77	investor	investor	NOUN
cblr-14254	64	78	has	have	VERB
cblr-14254	64	79	between	between	ADP
cblr-14254	64	80	twenty	twenty	NUM
cblr-14254	64	81	and	and	CCONJ
cblr-14254	64	82	forty	forty	NUM
cblr-14254	64	83	-	-	PUNCT
cblr-14254	64	84	five	five	NUM
cblr-14254	64	85	business	business	NOUN
cblr-14254	64	86	days	day	NOUN
cblr-14254	64	87	to	to	PART
cblr-14254	64	88	decide	decide	VERB
cblr-14254	64	89	whether	whether	SCONJ
cblr-14254	64	90	to	to	PART
cblr-14254	64	91	remain	remain	VERB
cblr-14254	64	92	as	as	ADP
cblr-14254	64	93	an	an	DET
cblr-14254	64	94	investor	investor	NOUN
cblr-14254	64	95	,	,	PUNCT
cblr-14254	64	96	(	(	PUNCT
cblr-14254	64	97	4	4	X
cblr-14254	64	98	)	)	PUNCT
cblr-14254	64	99	a	a	DET
cblr-14254	64	100	right	right	NOUN
cblr-14254	64	101	of	of	ADP
cblr-14254	64	102	rescission	rescission	NOUN
cblr-14254	64	103	,	,	PUNCT
cblr-14254	64	104	(	(	PUNCT
cblr-14254	64	105	5	5	X
cblr-14254	64	106	)	)	PUNCT
cblr-14254	64	107	restrictions	restriction	NOUN
cblr-14254	64	108	on	on	ADP
cblr-14254	64	109	using	use	VERB
cblr-14254	64	110	ipo	ipo	NOUN
cblr-14254	64	111	funds	fund	NOUN
cblr-14254	64	112	until	until	SCONJ
cblr-14254	64	113	purchase	purchase	NOUN
cblr-14254	64	114	conditions	condition	NOUN
cblr-14254	64	115	are	be	AUX
cblr-14254	64	116	met	meet	VERB
cblr-14254	64	117	,	,	PUNCT
cblr-14254	64	118	and	and	CCONJ
cblr-14254	64	119	(	(	PUNCT
cblr-14254	64	120	6	6	X
cblr-14254	64	121	)	)	PUNCT
cblr-14254	64	122	an	an	DET
cblr-14254	64	123	eighteenth	eighteenth	ADJ
cblr-14254	64	124	-	-	PUNCT
cblr-14254	64	125	month	month	NOUN
cblr-14254	64	126	limit	limit	NOUN
cblr-14254	64	127	for	for	SCONJ
cblr-14254	64	128	said	say	VERB
cblr-14254	64	129	company	company	NOUN
cblr-14254	64	130	to	to	PART
cblr-14254	64	131	acquire	acquire	VERB
cblr-14254	64	132	target	target	NOUN
cblr-14254	64	133	or	or	CCONJ
cblr-14254	64	134	refund	refund	VERB
cblr-14254	64	135	investors.14	investors.14	PROPN
cblr-14254	64	136	however	however	ADV
cblr-14254	64	137	,	,	PUNCT
cblr-14254	64	138	because	because	SCONJ
cblr-14254	64	139	congress	congress	PROPN
cblr-14254	64	140	and	and	CCONJ
cblr-14254	64	141	the	the	DET
cblr-14254	64	142	sec	sec	PROPN
cblr-14254	64	143	still	still	ADV
cblr-14254	64	144	recognized	recognize	VERB
cblr-14254	64	145	the	the	DET
cblr-14254	64	146	potential	potential	ADJ
cblr-14254	64	147	value	value	NOUN
cblr-14254	64	148	of	of	ADP
cblr-14254	64	149	blank	blank	ADJ
cblr-14254	64	150	check	check	NOUN
cblr-14254	64	151	offerings	offering	NOUN
cblr-14254	64	152	in	in	ADP
cblr-14254	64	153	“	"	PUNCT
cblr-14254	64	154	legitimate	legitimate	ADJ
cblr-14254	64	155	business	business	NOUN
cblr-14254	64	156	transactions	transaction	NOUN
cblr-14254	64	157	outside	outside	ADP
cblr-14254	64	158	the	the	DET
cblr-14254	64	159	penny	penny	NOUN
cblr-14254	64	160	stock	stock	NOUN
cblr-14254	64	161	area,”15	area,”15	NOUN
cblr-14254	64	162	they	they	PRON
cblr-14254	64	163	cabined	cabin	VERB
cblr-14254	64	164	blank	blank	ADJ
cblr-14254	64	165	check	check	NOUN
cblr-14254	64	166	companies	company	NOUN
cblr-14254	64	167	in	in	ADP
cblr-14254	64	168	their	their	PRON
cblr-14254	64	169	amended	amend	VERB
cblr-14254	64	170	definition	definition	NOUN
cblr-14254	64	171	.	.	PUNCT
cblr-14254	65	1	a	a	DET
cblr-14254	65	2	blank	blank	ADJ
cblr-14254	65	3	check	check	NOUN
cblr-14254	65	4	company	company	NOUN
cblr-14254	65	5	was	be	AUX
cblr-14254	65	6	defined	define	VERB
cblr-14254	65	7	as	as	ADP
cblr-14254	65	8	one	one	NUM
cblr-14254	65	9	“	"	PUNCT
cblr-14254	65	10	that	that	PRON
cblr-14254	65	11	has	have	VERB
cblr-14254	65	12	no	no	DET
cblr-14254	65	13	specific	specific	ADJ
cblr-14254	65	14	business	business	NOUN
cblr-14254	65	15	plan	plan	NOUN
cblr-14254	65	16	or	or	CCONJ
cblr-14254	65	17	purpose	purpose	NOUN
cblr-14254	65	18	or	or	CCONJ
cblr-14254	65	19	has	have	AUX
cblr-14254	65	20	indicated	indicate	VERB
cblr-14254	65	21	that	that	SCONJ
cblr-14254	65	22	its	its	PRON
cblr-14254	65	23	business	business	NOUN
cblr-14254	65	24	plan	plan	NOUN
cblr-14254	65	25	is	be	AUX
cblr-14254	65	26	to	to	PART
cblr-14254	65	27	engage	engage	VERB
cblr-14254	65	28	in	in	ADP
cblr-14254	65	29	a	a	DET
cblr-14254	65	30	merger	merger	NOUN
cblr-14254	65	31	or	or	CCONJ
cblr-14254	65	32	acquisition	acquisition	NOUN
cblr-14254	65	33	with	with	ADP
cblr-14254	65	34	an	an	DET
cblr-14254	65	35	unidentified	unidentified	ADJ
cblr-14254	65	36	company	company	NOUN
cblr-14254	65	37	or	or	CCONJ
cblr-14254	65	38	companies	company	NOUN
cblr-14254	65	39	,	,	PUNCT
cblr-14254	65	40	or	or	CCONJ
cblr-14254	65	41	other	other	ADJ
cblr-14254	65	42	entity	entity	NOUN
cblr-14254	65	43	or	or	CCONJ
cblr-14254	65	44	person	person	NOUN
cblr-14254	65	45	”	"	PUNCT
cblr-14254	65	46	and	and	CCONJ
cblr-14254	65	47	“	"	PUNCT
cblr-14254	65	48	is	be	AUX
cblr-14254	65	49	issuing	issue	VERB
cblr-14254	65	50	penny	penny	NOUN
cblr-14254	65	51	stock	stock	NOUN
cblr-14254	65	52	.	.	PUNCT
cblr-14254	66	1	”16	”16	NOUN
cblr-14254	66	2	although	although	SCONJ
cblr-14254	66	3	simply	simply	ADV
cblr-14254	66	4	not	not	PART
cblr-14254	66	5	issuing	issue	VERB
cblr-14254	66	6	penny	penny	NOUN
cblr-14254	66	7	stock	stock	NOUN
cblr-14254	66	8	appeared	appear	VERB
cblr-14254	66	9	to	to	PART
cblr-14254	66	10	be	be	AUX
cblr-14254	66	11	the	the	DET
cblr-14254	66	12	easy	easy	ADJ
cblr-14254	66	13	way	way	NOUN
cblr-14254	66	14	out	out	ADP
cblr-14254	66	15	of	of	ADP
cblr-14254	66	16	the	the	DET
cblr-14254	66	17	intense	intense	ADJ
cblr-14254	66	18	regulation	regulation	NOUN
cblr-14254	66	19	of	of	ADP
cblr-14254	66	20	rule	rule	NOUN
cblr-14254	66	21	419	419	NUM
cblr-14254	66	22	,	,	PUNCT
cblr-14254	66	23	the	the	DET
cblr-14254	66	24	sec	sec	PROPN
cblr-14254	66	25	plugged	plug	VERB
cblr-14254	66	26	that	that	DET
cblr-14254	66	27	hole	hole	NOUN
cblr-14254	66	28	in	in	ADP
cblr-14254	66	29	its	its	PRON
cblr-14254	66	30	docket	docket	NOUN
cblr-14254	66	31	release	release	NOUN
cblr-14254	66	32	specifically	specifically	ADV
cblr-14254	66	33	noting	note	VERB
cblr-14254	66	34	that	that	SCONJ
cblr-14254	66	35	“	"	PUNCT
cblr-14254	66	36	for	for	ADP
cblr-14254	66	37	blank	blank	ADJ
cblr-14254	66	38	check	check	NOUN
cblr-14254	66	39	offerings	offering	NOUN
cblr-14254	66	40	,	,	PUNCT
cblr-14254	66	41	the	the	DET
cblr-14254	66	42	five	five	NUM
cblr-14254	66	43	dollar	dollar	NOUN
cblr-14254	66	44	price	price	NOUN
cblr-14254	66	45	threshold	threshold	NOUN
cblr-14254	66	46	presents	present	VERB
cblr-14254	66	47	an	an	DET
cblr-14254	66	48	easy	easy	ADJ
cblr-14254	66	49	mechanism	mechanism	NOUN
cblr-14254	66	50	for	for	ADP
cblr-14254	66	51	avoiding	avoid	VERB
cblr-14254	66	52	the	the	DET
cblr-14254	66	53	regulatory	regulatory	ADJ
cblr-14254	66	54	scheme	scheme	NOUN
cblr-14254	66	55	”	"	PUNCT
cblr-14254	66	56	and	and	CCONJ
cblr-14254	66	57	excepted	except	VERB
cblr-14254	66	58	it	it	PRON
cblr-14254	66	59	from	from	ADP
cblr-14254	66	60	applying	apply	VERB
cblr-14254	66	61	to	to	ADP
cblr-14254	66	62	offerings	offering	NOUN
cblr-14254	66	63	from	from	ADP
cblr-14254	66	64	blank	blank	ADJ
cblr-14254	66	65	check	check	NOUN
cblr-14254	66	66	companies	company	NOUN
cblr-14254	66	67	so	so	SCONJ
cblr-14254	66	68	all	all	DET
cblr-14254	66	69	offerings	offering	NOUN
cblr-14254	66	70	would	would	AUX
cblr-14254	66	71	be	be	AUX
cblr-14254	66	72	subject	subject	ADJ
cblr-14254	66	73	to	to	ADP
cblr-14254	66	74	rule	rule	VERB
cblr-14254	66	75	419.17	419.17	NUM
cblr-14254	66	76	the	the	DET
cblr-14254	66	77	modern	modern	ADJ
cblr-14254	66	78	spac	spac	NOUN
cblr-14254	66	79	is	be	AUX
cblr-14254	66	80	the	the	DET
cblr-14254	66	81	result	result	NOUN
cblr-14254	66	82	of	of	ADP
cblr-14254	66	83	legal	legal	ADJ
cblr-14254	66	84	engineering	engineering	NOUN
cblr-14254	66	85	developed	develop	VERB
cblr-14254	66	86	by	by	ADP
cblr-14254	66	87	david	david	PROPN
cblr-14254	66	88	nussbaum	nussbaum	PROPN
cblr-14254	66	89	and	and	CCONJ
cblr-14254	66	90	david	david	PROPN
cblr-14254	66	91	miller	miller	PROPN
cblr-14254	66	92	in	in	ADP
cblr-14254	66	93	response	response	NOUN
cblr-14254	66	94	13	13	NUM
cblr-14254	66	95	penny	penny	NOUN
cblr-14254	66	96	stock	stock	NOUN
cblr-14254	66	97	reform	reform	PROPN
cblr-14254	66	98	act	act	NOUN
cblr-14254	66	99	of	of	ADP
cblr-14254	66	100	1990	1990	NUM
cblr-14254	66	101	,	,	PUNCT
cblr-14254	66	102	h.r	h.r	PROPN
cblr-14254	66	103	.	.	PROPN
cblr-14254	66	104	4497	4497	NUM
cblr-14254	66	105	,	,	PUNCT
cblr-14254	66	106	101st	101st	PROPN
cblr-14254	66	107	cong	cong	NOUN
cblr-14254	66	108	.	.	PUNCT
cblr-14254	67	1	(	(	PUNCT
cblr-14254	67	2	1990	1990	NUM
cblr-14254	67	3	)	)	PUNCT
cblr-14254	67	4	,	,	PUNCT
cblr-14254	67	5	https://www.congress.gov/bill/101st-congress/house-bill/4497	https://www.congress.gov/bill/101st-congress/house-bill/4497	PROPN
cblr-14254	67	6	.	.	PUNCT
cblr-14254	68	1	14	14	NUM
cblr-14254	68	2	17	17	NUM
cblr-14254	68	3	c.f.r	c.f.r	NOUN
cblr-14254	68	4	.	.	PUNCT
cblr-14254	69	1	§	§	PROPN
cblr-14254	69	2	230.419	230.419	NUM
cblr-14254	69	3	.	.	PUNCT
cblr-14254	69	4	15	15	NUM
cblr-14254	69	5	h.r	h.r	PROPN
cblr-14254	69	6	.	.	PROPN
cblr-14254	69	7	rep	rep	PROPN
cblr-14254	69	8	.	.	PROPN
cblr-14254	69	9	no	no	INTJ
cblr-14254	69	10	.	.	PUNCT
cblr-14254	70	1	101	101	NUM
cblr-14254	70	2	-	-	SYM
cblr-14254	70	3	617	617	NUM
cblr-14254	70	4	(	(	PUNCT
cblr-14254	70	5	1990	1990	NUM
cblr-14254	70	6	)	)	PUNCT
cblr-14254	70	7	,	,	PUNCT
cblr-14254	70	8	reprinted	reprint	VERB
cblr-14254	70	9	in	in	ADP
cblr-14254	70	10	1990	1990	NUM
cblr-14254	70	11	u.s.c.c.a.n	u.s.c.c.a.n	PROPN
cblr-14254	70	12	.	.	PUNCT
cblr-14254	70	13	1408	1408	NUM
cblr-14254	70	14	,	,	PUNCT
cblr-14254	70	15	1424	1424	NUM
cblr-14254	70	16	(	(	PUNCT
cblr-14254	70	17	emphasis	emphasis	NOUN
cblr-14254	70	18	added	add	VERB
cblr-14254	70	19	)	)	PUNCT
cblr-14254	70	20	.	.	PUNCT
cblr-14254	71	1	16	16	NUM
cblr-14254	71	2	17	17	NUM
cblr-14254	71	3	c.f.r	c.f.r	NOUN
cblr-14254	71	4	.	.	PUNCT
cblr-14254	72	1	§	§	PROPN
cblr-14254	72	2	230.419(a)(2	230.419(a)(2	NUM
cblr-14254	72	3	)	)	PUNCT
cblr-14254	72	4	(	(	PUNCT
cblr-14254	72	5	internal	internal	ADJ
cblr-14254	72	6	quotation	quotation	NOUN
cblr-14254	72	7	marks	mark	NOUN
cblr-14254	72	8	omitted	omit	VERB
cblr-14254	72	9	)	)	PUNCT
cblr-14254	72	10	.	.	PUNCT
cblr-14254	73	1	17	17	NUM
cblr-14254	73	2	penny	penny	NOUN
cblr-14254	73	3	stock	stock	NOUN
cblr-14254	73	4	definition	definition	NOUN
cblr-14254	73	5	for	for	ADP
cblr-14254	73	6	purposes	purpose	NOUN
cblr-14254	73	7	of	of	ADP
cblr-14254	73	8	blank	blank	ADJ
cblr-14254	73	9	check	check	NOUN
cblr-14254	73	10	rule	rule	NOUN
cblr-14254	73	11	,	,	PUNCT
cblr-14254	73	12	securities	security	NOUN
cblr-14254	73	13	act	act	NOUN
cblr-14254	73	14	release	release	VERB
cblr-14254	73	15	no	no	DET
cblr-14254	73	16	.	.	PUNCT
cblr-14254	73	17	33,7024	33,7024	NUM
cblr-14254	73	18	,	,	PUNCT
cblr-14254	73	19	55	55	NUM
cblr-14254	73	20	sec	sec	PROPN
cblr-14254	73	21	docket	docket	NOUN
cblr-14254	73	22	722	722	NUM
cblr-14254	73	23	(	(	PUNCT
cblr-14254	73	24	oct	oct	PROPN
cblr-14254	73	25	.	.	PROPN
cblr-14254	73	26	25	25	NUM
cblr-14254	73	27	,	,	PUNCT
cblr-14254	73	28	1993	1993	NUM
cblr-14254	73	29	)	)	PUNCT
cblr-14254	73	30	.	.	PUNCT
cblr-14254	74	1	no	no	INTJ
cblr-14254	74	2	.	.	NOUN
cblr-14254	75	1	1	1	NUM
cblr-14254	75	2	]	]	PUNCT
cblr-14254	75	3	the	the	DET
cblr-14254	75	4	spac	spac	PROPN
cblr-14254	75	5	phenomenon	phenomenon	NOUN
cblr-14254	75	6	457	457	NUM
cblr-14254	75	7	to	to	ADP
cblr-14254	75	8	the	the	DET
cblr-14254	75	9	psra	psra	ADJ
cblr-14254	75	10	and	and	CCONJ
cblr-14254	75	11	rule	rule	VERB
cblr-14254	75	12	419.18	419.18	NUM
cblr-14254	75	13	these	these	DET
cblr-14254	75	14	vehicles	vehicle	NOUN
cblr-14254	75	15	circumvented	circumvent	VERB
cblr-14254	75	16	the	the	DET
cblr-14254	75	17	new	new	ADJ
cblr-14254	75	18	legislation	legislation	NOUN
cblr-14254	75	19	by	by	ADP
cblr-14254	75	20	utilizing	utilize	VERB
cblr-14254	75	21	the	the	DET
cblr-14254	75	22	exception	exception	NOUN
cblr-14254	75	23	that	that	PRON
cblr-14254	75	24	excludes	exclude	VERB
cblr-14254	75	25	from	from	ADP
cblr-14254	75	26	the	the	DET
cblr-14254	75	27	definition	definition	NOUN
cblr-14254	75	28	of	of	ADP
cblr-14254	75	29	penny	penny	NOUN
cblr-14254	75	30	stock	stock	PROPN
cblr-14254	75	31	a	a	DET
cblr-14254	75	32	company	company	NOUN
cblr-14254	75	33	with	with	ADP
cblr-14254	75	34	net	net	ADJ
cblr-14254	75	35	tangible	tangible	ADJ
cblr-14254	75	36	asset	asset	NOUN
cblr-14254	75	37	over	over	ADP
cblr-14254	75	38	$	$	SYM
cblr-14254	75	39	5	5	NUM
cblr-14254	75	40	million	million	NUM
cblr-14254	75	41	dollars	dollar	NOUN
cblr-14254	75	42	if	if	SCONJ
cblr-14254	75	43	the	the	DET
cblr-14254	75	44	company	company	NOUN
cblr-14254	75	45	has	have	AUX
cblr-14254	75	46	been	be	AUX
cblr-14254	75	47	in	in	ADP
cblr-14254	75	48	continuous	continuous	ADJ
cblr-14254	75	49	operation	operation	NOUN
cblr-14254	75	50	for	for	ADP
cblr-14254	75	51	less	less	ADJ
cblr-14254	75	52	than	than	ADP
cblr-14254	75	53	three	three	NUM
cblr-14254	75	54	years.19	years.19	NOUN
cblr-14254	75	55	they	they	PRON
cblr-14254	75	56	also	also	ADV
cblr-14254	75	57	voluntarily	voluntarily	ADV
cblr-14254	75	58	adopted	adopt	VERB
cblr-14254	75	59	enough	enough	ADJ
cblr-14254	75	60	rule	rule	NOUN
cblr-14254	75	61	419	419	NUM
cblr-14254	75	62	requirements	requirement	NOUN
cblr-14254	75	63	to	to	PART
cblr-14254	75	64	give	give	VERB
cblr-14254	75	65	the	the	DET
cblr-14254	75	66	appearance	appearance	NOUN
cblr-14254	75	67	of	of	ADP
cblr-14254	75	68	compliance	compliance	NOUN
cblr-14254	75	69	,	,	PUNCT
cblr-14254	75	70	though	though	SCONJ
cblr-14254	75	71	these	these	DET
cblr-14254	75	72	measures	measure	NOUN
cblr-14254	75	73	did	do	AUX
cblr-14254	75	74	not	not	PART
cblr-14254	75	75	necessarily	necessarily	ADV
cblr-14254	75	76	achieve	achieve	VERB
cblr-14254	75	77	the	the	DET
cblr-14254	75	78	rule	rule	NOUN
cblr-14254	75	79	’s	’s	PART
cblr-14254	75	80	intended	intend	VERB
cblr-14254	75	81	regulatory	regulatory	ADJ
cblr-14254	75	82	effect	effect	NOUN
cblr-14254	75	83	.	.	PUNCT
cblr-14254	76	1	in	in	ADP
cblr-14254	76	2	some	some	DET
cblr-14254	76	3	cases	case	NOUN
cblr-14254	76	4	,	,	PUNCT
cblr-14254	76	5	spacs	spac	NOUN
cblr-14254	76	6	adopted	adopt	VERB
cblr-14254	76	7	even	even	ADV
cblr-14254	76	8	more	more	ADV
cblr-14254	76	9	stringent	stringent	ADJ
cblr-14254	76	10	standards	standard	NOUN
cblr-14254	76	11	,	,	PUNCT
cblr-14254	76	12	such	such	ADJ
cblr-14254	76	13	as	as	ADP
cblr-14254	76	14	providing	provide	VERB
cblr-14254	76	15	for	for	ADP
cblr-14254	76	16	an	an	DET
cblr-14254	76	17	extended	extended	ADJ
cblr-14254	76	18	timeline20	timeline20	NOUN
cblr-14254	76	19	or	or	CCONJ
cblr-14254	76	20	a	a	DET
cblr-14254	76	21	more	more	ADV
cblr-14254	76	22	accurate	accurate	ADJ
cblr-14254	76	23	minimum	minimum	NOUN
cblr-14254	76	24	target	target	NOUN
cblr-14254	76	25	purchase	purchase	NOUN
cblr-14254	76	26	price,21	price,21	NOUN
cblr-14254	76	27	which	which	PRON
cblr-14254	76	28	potentially	potentially	ADV
cblr-14254	76	29	signaled	signal	VERB
cblr-14254	76	30	positively	positively	ADV
cblr-14254	76	31	to	to	ADP
cblr-14254	76	32	investor	investor	NOUN
cblr-14254	76	33	confidence	confidence	NOUN
cblr-14254	76	34	.	.	PUNCT
cblr-14254	77	1	operating	operate	VERB
cblr-14254	77	2	outside	outside	ADP
cblr-14254	77	3	of	of	ADP
cblr-14254	77	4	these	these	DET
cblr-14254	77	5	regulations	regulation	NOUN
cblr-14254	77	6	also	also	ADV
cblr-14254	77	7	allowed	allow	VERB
cblr-14254	77	8	the	the	DET
cblr-14254	77	9	spac	spac	NOUN
cblr-14254	77	10	to	to	PART
cblr-14254	77	11	be	be	AUX
cblr-14254	77	12	designed	design	VERB
cblr-14254	77	13	with	with	ADP
cblr-14254	77	14	greater	great	ADJ
cblr-14254	77	15	trading	trading	NOUN
cblr-14254	77	16	flexibility	flexibility	NOUN
cblr-14254	77	17	.	.	PUNCT
cblr-14254	78	1	this	this	DET
cblr-14254	78	2	design	design	NOUN
cblr-14254	78	3	,	,	PUNCT
cblr-14254	78	4	allowing	allow	VERB
cblr-14254	78	5	separate	separate	ADJ
cblr-14254	78	6	trading	trading	NOUN
cblr-14254	78	7	of	of	ADP
cblr-14254	78	8	stocks	stock	NOUN
cblr-14254	78	9	or	or	CCONJ
cblr-14254	78	10	warrants	warrant	NOUN
cblr-14254	78	11	and	and	CCONJ
cblr-14254	78	12	reserving	reserve	VERB
cblr-14254	78	13	warrant	warrant	NOUN
cblr-14254	78	14	exercisability	exercisability	NOUN
cblr-14254	78	15	,	,	PUNCT
cblr-14254	78	16	grew	grow	VERB
cblr-14254	78	17	interest	interest	NOUN
cblr-14254	78	18	from	from	ADP
cblr-14254	78	19	hedge	hedge	NOUN
cblr-14254	78	20	fund	fund	NOUN
cblr-14254	78	21	interest	interest	NOUN
cblr-14254	78	22	and	and	CCONJ
cblr-14254	78	23	early	early	ADJ
cblr-14254	78	24	investors.22	investors.22	NOUN
cblr-14254	78	25	this	this	PRON
cblr-14254	78	26	re	re	VERB
cblr-14254	78	27	-	-	VERB
cblr-14254	78	28	designed	design	VERB
cblr-14254	78	29	vehicle	vehicle	NOUN
cblr-14254	78	30	initially	initially	ADV
cblr-14254	78	31	sparked	spark	VERB
cblr-14254	78	32	optimism	optimism	NOUN
cblr-14254	78	33	in	in	ADP
cblr-14254	78	34	an	an	DET
cblr-14254	78	35	effective	effective	ADJ
cblr-14254	78	36	,	,	PUNCT
cblr-14254	78	37	investor	investor	NOUN
cblr-14254	78	38	-	-	PUNCT
cblr-14254	78	39	protected	protect	VERB
cblr-14254	78	40	,	,	PUNCT
cblr-14254	78	41	forward	forward	ADJ
cblr-14254	78	42	structure	structure	NOUN
cblr-14254	78	43	that	that	PRON
cblr-14254	78	44	would	would	AUX
cblr-14254	78	45	equalize	equalize	VERB
cblr-14254	78	46	access	access	NOUN
cblr-14254	78	47	to	to	ADP
cblr-14254	78	48	capital	capital	NOUN
cblr-14254	78	49	markets	market	NOUN
cblr-14254	78	50	for	for	ADP
cblr-14254	78	51	revolutionary	revolutionary	ADJ
cblr-14254	78	52	emerging	emerge	VERB
cblr-14254	78	53	companies	company	NOUN
cblr-14254	78	54	,	,	PUNCT
cblr-14254	78	55	while	while	SCONJ
cblr-14254	78	56	also	also	ADV
cblr-14254	78	57	democratizing	democratize	VERB
cblr-14254	78	58	investor	investor	NOUN
cblr-14254	78	59	participation.23	participation.23	PROPN
cblr-14254	78	60	early	early	ADJ
cblr-14254	78	61	responses	response	NOUN
cblr-14254	78	62	to	to	ADP
cblr-14254	78	63	spacs	spac	NOUN
cblr-14254	78	64	cited	cite	VERB
cblr-14254	78	65	shareholder	shareholder	NOUN
cblr-14254	78	66	participation,24	participation,24	VERB
cblr-14254	78	67	18	18	NUM
cblr-14254	78	68	amrith	amrith	ADP
cblr-14254	78	69	ramkumar	ramkumar	PROPN
cblr-14254	78	70	,	,	PUNCT
cblr-14254	78	71	spac	spac	PROPN
cblr-14254	78	72	pioneers	pioneer	NOUN
cblr-14254	78	73	reap	reap	VERB
cblr-14254	78	74	the	the	DET
cblr-14254	78	75	rewards	reward	NOUN
cblr-14254	78	76	after	after	ADP
cblr-14254	78	77	waiting	wait	VERB
cblr-14254	78	78	nearly	nearly	ADV
cblr-14254	78	79	30	30	NUM
cblr-14254	78	80	years	year	NOUN
cblr-14254	78	81	,	,	PUNCT
cblr-14254	79	1	wall	wall	PROPN
cblr-14254	79	2	st	st	PROPN
cblr-14254	79	3	.	.	PROPN
cblr-14254	79	4	j.	j.	PROPN
cblr-14254	79	5	(	(	PUNCT
cblr-14254	79	6	mar	mar	PROPN
cblr-14254	79	7	.	.	PROPN
cblr-14254	79	8	7	7	NUM
cblr-14254	79	9	,	,	PUNCT
cblr-14254	79	10	2021	2021	NUM
cblr-14254	79	11	)	)	PUNCT
cblr-14254	79	12	,	,	PUNCT
cblr-14254	79	13	https://www.wsj.com/articles/they-created-the-spacin-1993-now-theyre-reaping-the-rewards-11615285801	https://www.wsj.com/articles/they-created-the-spacin-1993-now-theyre-reaping-the-rewards-11615285801	NOUN
cblr-14254	79	14	.	.	PROPN
cblr-14254	79	15	19	19	NUM
cblr-14254	79	16	17	17	NUM
cblr-14254	79	17	c.f.r	c.f.r	NOUN
cblr-14254	79	18	.	.	PUNCT
cblr-14254	80	1	§	§	PROPN
cblr-14254	80	2	240.3a51	240.3a51	PROPN
cblr-14254	80	3	-	-	PUNCT
cblr-14254	80	4	1(g)(1	1(g)(1	NUM
cblr-14254	80	5	)	)	PUNCT
cblr-14254	80	6	(	(	PUNCT
cblr-14254	80	7	2023	2023	NUM
cblr-14254	80	8	)	)	PUNCT
cblr-14254	80	9	.	.	PUNCT
cblr-14254	81	1	20	20	NUM
cblr-14254	81	2	up	up	ADP
cblr-14254	81	3	to	to	PART
cblr-14254	81	4	24	24	NUM
cblr-14254	81	5	-	-	PUNCT
cblr-14254	81	6	months	month	NOUN
cblr-14254	81	7	,	,	PUNCT
cblr-14254	81	8	as	as	SCONJ
cblr-14254	81	9	opposed	oppose	VERB
cblr-14254	81	10	to	to	ADP
cblr-14254	81	11	the	the	DET
cblr-14254	81	12	18	18	NUM
cblr-14254	81	13	-	-	PUNCT
cblr-14254	81	14	month	month	NOUN
cblr-14254	81	15	period	period	NOUN
cblr-14254	81	16	typical	typical	ADJ
cblr-14254	81	17	of	of	ADP
cblr-14254	81	18	rule	rule	NOUN
cblr-14254	81	19	419	419	NUM
cblr-14254	81	20	.	.	PUNCT
cblr-14254	82	1	derek	derek	PROPN
cblr-14254	82	2	k.	k.	PROPN
cblr-14254	82	3	heyman	heyman	PROPN
cblr-14254	82	4	,	,	PUNCT
cblr-14254	82	5	from	from	ADP
cblr-14254	82	6	blank	blank	ADJ
cblr-14254	82	7	check	check	NOUN
cblr-14254	82	8	to	to	AUX
cblr-14254	82	9	spac	spac	PROPN
cblr-14254	82	10	:	:	PUNCT
cblr-14254	82	11	the	the	DET
cblr-14254	82	12	regulator	regulator	NOUN
cblr-14254	82	13	's	's	PART
cblr-14254	82	14	response	response	NOUN
cblr-14254	82	15	to	to	ADP
cblr-14254	82	16	the	the	DET
cblr-14254	82	17	market	market	NOUN
cblr-14254	82	18	,	,	PUNCT
cblr-14254	82	19	and	and	CCONJ
cblr-14254	82	20	the	the	DET
cblr-14254	82	21	market	market	NOUN
cblr-14254	82	22	's	's	PART
cblr-14254	82	23	response	response	NOUN
cblr-14254	82	24	to	to	ADP
cblr-14254	82	25	the	the	DET
cblr-14254	82	26	regulation	regulation	NOUN
cblr-14254	82	27	,	,	PUNCT
cblr-14254	82	28	2	2	NUM
cblr-14254	82	29	entrepreneurial	entrepreneurial	ADJ
cblr-14254	82	30	bus	bus	NOUN
cblr-14254	82	31	.	.	PUNCT
cblr-14254	83	1	l.j	l.j	PROPN
cblr-14254	83	2	.	.	PROPN
cblr-14254	83	3	531	531	NUM
cblr-14254	83	4	,	,	PUNCT
cblr-14254	83	5	542	542	NUM
cblr-14254	83	6	(	(	PUNCT
cblr-14254	83	7	2007	2007	NUM
cblr-14254	83	8	)	)	PUNCT
cblr-14254	83	9	.	.	PUNCT
cblr-14254	84	1	21	21	NUM
cblr-14254	84	2	calculated	calculate	VERB
cblr-14254	84	3	by	by	ADP
cblr-14254	84	4	80	80	NUM
cblr-14254	84	5	%	%	NOUN
cblr-14254	84	6	of	of	ADP
cblr-14254	84	7	net	net	ADJ
cblr-14254	84	8	assets	asset	NOUN
cblr-14254	84	9	at	at	ADP
cblr-14254	84	10	time	time	NOUN
cblr-14254	84	11	of	of	ADP
cblr-14254	84	12	acquisition	acquisition	NOUN
cblr-14254	84	13	,	,	PUNCT
cblr-14254	84	14	as	as	SCONJ
cblr-14254	84	15	opposed	oppose	VERB
cblr-14254	84	16	to	to	ADP
cblr-14254	84	17	80	80	NUM
cblr-14254	84	18	%	%	NOUN
cblr-14254	84	19	of	of	ADP
cblr-14254	84	20	maximum	maximum	ADJ
cblr-14254	84	21	offering	offering	NOUN
cblr-14254	84	22	proceeds	proceed	NOUN
cblr-14254	84	23	as	as	SCONJ
cblr-14254	84	24	dictated	dictate	VERB
cblr-14254	84	25	by	by	ADP
cblr-14254	84	26	rule	rule	NOUN
cblr-14254	84	27	419	419	NUM
cblr-14254	84	28	.	.	PUNCT
cblr-14254	85	1	i	i	PRON
cblr-14254	85	2	d.	d.	PROPN
cblr-14254	85	3	22	22	NUM
cblr-14254	86	1	i	i	PRON
cblr-14254	86	2	d.	d.	PROPN
cblr-14254	86	3	23	23	NUM
cblr-14254	86	4	tim	tim	PROPN
cblr-14254	86	5	castelli	castelli	PROPN
cblr-14254	86	6	,	,	PUNCT
cblr-14254	86	7	not	not	PART
cblr-14254	86	8	guilty	guilty	ADJ
cblr-14254	86	9	by	by	ADP
cblr-14254	86	10	association	association	NOUN
cblr-14254	86	11	:	:	PUNCT
cblr-14254	86	12	why	why	SCONJ
cblr-14254	86	13	the	the	DET
cblr-14254	86	14	taint	taint	NOUN
cblr-14254	86	15	of	of	ADP
cblr-14254	86	16	their	their	PRON
cblr-14254	86	17	“	"	PUNCT
cblr-14254	86	18	blank	blank	ADJ
cblr-14254	86	19	check	check	NOUN
cblr-14254	86	20	”	"	PUNCT
cblr-14254	86	21	predecessors	predecessor	NOUN
cblr-14254	86	22	should	should	AUX
cblr-14254	86	23	not	not	PART
cblr-14254	86	24	stunt	stunt	VERB
cblr-14254	86	25	the	the	DET
cblr-14254	86	26	growth	growth	NOUN
cblr-14254	86	27	of	of	ADP
cblr-14254	86	28	modern	modern	ADJ
cblr-14254	86	29	special	special	ADJ
cblr-14254	86	30	purpose	purpose	NOUN
cblr-14254	86	31	acquisition	acquisition	NOUN
cblr-14254	86	32	companies	company	NOUN
cblr-14254	86	33	,	,	PUNCT
cblr-14254	86	34	50	50	NUM
cblr-14254	86	35	b.c	b.c	NOUN
cblr-14254	86	36	.	.	PROPN
cblr-14254	86	37	l.	l.	PROPN
cblr-14254	86	38	rev	rev	PROPN
cblr-14254	86	39	.	.	PROPN
cblr-14254	86	40	237	237	NUM
cblr-14254	86	41	,	,	PUNCT
cblr-14254	86	42	242–43	242–43	NUM
cblr-14254	86	43	(	(	PUNCT
cblr-14254	86	44	2009	2009	NUM
cblr-14254	86	45	)	)	PUNCT
cblr-14254	86	46	.	.	PUNCT
cblr-14254	87	1	24	24	NUM
cblr-14254	88	1	i	i	PRON
cblr-14254	88	2	d.	d.	PROPN
cblr-14254	88	3	at	at	ADP
cblr-14254	88	4	271	271	NUM
cblr-14254	88	5	.	.	PUNCT
cblr-14254	88	6	458	458	NUM
cblr-14254	88	7	columbia	columbia	PROPN
cblr-14254	88	8	business	business	NOUN
cblr-14254	88	9	law	law	PROPN
cblr-14254	88	10	review	review	NOUN
cblr-14254	89	1	[	[	X
cblr-14254	89	2	vol	vol	NOUN
cblr-14254	89	3	.	.	PUNCT
cblr-14254	89	4	2025	2025	NUM
cblr-14254	89	5	self	self	NOUN
cblr-14254	89	6	-	-	PUNCT
cblr-14254	89	7	imposed	impose	VERB
cblr-14254	89	8	disclosure	disclosure	NOUN
cblr-14254	89	9	requirements,25	requirements,25	NOUN
cblr-14254	89	10	and	and	CCONJ
cblr-14254	89	11	even	even	ADV
cblr-14254	89	12	managerial	managerial	ADJ
cblr-14254	89	13	compensation	compensation	NOUN
cblr-14254	89	14	structure26	structure26	NOUN
cblr-14254	89	15	as	as	SCONJ
cblr-14254	89	16	reasons	reason	NOUN
cblr-14254	89	17	why	why	SCONJ
cblr-14254	89	18	the	the	DET
cblr-14254	89	19	structure	structure	NOUN
cblr-14254	89	20	created	create	VERB
cblr-14254	89	21	a	a	DET
cblr-14254	89	22	safe	safe	ADJ
cblr-14254	89	23	,	,	PUNCT
cblr-14254	89	24	transparent	transparent	ADJ
cblr-14254	89	25	,	,	PUNCT
cblr-14254	89	26	and	and	CCONJ
cblr-14254	89	27	self	self	NOUN
cblr-14254	89	28	-	-	PUNCT
cblr-14254	89	29	incentivizing	incentivize	VERB
cblr-14254	89	30	valuemaximizing	valuemaximize	VERB
cblr-14254	89	31	vehicle	vehicle	NOUN
cblr-14254	89	32	that	that	PRON
cblr-14254	89	33	should	should	AUX
cblr-14254	89	34	not	not	PART
cblr-14254	89	35	be	be	AUX
cblr-14254	89	36	further	further	ADJ
cblr-14254	89	37	regulated.27	regulated.27	NOUN
cblr-14254	89	38	this	this	PRON
cblr-14254	89	39	may	may	AUX
cblr-14254	89	40	have	have	AUX
cblr-14254	89	41	held	hold	VERB
cblr-14254	89	42	true	true	ADJ
cblr-14254	89	43	in	in	ADP
cblr-14254	89	44	those	those	DET
cblr-14254	89	45	initial	initial	ADJ
cblr-14254	89	46	years	year	NOUN
cblr-14254	89	47	,	,	PUNCT
cblr-14254	89	48	but	but	CCONJ
cblr-14254	89	49	as	as	SCONJ
cblr-14254	89	50	spacs	spac	NOUN
cblr-14254	89	51	have	have	AUX
cblr-14254	89	52	evolved	evolve	VERB
cblr-14254	89	53	and	and	CCONJ
cblr-14254	89	54	gained	gain	VERB
cblr-14254	89	55	prominence	prominence	NOUN
cblr-14254	89	56	as	as	ADP
cblr-14254	89	57	a	a	DET
cblr-14254	89	58	more	more	ADV
cblr-14254	89	59	common	common	ADJ
cblr-14254	89	60	alternative	alternative	NOUN
cblr-14254	89	61	to	to	ADP
cblr-14254	89	62	going	go	VERB
cblr-14254	89	63	public	public	ADJ
cblr-14254	89	64	,	,	PUNCT
cblr-14254	89	65	these	these	DET
cblr-14254	89	66	claims	claim	NOUN
cblr-14254	89	67	must	must	AUX
cblr-14254	89	68	be	be	AUX
cblr-14254	89	69	reevaluated	reevaluate	VERB
cblr-14254	89	70	.	.	PUNCT
cblr-14254	90	1	in	in	ADP
cblr-14254	90	2	hindsight	hindsight	ADJ
cblr-14254	90	3	,	,	PUNCT
cblr-14254	90	4	the	the	DET
cblr-14254	90	5	legislative	legislative	ADJ
cblr-14254	90	6	and	and	CCONJ
cblr-14254	90	7	regulatory	regulatory	ADJ
cblr-14254	90	8	origins	origin	NOUN
cblr-14254	90	9	of	of	ADP
cblr-14254	90	10	spacs	spac	NOUN
cblr-14254	90	11	might	might	AUX
cblr-14254	90	12	have	have	AUX
cblr-14254	90	13	served	serve	VERB
cblr-14254	90	14	as	as	ADP
cblr-14254	90	15	early	early	ADJ
cblr-14254	90	16	indicators	indicator	NOUN
cblr-14254	90	17	of	of	ADP
cblr-14254	90	18	the	the	DET
cblr-14254	90	19	challenges	challenge	NOUN
cblr-14254	90	20	and	and	CCONJ
cblr-14254	90	21	criticisms	criticism	VERB
cblr-14254	90	22	these	these	DET
cblr-14254	90	23	vehicles	vehicle	NOUN
cblr-14254	90	24	would	would	AUX
cblr-14254	90	25	face	face	VERB
cblr-14254	90	26	.	.	PUNCT
cblr-14254	91	1	the	the	DET
cblr-14254	91	2	contemporary	contemporary	PROPN
cblr-14254	91	3	spac	spac	PROPN
cblr-14254	91	4	landscape	landscape	NOUN
cblr-14254	91	5	suggests	suggest	VERB
cblr-14254	91	6	a	a	DET
cblr-14254	91	7	return	return	NOUN
cblr-14254	91	8	to	to	ADP
cblr-14254	91	9	some	some	PRON
cblr-14254	91	10	of	of	ADP
cblr-14254	91	11	the	the	DET
cblr-14254	91	12	speculative	speculative	ADJ
cblr-14254	91	13	and	and	CCONJ
cblr-14254	91	14	risky	risky	ADJ
cblr-14254	91	15	characteristics	characteristic	NOUN
cblr-14254	91	16	of	of	ADP
cblr-14254	91	17	their	their	PRON
cblr-14254	91	18	blank	blank	ADJ
cblr-14254	91	19	check	check	NOUN
cblr-14254	91	20	predecessors	predecessor	NOUN
cblr-14254	91	21	.	.	PUNCT
cblr-14254	92	1	b.	b.	PROPN
cblr-14254	93	1	how	how	SCONJ
cblr-14254	93	2	spacs	spac	NOUN
cblr-14254	93	3	circumvent	circumvent	VERB
cblr-14254	93	4	key	key	ADJ
cblr-14254	93	5	legislation	legislation	NOUN
cblr-14254	93	6	while	while	SCONJ
cblr-14254	93	7	spacs	spac	NOUN
cblr-14254	93	8	appear	appear	VERB
cblr-14254	93	9	to	to	PART
cblr-14254	93	10	have	have	AUX
cblr-14254	93	11	been	be	AUX
cblr-14254	93	12	designed	design	VERB
cblr-14254	93	13	in	in	ADP
cblr-14254	93	14	a	a	DET
cblr-14254	93	15	way	way	NOUN
cblr-14254	93	16	that	that	PRON
cblr-14254	93	17	protects	protect	VERB
cblr-14254	93	18	investors	investor	NOUN
cblr-14254	93	19	,	,	PUNCT
cblr-14254	93	20	or	or	CCONJ
cblr-14254	93	21	at	at	ADP
cblr-14254	93	22	least	least	ADJ
cblr-14254	93	23	signal	signal	VERB
cblr-14254	93	24	positively	positively	ADV
cblr-14254	93	25	to	to	ADP
cblr-14254	93	26	investor	investor	NOUN
cblr-14254	93	27	reliance	reliance	NOUN
cblr-14254	93	28	,	,	PUNCT
cblr-14254	93	29	they	they	PRON
cblr-14254	93	30	also	also	ADV
cblr-14254	93	31	actively	actively	ADV
cblr-14254	93	32	arbitrage	arbitrage	NOUN
cblr-14254	93	33	legislation	legislation	NOUN
cblr-14254	93	34	.	.	PUNCT
cblr-14254	94	1	the	the	DET
cblr-14254	94	2	main	main	ADJ
cblr-14254	94	3	statutory	statutory	ADJ
cblr-14254	94	4	schemes	scheme	NOUN
cblr-14254	94	5	the	the	DET
cblr-14254	94	6	spac	spac	NOUN
cblr-14254	94	7	is	be	AUX
cblr-14254	94	8	designed	design	VERB
cblr-14254	94	9	to	to	PART
cblr-14254	94	10	circumvent	circumvent	VERB
cblr-14254	94	11	are	be	AUX
cblr-14254	94	12	the	the	DET
cblr-14254	94	13	psra	psra	ADJ
cblr-14254	94	14	(	(	PUNCT
cblr-14254	94	15	and	and	CCONJ
cblr-14254	94	16	rule	rule	VERB
cblr-14254	94	17	419	419	NUM
cblr-14254	94	18	)	)	PUNCT
cblr-14254	94	19	,	,	PUNCT
cblr-14254	94	20	the	the	DET
cblr-14254	94	21	investment	investment	NOUN
cblr-14254	94	22	company	company	NOUN
cblr-14254	94	23	act	act	NOUN
cblr-14254	94	24	of	of	ADP
cblr-14254	94	25	1940	1940	NUM
cblr-14254	94	26	(	(	PUNCT
cblr-14254	94	27	ica	ica	PROPN
cblr-14254	94	28	)	)	PUNCT
cblr-14254	94	29	,	,	PUNCT
cblr-14254	94	30	and	and	CCONJ
cblr-14254	94	31	the	the	DET
cblr-14254	94	32	private	private	ADJ
cblr-14254	94	33	securities	security	NOUN
cblr-14254	94	34	litigation	litigation	PROPN
cblr-14254	94	35	reform	reform	PROPN
cblr-14254	94	36	act	act	NOUN
cblr-14254	94	37	of	of	ADP
cblr-14254	94	38	1995	1995	NUM
cblr-14254	94	39	(	(	PUNCT
cblr-14254	94	40	pslra	pslra	NOUN
cblr-14254	94	41	)	)	PUNCT
cblr-14254	94	42	.	.	PUNCT
cblr-14254	95	1	the	the	DET
cblr-14254	95	2	niche	niche	NOUN
cblr-14254	95	3	spacs	spac	NOUN
cblr-14254	95	4	have	have	AUX
cblr-14254	95	5	found	find	VERB
cblr-14254	95	6	between	between	ADP
cblr-14254	95	7	these	these	DET
cblr-14254	95	8	laws	law	NOUN
cblr-14254	95	9	have	have	AUX
cblr-14254	95	10	enabled	enable	VERB
cblr-14254	95	11	their	their	PRON
cblr-14254	95	12	evolution	evolution	NOUN
cblr-14254	95	13	of	of	ADP
cblr-14254	95	14	complicated	complicated	ADJ
cblr-14254	95	15	,	,	PUNCT
cblr-14254	95	16	elusive	elusive	ADJ
cblr-14254	95	17	,	,	PUNCT
cblr-14254	95	18	and	and	CCONJ
cblr-14254	95	19	incentive	incentive	NOUN
cblr-14254	95	20	-	-	PUNCT
cblr-14254	95	21	conflicted	conflicted	ADJ
cblr-14254	95	22	structure	structure	NOUN
cblr-14254	95	23	.	.	PUNCT
cblr-14254	96	1	first	first	ADV
cblr-14254	96	2	,	,	PUNCT
cblr-14254	96	3	in	in	ADP
cblr-14254	96	4	order	order	NOUN
cblr-14254	96	5	to	to	PART
cblr-14254	96	6	avoid	avoid	VERB
cblr-14254	96	7	the	the	DET
cblr-14254	96	8	unfavorable	unfavorable	ADJ
cblr-14254	96	9	restrictions	restriction	NOUN
cblr-14254	96	10	imposed	impose	VERB
cblr-14254	96	11	by	by	ADP
cblr-14254	96	12	the	the	DET
cblr-14254	96	13	psra	psra	ADJ
cblr-14254	96	14	and	and	CCONJ
cblr-14254	96	15	rule	rule	VERB
cblr-14254	96	16	419	419	NUM
cblr-14254	96	17	,	,	PUNCT
cblr-14254	96	18	spacs	spac	NOUN
cblr-14254	96	19	take	take	VERB
cblr-14254	96	20	advantage	advantage	NOUN
cblr-14254	96	21	of	of	ADP
cblr-14254	96	22	the	the	DET
cblr-14254	96	23	asset	asset	NOUN
cblr-14254	96	24	exception	exception	NOUN
cblr-14254	96	25	to	to	ADP
cblr-14254	96	26	penny	penny	NOUN
cblr-14254	96	27	stock	stock	NOUN
cblr-14254	96	28	classification.28	classification.28	PROPN
cblr-14254	96	29	rule	rule	VERB
cblr-14254	96	30	419	419	NUM
cblr-14254	96	31	restrictions	restriction	NOUN
cblr-14254	96	32	are	be	AUX
cblr-14254	96	33	so	so	ADV
cblr-14254	96	34	stringent	stringent	ADJ
cblr-14254	96	35	that	that	SCONJ
cblr-14254	96	36	they	they	PRON
cblr-14254	96	37	effectively	effectively	ADV
cblr-14254	96	38	killed	kill	VERB
cblr-14254	96	39	the	the	DET
cblr-14254	96	40	use	use	NOUN
cblr-14254	96	41	25	25	NUM
cblr-14254	97	1	i	i	PRON
cblr-14254	97	2	d.	d.	PROPN
cblr-14254	97	3	at	at	ADP
cblr-14254	97	4	254	254	NUM
cblr-14254	97	5	;	;	PUNCT
cblr-14254	97	6	see	see	VERB
cblr-14254	97	7	also	also	ADV
cblr-14254	97	8	daniel	daniel	PROPN
cblr-14254	97	9	s.	s.	PROPN
cblr-14254	97	10	riemer	riemer	PROPN
cblr-14254	97	11	,	,	PUNCT
cblr-14254	97	12	special	special	ADJ
cblr-14254	97	13	purpose	purpose	NOUN
cblr-14254	97	14	acquisition	acquisition	NOUN
cblr-14254	97	15	companies	company	NOUN
cblr-14254	97	16	:	:	PUNCT
cblr-14254	97	17	spac	spac	PROPN
cblr-14254	97	18	and	and	CCONJ
cblr-14254	97	19	span	span	NOUN
cblr-14254	97	20	,	,	PUNCT
cblr-14254	97	21	or	or	CCONJ
cblr-14254	97	22	blank	blank	ADJ
cblr-14254	97	23	check	check	NOUN
cblr-14254	97	24	redux	redux	PROPN
cblr-14254	97	25	?	?	PROPN
cblr-14254	97	26	,	,	PUNCT
cblr-14254	97	27	85	85	NUM
cblr-14254	97	28	wash	wash	NOUN
cblr-14254	97	29	.	.	PUNCT
cblr-14254	98	1	u.	u.	PROPN
cblr-14254	98	2	l.	l.	PROPN
cblr-14254	98	3	rev	rev	PROPN
cblr-14254	98	4	.	.	PROPN
cblr-14254	98	5	931	931	NUM
cblr-14254	98	6	,	,	PUNCT
cblr-14254	98	7	963	963	NUM
cblr-14254	98	8	(	(	PUNCT
cblr-14254	98	9	2007	2007	NUM
cblr-14254	98	10	)	)	PUNCT
cblr-14254	98	11	.	.	PUNCT
cblr-14254	99	1	26	26	NUM
cblr-14254	99	2	riemer	riemer	NOUN
cblr-14254	99	3	,	,	PUNCT
cblr-14254	99	4	supra	supra	PROPN
cblr-14254	99	5	note	note	NOUN
cblr-14254	99	6	25	25	NUM
cblr-14254	99	7	,	,	PUNCT
cblr-14254	99	8	at	at	ADP
cblr-14254	99	9	964	964	NUM
cblr-14254	99	10	.	.	PUNCT
cblr-14254	99	11	27	27	NUM
cblr-14254	99	12	castelli	castelli	NOUN
cblr-14254	99	13	,	,	PUNCT
cblr-14254	99	14	supra	supra	PROPN
cblr-14254	99	15	note	note	PROPN
cblr-14254	99	16	23	23	NUM
cblr-14254	99	17	,	,	PUNCT
cblr-14254	99	18	at	at	ADP
cblr-14254	99	19	275	275	NUM
cblr-14254	99	20	.	.	PUNCT
cblr-14254	100	1	28	28	NUM
cblr-14254	100	2	17	17	NUM
cblr-14254	100	3	c.f.r	c.f.r	NOUN
cblr-14254	100	4	.	.	PUNCT
cblr-14254	101	1	§	§	PROPN
cblr-14254	101	2	240.3a51	240.3a51	PROPN
cblr-14254	101	3	-	-	PUNCT
cblr-14254	101	4	1(g	1(g	NUM
cblr-14254	101	5	)	)	PUNCT
cblr-14254	101	6	.	.	PUNCT
cblr-14254	102	1	under	under	ADP
cblr-14254	102	2	17	17	NUM
cblr-14254	102	3	c.f.r	c.f.r	NOUN
cblr-14254	102	4	.	.	PUNCT
cblr-14254	103	1	§	§	PROPN
cblr-14254	103	2	240.3a51	240.3a51	PROPN
cblr-14254	103	3	-	-	SYM
cblr-14254	103	4	1(g	1(g	NUM
cblr-14254	103	5	)	)	PUNCT
cblr-14254	103	6	,	,	PUNCT
cblr-14254	103	7	an	an	DET
cblr-14254	103	8	issuer	issuer	NOUN
cblr-14254	103	9	is	be	AUX
cblr-14254	103	10	excluded	exclude	VERB
cblr-14254	103	11	from	from	ADP
cblr-14254	103	12	the	the	DET
cblr-14254	103	13	definition	definition	NOUN
cblr-14254	103	14	of	of	ADP
cblr-14254	103	15	a	a	DET
cblr-14254	103	16	penny	penny	NOUN
cblr-14254	103	17	stock	stock	NOUN
cblr-14254	103	18	if	if	SCONJ
cblr-14254	103	19	it	it	PRON
cblr-14254	103	20	has	have	VERB
cblr-14254	103	21	net	net	ADJ
cblr-14254	103	22	tangible	tangible	ADJ
cblr-14254	103	23	assets	asset	NOUN
cblr-14254	103	24	exceeding	exceed	VERB
cblr-14254	103	25	$	$	SYM
cblr-14254	103	26	5	5	NUM
cblr-14254	103	27	million	million	NUM
cblr-14254	103	28	and	and	CCONJ
cblr-14254	103	29	has	have	AUX
cblr-14254	103	30	been	be	AUX
cblr-14254	103	31	in	in	ADP
cblr-14254	103	32	continuous	continuous	ADJ
cblr-14254	103	33	operation	operation	NOUN
cblr-14254	103	34	for	for	ADP
cblr-14254	103	35	less	less	ADJ
cblr-14254	103	36	than	than	ADP
cblr-14254	103	37	three	three	NUM
cblr-14254	103	38	years	year	NOUN
cblr-14254	103	39	.	.	PUNCT
cblr-14254	104	1	spacs	spacs	PROPN
cblr-14254	104	2	structure	structure	VERB
cblr-14254	104	3	themselves	themselves	PRON
cblr-14254	104	4	to	to	PART
cblr-14254	104	5	meet	meet	VERB
cblr-14254	104	6	these	these	DET
cblr-14254	104	7	criteria	criterion	NOUN
cblr-14254	104	8	,	,	PUNCT
cblr-14254	104	9	thereby	thereby	ADV
cblr-14254	104	10	circumventing	circumvent	VERB
cblr-14254	104	11	the	the	DET
cblr-14254	104	12	more	more	ADV
cblr-14254	104	13	restrictive	restrictive	ADJ
cblr-14254	104	14	provisions	provision	NOUN
cblr-14254	104	15	of	of	ADP
cblr-14254	104	16	rule	rule	NOUN
cblr-14254	104	17	419	419	NUM
cblr-14254	104	18	that	that	PRON
cblr-14254	104	19	apply	apply	VERB
cblr-14254	104	20	to	to	ADP
cblr-14254	104	21	penny	penny	NOUN
cblr-14254	104	22	stocks	stock	NOUN
cblr-14254	104	23	.	.	PUNCT
cblr-14254	105	1	no	no	INTJ
cblr-14254	105	2	.	.	NOUN
cblr-14254	106	1	1	1	NUM
cblr-14254	106	2	]	]	PUNCT
cblr-14254	106	3	the	the	DET
cblr-14254	106	4	spac	spac	PROPN
cblr-14254	106	5	phenomenon	phenomenon	NOUN
cblr-14254	106	6	459	459	NUM
cblr-14254	106	7	of	of	ADP
cblr-14254	106	8	blank	blank	ADJ
cblr-14254	106	9	check	check	NOUN
cblr-14254	106	10	offerings.29	offerings.29	PROPN
cblr-14254	106	11	for	for	ADP
cblr-14254	106	12	example	example	NOUN
cblr-14254	106	13	,	,	PUNCT
cblr-14254	106	14	the	the	DET
cblr-14254	106	15	escrow	escrow	ADJ
cblr-14254	106	16	requirement30	requirement30	NOUN
cblr-14254	106	17	limits	limit	VERB
cblr-14254	106	18	the	the	DET
cblr-14254	106	19	use	use	NOUN
cblr-14254	106	20	of	of	ADP
cblr-14254	106	21	capital	capital	NOUN
cblr-14254	106	22	and	and	CCONJ
cblr-14254	106	23	prolong	prolong	VERB
cblr-14254	106	24	the	the	DET
cblr-14254	106	25	investment	investment	NOUN
cblr-14254	106	26	period	period	NOUN
cblr-14254	106	27	.	.	PUNCT
cblr-14254	107	1	tight	tight	ADJ
cblr-14254	107	2	restrictions	restriction	NOUN
cblr-14254	107	3	on	on	ADP
cblr-14254	107	4	transferability31	transferability31	NOUN
cblr-14254	107	5	reduce	reduce	VERB
cblr-14254	107	6	liquidity	liquidity	NOUN
cblr-14254	107	7	and	and	CCONJ
cblr-14254	107	8	thus	thus	ADV
cblr-14254	107	9	attractiveness	attractiveness	NOUN
cblr-14254	107	10	to	to	ADP
cblr-14254	107	11	investors	investor	NOUN
cblr-14254	107	12	.	.	PUNCT
cblr-14254	108	1	the	the	DET
cblr-14254	108	2	high	high	ADJ
cblr-14254	108	3	volume	volume	NOUN
cblr-14254	108	4	of	of	ADP
cblr-14254	108	5	mandatory	mandatory	ADJ
cblr-14254	108	6	disclosures32	disclosures32	NOUN
cblr-14254	108	7	also	also	ADV
cblr-14254	108	8	increase	increase	VERB
cblr-14254	108	9	administrative	administrative	ADJ
cblr-14254	108	10	burdens	burden	NOUN
cblr-14254	108	11	.	.	PUNCT
cblr-14254	109	1	so	so	ADV
cblr-14254	109	2	,	,	PUNCT
cblr-14254	109	3	for	for	SCONJ
cblr-14254	109	4	the	the	DET
cblr-14254	109	5	spac	spac	PROPN
cblr-14254	109	6	to	to	PART
cblr-14254	109	7	escape	escape	VERB
cblr-14254	109	8	this	this	PRON
cblr-14254	109	9	,	,	PUNCT
cblr-14254	109	10	it	it	PRON
cblr-14254	109	11	is	be	AUX
cblr-14254	109	12	crucial	crucial	ADJ
cblr-14254	109	13	for	for	ADP
cblr-14254	109	14	the	the	DET
cblr-14254	109	15	initial	initial	ADJ
cblr-14254	109	16	ipo	ipo	NOUN
cblr-14254	109	17	and	and	CCONJ
cblr-14254	109	18	rounds	round	NOUN
cblr-14254	109	19	of	of	ADP
cblr-14254	109	20	fundraising	fundraise	VERB
cblr-14254	109	21	to	to	PART
cblr-14254	109	22	hit	hit	VERB
cblr-14254	109	23	the	the	DET
cblr-14254	109	24	baseline	baseline	ADJ
cblr-14254	109	25	number	number	NOUN
cblr-14254	109	26	of	of	ADP
cblr-14254	109	27	$	$	SYM
cblr-14254	109	28	5	5	NUM
cblr-14254	109	29	million	million	NUM
cblr-14254	109	30	.	.	PUNCT
cblr-14254	110	1	this	this	DET
cblr-14254	110	2	baseline	baseline	ADJ
cblr-14254	110	3	cash	cash	NOUN
cblr-14254	110	4	flow	flow	NOUN
cblr-14254	110	5	offers	offer	VERB
cblr-14254	110	6	a	a	DET
cblr-14254	110	7	positive	positive	ADJ
cblr-14254	110	8	signal	signal	NOUN
cblr-14254	110	9	about	about	ADP
cblr-14254	110	10	investor	investor	NOUN
cblr-14254	110	11	trust	trust	NOUN
cblr-14254	110	12	and	and	CCONJ
cblr-14254	110	13	confidence	confidence	NOUN
cblr-14254	110	14	in	in	ADP
cblr-14254	110	15	the	the	DET
cblr-14254	110	16	prospective	prospective	ADJ
cblr-14254	110	17	performance	performance	NOUN
cblr-14254	110	18	of	of	ADP
cblr-14254	110	19	the	the	DET
cblr-14254	110	20	vehicle.33	vehicle.33	PROPN
cblr-14254	110	21	more	more	ADV
cblr-14254	110	22	importantly	importantly	ADV
cblr-14254	110	23	,	,	PUNCT
cblr-14254	110	24	this	this	PRON
cblr-14254	110	25	allows	allow	VERB
cblr-14254	110	26	the	the	DET
cblr-14254	110	27	spac	spac	NOUN
cblr-14254	110	28	to	to	PART
cblr-14254	110	29	escape	escape	VERB
cblr-14254	110	30	rule	rule	NOUN
cblr-14254	110	31	419	419	NUM
cblr-14254	110	32	because	because	SCONJ
cblr-14254	110	33	they	they	PRON
cblr-14254	110	34	are	be	AUX
cblr-14254	110	35	not	not	PART
cblr-14254	110	36	issuing	issue	VERB
cblr-14254	110	37	penny	penny	NOUN
cblr-14254	110	38	stock.34	stock.34	NOUN
cblr-14254	110	39	the	the	DET
cblr-14254	110	40	majority	majority	NOUN
cblr-14254	110	41	of	of	ADP
cblr-14254	110	42	these	these	DET
cblr-14254	110	43	funds	fund	NOUN
cblr-14254	110	44	are	be	AUX
cblr-14254	110	45	then	then	ADV
cblr-14254	110	46	deposited	deposit	VERB
cblr-14254	110	47	in	in	ADP
cblr-14254	110	48	a	a	DET
cblr-14254	110	49	trust	trust	NOUN
cblr-14254	110	50	that	that	SCONJ
cblr-14254	110	51	invests	invest	NOUN
cblr-14254	110	52	in	in	ADP
cblr-14254	110	53	government	government	NOUN
cblr-14254	110	54	securities	security	NOUN
cblr-14254	110	55	such	such	ADJ
cblr-14254	110	56	as	as	ADP
cblr-14254	110	57	treasury	treasury	PROPN
cblr-14254	110	58	bills	bill	NOUN
cblr-14254	110	59	,	,	PUNCT
cblr-14254	110	60	or	or	CCONJ
cblr-14254	110	61	money	money	NOUN
cblr-14254	110	62	market	market	NOUN
cblr-14254	110	63	funds	fund	NOUN
cblr-14254	110	64	that	that	PRON
cblr-14254	110	65	invest	invest	VERB
cblr-14254	110	66	only	only	ADV
cblr-14254	110	67	in	in	ADP
cblr-14254	110	68	government	government	NOUN
cblr-14254	110	69	securities.35	securities.35	NOUN
cblr-14254	110	70	a	a	DET
cblr-14254	110	71	small	small	ADJ
cblr-14254	110	72	percentage	percentage	NOUN
cblr-14254	110	73	of	of	ADP
cblr-14254	110	74	proceeds	proceed	NOUN
cblr-14254	110	75	are	be	AUX
cblr-14254	110	76	used	use	VERB
cblr-14254	110	77	to	to	PART
cblr-14254	110	78	pay	pay	VERB
cblr-14254	110	79	fees	fee	NOUN
cblr-14254	110	80	and	and	CCONJ
cblr-14254	110	81	operating	operating	NOUN
cblr-14254	110	82	costs	cost	NOUN
cblr-14254	110	83	,	,	PUNCT
cblr-14254	110	84	with	with	ADP
cblr-14254	110	85	the	the	DET
cblr-14254	110	86	majority	majority	NOUN
cblr-14254	110	87	resting	rest	VERB
cblr-14254	110	88	in	in	ADP
cblr-14254	110	89	the	the	DET
cblr-14254	110	90	trust.36	trust.36	NOUN
cblr-14254	110	91	the	the	DET
cblr-14254	110	92	stability	stability	NOUN
cblr-14254	110	93	of	of	ADP
cblr-14254	110	94	this	this	DET
cblr-14254	110	95	investment	investment	NOUN
cblr-14254	110	96	,	,	PUNCT
cblr-14254	110	97	as	as	ADV
cblr-14254	110	98	well	well	ADV
cblr-14254	110	99	as	as	ADP
cblr-14254	110	100	the	the	DET
cblr-14254	110	101	conservative	conservative	ADJ
cblr-14254	110	102	usage	usage	NOUN
cblr-14254	110	103	of	of	ADP
cblr-14254	110	104	funds	fund	NOUN
cblr-14254	110	105	,	,	PUNCT
cblr-14254	110	106	again	again	ADV
cblr-14254	110	107	bolsters	bolster	VERB
cblr-14254	110	108	belief	belief	NOUN
cblr-14254	110	109	that	that	SCONJ
cblr-14254	110	110	the	the	DET
cblr-14254	110	111	spac	spac	NOUN
cblr-14254	110	112	is	be	AUX
cblr-14254	110	113	a	a	DET
cblr-14254	110	114	financially	financially	ADV
cblr-14254	110	115	savvy	savvy	ADJ
cblr-14254	110	116	,	,	PUNCT
cblr-14254	110	117	investor	investor	NOUN
cblr-14254	110	118	-	-	PUNCT
cblr-14254	110	119	protective	protective	NOUN
cblr-14254	110	120	vehicle.37	vehicle.37	NOUN
cblr-14254	110	121	yet	yet	ADV
cblr-14254	110	122	,	,	PUNCT
cblr-14254	110	123	depositing	deposit	VERB
cblr-14254	110	124	the	the	DET
cblr-14254	110	125	funds	fund	NOUN
cblr-14254	110	126	in	in	ADP
cblr-14254	110	127	government	government	NOUN
cblr-14254	110	128	securities	security	NOUN
cblr-14254	110	129	is	be	AUX
cblr-14254	110	130	also	also	ADV
cblr-14254	110	131	designed	design	VERB
cblr-14254	110	132	to	to	PART
cblr-14254	110	133	exploit	exploit	VERB
cblr-14254	110	134	a	a	DET
cblr-14254	110	135	loophole	loophole	NOUN
cblr-14254	110	136	in	in	ADP
cblr-14254	110	137	the	the	DET
cblr-14254	110	138	investment	investment	NOUN
cblr-14254	110	139	company	company	NOUN
cblr-14254	110	140	act	act	VERB
cblr-14254	110	141	29	29	NUM
cblr-14254	110	142	heyman	heyman	NOUN
cblr-14254	110	143	,	,	PUNCT
cblr-14254	110	144	supra	supra	PROPN
cblr-14254	110	145	note	note	PROPN
cblr-14254	110	146	20	20	NUM
cblr-14254	110	147	,	,	PUNCT
cblr-14254	110	148	at	at	ADP
cblr-14254	110	149	540	540	NUM
cblr-14254	110	150	.	.	PUNCT
cblr-14254	110	151	30	30	NUM
cblr-14254	110	152	17	17	NUM
cblr-14254	110	153	c.f.r	c.f.r	NOUN
cblr-14254	110	154	.	.	PUNCT
cblr-14254	111	1	§	§	PROPN
cblr-14254	111	2	230.419(b	230.419(b	NUM
cblr-14254	111	3	)	)	PUNCT
cblr-14254	111	4	.	.	PUNCT
cblr-14254	112	1	31	31	NUM
cblr-14254	113	1	i	i	PRON
cblr-14254	113	2	d.	d.	PROPN
cblr-14254	113	3	§	§	PROPN
cblr-14254	113	4	230.419(b)(3)(ii	230.419(b)(3)(ii	NUM
cblr-14254	113	5	)	)	PUNCT
cblr-14254	113	6	.	.	PUNCT
cblr-14254	114	1	32	32	NUM
cblr-14254	115	1	i	i	PRON
cblr-14254	115	2	d.	d.	PROPN
cblr-14254	115	3	§	§	PROPN
cblr-14254	115	4	230.419(c)-(f	230.419(c)-(f	PROPN
cblr-14254	115	5	)	)	PUNCT
cblr-14254	115	6	.	.	PUNCT
cblr-14254	116	1	33	33	NUM
cblr-14254	116	2	henry	henry	PROPN
cblr-14254	116	3	sheykin	sheykin	PROPN
cblr-14254	116	4	,	,	PUNCT
cblr-14254	116	5	why	why	SCONJ
cblr-14254	116	6	cash	cash	NOUN
cblr-14254	116	7	flow	flow	NOUN
cblr-14254	116	8	is	be	AUX
cblr-14254	116	9	the	the	DET
cblr-14254	116	10	key	key	NOUN
cblr-14254	116	11	to	to	ADP
cblr-14254	116	12	investor	investor	NOUN
cblr-14254	116	13	confidence	confidence	NOUN
cblr-14254	116	14	,	,	PUNCT
cblr-14254	116	15	finmodelslab	finmodelslab	PROPN
cblr-14254	116	16	(	(	PUNCT
cblr-14254	116	17	jan	jan	PROPN
cblr-14254	116	18	.	.	PROPN
cblr-14254	116	19	24	24	NUM
cblr-14254	116	20	,	,	PUNCT
cblr-14254	116	21	2023	2023	NUM
cblr-14254	116	22	)	)	PUNCT
cblr-14254	116	23	,	,	PUNCT
cblr-14254	116	24	https://finmodelslab.com/blogs/blog/leverage-cash-flow-strategic-decisions	https://finmodelslab.com/blogs/blog/leverage-cash-flow-strategic-decision	VERB
cblr-14254	116	25	[	[	X
cblr-14254	116	26	https://perma.cc/qxx6-dmgt	https://perma.cc/qxx6-dmgt	X
cblr-14254	116	27	]	]	PUNCT
cblr-14254	116	28	.	.	PUNCT
cblr-14254	117	1	34	34	NUM
cblr-14254	117	2	17	17	NUM
cblr-14254	117	3	c.f.r	c.f.r	NOUN
cblr-14254	117	4	.	.	PUNCT
cblr-14254	118	1	§	§	PROPN
cblr-14254	118	2	230.419(a)(2	230.419(a)(2	NUM
cblr-14254	118	3	)	)	PUNCT
cblr-14254	118	4	.	.	PUNCT
cblr-14254	119	1	35	35	NUM
cblr-14254	119	2	anna	anna	NOUN
cblr-14254	119	3	t.	t.	PROPN
cblr-14254	119	4	pinedo	pinedo	NOUN
cblr-14254	119	5	et	et	PROPN
cblr-14254	119	6	al	al	PROPN
cblr-14254	119	7	.	.	PROPN
cblr-14254	119	8	,	,	PUNCT
cblr-14254	119	9	what	what	PRON
cblr-14254	119	10	’s	’	VERB
cblr-14254	119	11	the	the	DET
cblr-14254	119	12	deal	deal	NOUN
cblr-14254	119	13	?	?	PUNCT
cblr-14254	120	1	–	–	PUNCT
cblr-14254	120	2	special	special	ADJ
cblr-14254	120	3	purpose	purpose	NOUN
cblr-14254	120	4	acquisition	acquisition	NOUN
cblr-14254	120	5	companies	company	NOUN
cblr-14254	120	6	,	,	PUNCT
cblr-14254	120	7	mayer	mayer	PROPN
cblr-14254	120	8	brown	brown	PROPN
cblr-14254	120	9	(	(	PUNCT
cblr-14254	120	10	aug	aug	PROPN
cblr-14254	120	11	.	.	PROPN
cblr-14254	120	12	10	10	NUM
cblr-14254	120	13	,	,	PUNCT
cblr-14254	120	14	2020	2020	NUM
cblr-14254	120	15	)	)	PUNCT
cblr-14254	120	16	,	,	PUNCT
cblr-14254	120	17	https://www.mayerbrown.com/en/perspectives-events/publications/2020/08/whatsthe-deal-special-purpose-acquisition-companies	https://www.mayerbrown.com/en/perspectives-events/publications/2020/08/whatsthe-deal-special-purpose-acquisition-companie	NOUN
cblr-14254	121	1	[	[	X
cblr-14254	121	2	https://perma.cc/v8th-whlu	https://perma.cc/v8th-whlu	NOUN
cblr-14254	121	3	]	]	X
cblr-14254	121	4	.	.	PUNCT
cblr-14254	122	1	36	36	NUM
cblr-14254	122	2	u.s	u.s	PROPN
cblr-14254	122	3	.	.	PROPN
cblr-14254	122	4	sec	sec	PROPN
cblr-14254	122	5	.	.	PROPN
cblr-14254	122	6	and	and	CCONJ
cblr-14254	122	7	exch	exch	PROPN
cblr-14254	122	8	.	.	PUNCT
cblr-14254	123	1	comm’n	comm’n	PROPN
cblr-14254	123	2	,	,	PUNCT
cblr-14254	123	3	what	what	PRON
cblr-14254	123	4	you	you	PRON
cblr-14254	123	5	need	need	VERB
cblr-14254	123	6	to	to	PART
cblr-14254	123	7	know	know	VERB
cblr-14254	123	8	about	about	ADP
cblr-14254	123	9	spacs	spac	NOUN
cblr-14254	123	10	–	–	PUNCT
cblr-14254	123	11	updated	update	VERB
cblr-14254	123	12	investor	investor	NOUN
cblr-14254	123	13	bulletin	bulletin	NOUN
cblr-14254	123	14	,	,	PUNCT
cblr-14254	123	15	investor.gov	investor.gov	PROPN
cblr-14254	123	16	(	(	PUNCT
cblr-14254	123	17	may	may	PROPN
cblr-14254	123	18	25	25	NUM
cblr-14254	123	19	,	,	PUNCT
cblr-14254	123	20	2021	2021	NUM
cblr-14254	123	21	)	)	PUNCT
cblr-14254	123	22	,	,	PUNCT
cblr-14254	123	23	https://www.sec.gov/oiea/investoralerts-and-bulletins/what-you-need-know-about-spacs-investor-bulletin	https://www.sec.gov/oiea/investoralerts-and-bulletins/what-you-need-know-about-spacs-investor-bulletin	NOUN
cblr-14254	123	24	.	.	PUNCT
cblr-14254	123	25	37	37	NUM
cblr-14254	123	26	castelli	castelli	NOUN
cblr-14254	123	27	,	,	PUNCT
cblr-14254	123	28	supra	supra	PROPN
cblr-14254	123	29	note	note	PROPN
cblr-14254	123	30	23	23	NUM
cblr-14254	123	31	,	,	PUNCT
cblr-14254	123	32	at	at	ADP
cblr-14254	123	33	269	269	NUM
cblr-14254	123	34	.	.	PUNCT
cblr-14254	124	1	460	460	NUM
cblr-14254	124	2	columbia	columbia	PROPN
cblr-14254	124	3	business	business	NOUN
cblr-14254	124	4	law	law	PROPN
cblr-14254	124	5	review	review	NOUN
cblr-14254	124	6	[	[	X
cblr-14254	124	7	vol	vol	NOUN
cblr-14254	124	8	.	.	PUNCT
cblr-14254	124	9	2025	2025	NUM
cblr-14254	124	10	of	of	ADP
cblr-14254	124	11	1940	1940	NUM
cblr-14254	124	12	(	(	PUNCT
cblr-14254	124	13	ica).38	ica).38	NOUN
cblr-14254	124	14	this	this	DET
cblr-14254	124	15	investment	investment	NOUN
cblr-14254	124	16	decision	decision	NOUN
cblr-14254	124	17	allows	allow	VERB
cblr-14254	124	18	spacs	spac	NOUN
cblr-14254	124	19	to	to	PART
cblr-14254	124	20	utilize	utilize	VERB
cblr-14254	124	21	rule	rule	NOUN
cblr-14254	124	22	3a-1	3a-1	NUM
cblr-14254	124	23	under	under	ADP
cblr-14254	124	24	the	the	DET
cblr-14254	124	25	ica	ica	PROPN
cblr-14254	124	26	,	,	PUNCT
cblr-14254	124	27	which	which	PRON
cblr-14254	124	28	excepts	except	VERB
cblr-14254	124	29	vehicles	vehicle	NOUN
cblr-14254	124	30	from	from	ADP
cblr-14254	124	31	the	the	DET
cblr-14254	124	32	definition	definition	NOUN
cblr-14254	124	33	of	of	ADP
cblr-14254	124	34	“	"	PUNCT
cblr-14254	124	35	investment	investment	NOUN
cblr-14254	124	36	company	company	NOUN
cblr-14254	124	37	”	"	PUNCT
cblr-14254	124	38	and	and	CCONJ
cblr-14254	124	39	“	"	PUNCT
cblr-14254	124	40	issuer	issuer	NOUN
cblr-14254	124	41	”	"	PUNCT
cblr-14254	124	42	where	where	SCONJ
cblr-14254	124	43	no	no	DET
cblr-14254	124	44	more	more	ADJ
cblr-14254	124	45	than	than	ADP
cblr-14254	124	46	45	45	NUM
cblr-14254	124	47	%	%	NOUN
cblr-14254	124	48	of	of	ADP
cblr-14254	124	49	the	the	DET
cblr-14254	124	50	value	value	NOUN
cblr-14254	124	51	of	of	ADP
cblr-14254	124	52	total	total	ADJ
cblr-14254	124	53	assets	asset	NOUN
cblr-14254	124	54	and	and	CCONJ
cblr-14254	124	55	45	45	NUM
cblr-14254	124	56	%	%	NOUN
cblr-14254	124	57	of	of	ADP
cblr-14254	124	58	post	post	ADJ
cblr-14254	124	59	-	-	ADJ
cblr-14254	124	60	tax	tax	ADJ
cblr-14254	124	61	net	net	ADJ
cblr-14254	124	62	income	income	NOUN
cblr-14254	124	63	are	be	AUX
cblr-14254	124	64	invested	invest	VERB
cblr-14254	124	65	in	in	ADP
cblr-14254	124	66	securities	security	NOUN
cblr-14254	124	67	(	(	PUNCT
cblr-14254	124	68	except	except	SCONJ
cblr-14254	124	69	for	for	ADP
cblr-14254	124	70	government	government	NOUN
cblr-14254	124	71	securities).39	securities).39	NOUN
cblr-14254	124	72	spacs	spac	NOUN
cblr-14254	124	73	assert	assert	VERB
cblr-14254	124	74	that	that	SCONJ
cblr-14254	124	75	their	their	PRON
cblr-14254	124	76	primary	primary	ADJ
cblr-14254	124	77	business	business	NOUN
cblr-14254	124	78	is	be	AUX
cblr-14254	124	79	not	not	PART
cblr-14254	124	80	in	in	ADP
cblr-14254	124	81	the	the	DET
cblr-14254	124	82	investing	investing	NOUN
cblr-14254	124	83	of	of	ADP
cblr-14254	124	84	securities	security	NOUN
cblr-14254	124	85	to	to	PART
cblr-14254	124	86	avoid	avoid	VERB
cblr-14254	124	87	capture	capture	NOUN
cblr-14254	124	88	by	by	ADP
cblr-14254	124	89	the	the	DET
cblr-14254	124	90	ica.40	ica.40	NOUN
cblr-14254	124	91	this	this	DET
cblr-14254	124	92	particular	particular	ADJ
cblr-14254	124	93	circumvention	circumvention	NOUN
cblr-14254	124	94	is	be	AUX
cblr-14254	124	95	strategic	strategic	ADJ
cblr-14254	124	96	as	as	SCONJ
cblr-14254	124	97	the	the	DET
cblr-14254	124	98	ica	ica	PROPN
cblr-14254	124	99	imposes	impose	VERB
cblr-14254	124	100	stringent	stringent	ADJ
cblr-14254	124	101	regulatory	regulatory	ADJ
cblr-14254	124	102	and	and	CCONJ
cblr-14254	124	103	compliance	compliance	NOUN
cblr-14254	124	104	requirements	requirement	NOUN
cblr-14254	124	105	,	,	PUNCT
cblr-14254	124	106	such	such	ADJ
cblr-14254	124	107	as	as	ADP
cblr-14254	124	108	restrictions	restriction	NOUN
cblr-14254	124	109	of	of	ADP
cblr-14254	124	110	diversification	diversification	NOUN
cblr-14254	124	111	mandates	mandate	NOUN
cblr-14254	124	112	,	,	PUNCT
cblr-14254	124	113	and	and	CCONJ
cblr-14254	124	114	detailed	detailed	ADJ
cblr-14254	124	115	disclosure	disclosure	NOUN
cblr-14254	124	116	obligations	obligation	NOUN
cblr-14254	124	117	that	that	PRON
cblr-14254	124	118	can	can	AUX
cblr-14254	124	119	limit	limit	VERB
cblr-14254	124	120	the	the	DET
cblr-14254	124	121	spac	spac	PROPN
cblr-14254	124	122	’s	’s	PART
cblr-14254	124	123	operational	operational	ADJ
cblr-14254	124	124	flexibility.41	flexibility.41	NOUN
cblr-14254	124	125	crucially	crucially	ADV
cblr-14254	124	126	,	,	PUNCT
cblr-14254	124	127	if	if	SCONJ
cblr-14254	124	128	governed	govern	VERB
cblr-14254	124	129	by	by	ADP
cblr-14254	124	130	the	the	DET
cblr-14254	124	131	ica	ica	PROPN
cblr-14254	124	132	,	,	PUNCT
cblr-14254	124	133	spacs	spac	NOUN
cblr-14254	124	134	would	would	AUX
cblr-14254	124	135	be	be	AUX
cblr-14254	124	136	subject	subject	ADJ
cblr-14254	124	137	to	to	ADP
cblr-14254	124	138	the	the	DET
cblr-14254	124	139	investment	investment	NOUN
cblr-14254	124	140	advisers	adviser	NOUN
cblr-14254	124	141	act	act	VERB
cblr-14254	124	142	(	(	PUNCT
cblr-14254	124	143	iaa	iaa	NOUN
cblr-14254	124	144	)	)	PUNCT
cblr-14254	124	145	that	that	PRON
cblr-14254	124	146	bars	bar	VERB
cblr-14254	124	147	the	the	DET
cblr-14254	124	148	complex	complex	ADJ
cblr-14254	124	149	,	,	PUNCT
cblr-14254	124	150	securities	security	NOUN
cblr-14254	124	151	-	-	PUNCT
cblr-14254	124	152	based	base	VERB
cblr-14254	124	153	structure	structure	NOUN
cblr-14254	124	154	spacs	spac	NOUN
cblr-14254	124	155	use	use	VERB
cblr-14254	124	156	as	as	ADP
cblr-14254	124	157	attractive	attractive	ADJ
cblr-14254	124	158	compensation	compensation	NOUN
cblr-14254	124	159	to	to	ADP
cblr-14254	124	160	their	their	PRON
cblr-14254	124	161	investment	investment	NOUN
cblr-14254	124	162	advisers.42	advisers.42	NOUN
cblr-14254	124	163	avoiding	avoid	VERB
cblr-14254	124	164	definition	definition	NOUN
cblr-14254	124	165	as	as	ADP
cblr-14254	124	166	a	a	DET
cblr-14254	124	167	“	"	PUNCT
cblr-14254	124	168	blank	blank	ADJ
cblr-14254	124	169	check	check	NOUN
cblr-14254	124	170	company	company	NOUN
cblr-14254	124	171	”	"	PUNCT
cblr-14254	124	172	has	have	AUX
cblr-14254	124	173	also	also	ADV
cblr-14254	124	174	enabled	enable	VERB
cblr-14254	124	175	another	another	DET
cblr-14254	124	176	key	key	ADJ
cblr-14254	124	177	feature	feature	NOUN
cblr-14254	124	178	of	of	ADP
cblr-14254	124	179	the	the	DET
cblr-14254	124	180	spac	spac	PROPN
cblr-14254	124	181	/	/	SYM
cblr-14254	124	182	de	de	ADJ
cblr-14254	124	183	-	-	NOUN
cblr-14254	124	184	spac	spac	PROPN
cblr-14254	124	185	transaction	transaction	NOUN
cblr-14254	124	186	:	:	PUNCT
cblr-14254	124	187	the	the	DET
cblr-14254	124	188	usage	usage	NOUN
cblr-14254	124	189	of	of	ADP
cblr-14254	124	190	forward	forward	ADV
cblr-14254	124	191	-	-	PUNCT
cblr-14254	124	192	looking	look	VERB
cblr-14254	124	193	statements	statement	NOUN
cblr-14254	124	194	.	.	PUNCT
cblr-14254	125	1	the	the	DET
cblr-14254	125	2	pslra	pslra	NOUN
cblr-14254	125	3	established	establish	VERB
cblr-14254	125	4	a	a	DET
cblr-14254	125	5	limited	limited	ADJ
cblr-14254	125	6	safe	safe	ADJ
cblr-14254	125	7	harbor	harbor	NOUN
cblr-14254	125	8	for	for	ADP
cblr-14254	125	9	forward	forward	ADV
cblr-14254	125	10	-	-	PUNCT
cblr-14254	125	11	looking	look	VERB
cblr-14254	125	12	statements	statement	NOUN
cblr-14254	125	13	,	,	PUNCT
cblr-14254	125	14	or	or	CCONJ
cblr-14254	125	15	future	future	ADJ
cblr-14254	125	16	projections	projection	NOUN
cblr-14254	125	17	.	.	PUNCT
cblr-14254	126	1	this	this	PRON
cblr-14254	126	2	encompasses	encompass	VERB
cblr-14254	126	3	future	future	ADJ
cblr-14254	126	4	economic	economic	ADJ
cblr-14254	126	5	performance	performance	NOUN
cblr-14254	126	6	like	like	ADP
cblr-14254	126	7	revenue	revenue	NOUN
cblr-14254	126	8	,	,	PUNCT
cblr-14254	126	9	income	income	NOUN
cblr-14254	126	10	,	,	PUNCT
cblr-14254	126	11	and	and	CCONJ
cblr-14254	126	12	future	future	ADJ
cblr-14254	126	13	operations.43	operations.43	PROPN
cblr-14254	126	14	however	however	ADV
cblr-14254	126	15	,	,	PUNCT
cblr-14254	126	16	this	this	DET
cblr-14254	126	17	safe	safe	ADJ
cblr-14254	126	18	harbor	harbor	NOUN
cblr-14254	126	19	excludes	exclude	VERB
cblr-14254	126	20	forwardlooking	forwardlooke	VERB
cblr-14254	126	21	statements	statement	NOUN
cblr-14254	126	22	made	make	VERB
cblr-14254	126	23	by	by	ADP
cblr-14254	126	24	a	a	DET
cblr-14254	126	25	blank	blank	ADJ
cblr-14254	126	26	check	check	NOUN
cblr-14254	126	27	company.44	company.44	NOUN
cblr-14254	126	28	it	it	PRON
cblr-14254	126	29	also	also	ADV
cblr-14254	126	30	38	38	NUM
cblr-14254	126	31	pinedo	pinedo	NOUN
cblr-14254	126	32	et	et	PROPN
cblr-14254	126	33	al	al	PROPN
cblr-14254	126	34	.	.	PROPN
cblr-14254	126	35	,	,	PUNCT
cblr-14254	126	36	supra	supra	PROPN
cblr-14254	126	37	note	note	PROPN
cblr-14254	126	38	35	35	NUM
cblr-14254	126	39	.	.	NOUN
cblr-14254	127	1	39	39	NUM
cblr-14254	127	2	17	17	NUM
cblr-14254	127	3	c.f.r	c.f.r	NOUN
cblr-14254	127	4	.	.	PUNCT
cblr-14254	128	1	§	§	PROPN
cblr-14254	128	2	270.3a-1	270.3a-1	NUM
cblr-14254	128	3	.	.	PUNCT
cblr-14254	129	1	40	40	NUM
cblr-14254	129	2	matt	matt	PROPN
cblr-14254	129	3	levine	levine	PROPN
cblr-14254	129	4	,	,	PUNCT
cblr-14254	129	5	money	money	NOUN
cblr-14254	129	6	stuff	stuff	NOUN
cblr-14254	129	7	:	:	PUNCT
cblr-14254	129	8	spac	spac	PROPN
cblr-14254	129	9	suit	suit	NOUN
cblr-14254	129	10	leads	lead	VERB
cblr-14254	129	11	to	to	ADP
cblr-14254	129	12	sparcs	sparcs	PROPN
cblr-14254	129	13	,	,	PUNCT
cblr-14254	129	14	bloomberg	bloomberg	PROPN
cblr-14254	129	15	(	(	PUNCT
cblr-14254	129	16	aug	aug	PROPN
cblr-14254	129	17	.	.	PROPN
cblr-14254	129	18	23	23	NUM
cblr-14254	129	19	,	,	PUNCT
cblr-14254	129	20	2021	2021	NUM
cblr-14254	129	21	)	)	PUNCT
cblr-14254	129	22	,	,	PUNCT
cblr-14254	129	23	https://www.bloomberg.com/news/newsletters/2021-08-23/money-stuff-spacsuit-leads-to-sparcs?embedded-checkout=true	https://www.bloomberg.com/news/newsletters/2021-08-23/money-stuff-spacsuit-leads-to-sparcs?embedded-checkout=true	VERB
cblr-14254	130	1	[	[	X
cblr-14254	130	2	https://perma.cc/4hen-wlmh	https://perma.cc/4hen-wlmh	X
cblr-14254	130	3	]	]	X
cblr-14254	130	4	.	.	PUNCT
cblr-14254	131	1	41	41	NUM
cblr-14254	131	2	gregory	gregory	PROPN
cblr-14254	131	3	merz	merz	PROPN
cblr-14254	131	4	,	,	PUNCT
cblr-14254	131	5	investment	investment	NOUN
cblr-14254	131	6	company	company	NOUN
cblr-14254	131	7	act	act	NOUN
cblr-14254	131	8	of	of	ADP
cblr-14254	131	9	1940	1940	NUM
cblr-14254	131	10	exceptions	exception	NOUN
cblr-14254	131	11	:	:	PUNCT
cblr-14254	131	12	guide	guide	VERB
cblr-14254	131	13	for	for	ADP
cblr-14254	131	14	transactional	transactional	ADJ
cblr-14254	131	15	lawyers	lawyer	NOUN
cblr-14254	131	16	,	,	PUNCT
cblr-14254	131	17	westlaw	westlaw	NOUN
cblr-14254	131	18	:	:	PUNCT
cblr-14254	131	19	practical	practical	ADJ
cblr-14254	131	20	(	(	PUNCT
cblr-14254	131	21	2025	2025	NUM
cblr-14254	131	22	)	)	PUNCT
cblr-14254	131	23	(	(	PUNCT
cblr-14254	131	24	on	on	ADP
cblr-14254	131	25	file	file	NOUN
cblr-14254	131	26	with	with	ADP
cblr-14254	131	27	the	the	DET
cblr-14254	131	28	columbia	columbia	PROPN
cblr-14254	131	29	business	business	PROPN
cblr-14254	131	30	law	law	PROPN
cblr-14254	131	31	review	review	PROPN
cblr-14254	131	32	)	)	PUNCT
cblr-14254	131	33	.	.	PUNCT
cblr-14254	132	1	42	42	NUM
cblr-14254	132	2	cydney	cydney	NOUN
cblr-14254	132	3	posner	posner	NOUN
cblr-14254	132	4	,	,	PUNCT
cblr-14254	132	5	are	be	AUX
cblr-14254	132	6	spacs	spac	NOUN
cblr-14254	132	7	really	really	ADV
cblr-14254	132	8	“	"	PUNCT
cblr-14254	132	9	investment	investment	NOUN
cblr-14254	132	10	companies	company	NOUN
cblr-14254	132	11	”	"	PUNCT
cblr-14254	132	12	?	?	PUNCT
cblr-14254	132	13	,	,	PUNCT
cblr-14254	132	14	cooley	cooley	PROPN
cblr-14254	132	15	pubco	pubco	NOUN
cblr-14254	132	16	(	(	PUNCT
cblr-14254	132	17	aug	aug	PROPN
cblr-14254	132	18	.	.	PROPN
cblr-14254	132	19	30	30	NUM
cblr-14254	132	20	,	,	PUNCT
cblr-14254	132	21	2021	2021	NUM
cblr-14254	132	22	)	)	PUNCT
cblr-14254	132	23	,	,	PUNCT
cblr-14254	133	1	https://cooleypubco.com/2021/08/30/spacs-investment-companies/	https://cooleypubco.com/2021/08/30/spacs-investment-companies/	PROPN
cblr-14254	133	2	[	[	X
cblr-14254	133	3	https://perma.cc/4wp8-rxce	https://perma.cc/4wp8-rxce	NOUN
cblr-14254	133	4	]	]	X
cblr-14254	133	5	.	.	PUNCT
cblr-14254	134	1	43	43	NUM
cblr-14254	134	2	daniele	daniele	PROPN
cblr-14254	134	3	d’alvia	d’alvia	PROPN
cblr-14254	134	4	&	&	CCONJ
cblr-14254	134	5	milos	milos	PROPN
cblr-14254	134	6	vulanovic	vulanovic	PROPN
cblr-14254	134	7	,	,	PUNCT
cblr-14254	134	8	a	a	DET
cblr-14254	134	9	rethinking	rethinking	NOUN
cblr-14254	134	10	of	of	ADP
cblr-14254	134	11	u.s	u.s	PROPN
cblr-14254	134	12	.	.	PROPN
cblr-14254	134	13	forward	forward	ADV
cblr-14254	134	14	-	-	PUNCT
cblr-14254	134	15	looking	look	VERB
cblr-14254	134	16	statements	statement	NOUN
cblr-14254	134	17	in	in	ADP
cblr-14254	134	18	spacs	spac	NOUN
cblr-14254	134	19	,	,	PUNCT
cblr-14254	134	20	fordham	fordham	PROPN
cblr-14254	134	21	j.	j.	PROPN
cblr-14254	134	22	corp	corp	PROPN
cblr-14254	134	23	.	.	PROPN
cblr-14254	134	24	&	&	CCONJ
cblr-14254	134	25	fin	fin	PROPN
cblr-14254	134	26	.	.	PUNCT
cblr-14254	135	1	l.	l.	PROPN
cblr-14254	135	2	(	(	PUNCT
cblr-14254	135	3	july	july	PROPN
cblr-14254	135	4	13	13	NUM
cblr-14254	135	5	,	,	PUNCT
cblr-14254	135	6	2021	2021	NUM
cblr-14254	135	7	)	)	PUNCT
cblr-14254	135	8	,	,	PUNCT
cblr-14254	135	9	https://news.law.fordham.edu/jcfl/2021/07/13/a-rethinking-of-u-s-forward-lookingstatements-in-spacs/	https://news.law.fordham.edu/jcfl/2021/07/13/a-rethinking-of-u-s-forward-lookingstatements-in-spacs/	PROPN
cblr-14254	136	1	[	[	X
cblr-14254	136	2	https://perma.cc/kgq3-7q2	https://perma.cc/kgq3-7q2	PROPN
cblr-14254	136	3	m	m	PROPN
cblr-14254	136	4	]	]	X
cblr-14254	136	5	.	.	PUNCT
cblr-14254	137	1	44	44	NUM
cblr-14254	137	2	15	15	NUM
cblr-14254	137	3	u.s.c	u.s.c	NOUN
cblr-14254	137	4	.	.	PUNCT
cblr-14254	138	1	§	§	PROPN
cblr-14254	138	2	78u-5(b)(1)(b	78u-5(b)(1)(b	NUM
cblr-14254	138	3	)	)	PUNCT
cblr-14254	138	4	.	.	PUNCT
cblr-14254	139	1	no	no	INTJ
cblr-14254	139	2	.	.	NOUN
cblr-14254	140	1	1	1	NUM
cblr-14254	140	2	]	]	PUNCT
cblr-14254	140	3	the	the	DET
cblr-14254	140	4	spac	spac	PROPN
cblr-14254	140	5	phenomenon	phenomenon	NOUN
cblr-14254	140	6	461	461	NUM
cblr-14254	140	7	excludes	exclude	VERB
cblr-14254	140	8	forward	forward	ADV
cblr-14254	140	9	-	-	PUNCT
cblr-14254	140	10	looking	look	VERB
cblr-14254	140	11	statements	statement	NOUN
cblr-14254	140	12	made	make	VERB
cblr-14254	140	13	in	in	ADP
cblr-14254	140	14	connection	connection	NOUN
cblr-14254	140	15	with	with	ADP
cblr-14254	140	16	an	an	DET
cblr-14254	140	17	ipo.45	ipo.45	NOUN
cblr-14254	140	18	prior	prior	ADV
cblr-14254	140	19	to	to	ADP
cblr-14254	140	20	new	new	ADJ
cblr-14254	140	21	sec	sec	PROPN
cblr-14254	140	22	regulation	regulation	NOUN
cblr-14254	140	23	explicitly	explicitly	ADV
cblr-14254	140	24	nullifying	nullify	VERB
cblr-14254	140	25	the	the	DET
cblr-14254	140	26	safe	safe	ADJ
cblr-14254	140	27	harbor	harbor	NOUN
cblr-14254	140	28	,	,	PUNCT
cblr-14254	140	29	spacs	spac	NOUN
cblr-14254	140	30	were	be	AUX
cblr-14254	140	31	able	able	ADJ
cblr-14254	140	32	to	to	PART
cblr-14254	140	33	take	take	VERB
cblr-14254	140	34	advantage	advantage	NOUN
cblr-14254	140	35	of	of	ADP
cblr-14254	140	36	this	this	DET
cblr-14254	140	37	safe	safe	ADJ
cblr-14254	140	38	harbor	harbor	NOUN
cblr-14254	140	39	because	because	SCONJ
cblr-14254	140	40	they	they	PRON
cblr-14254	140	41	are	be	AUX
cblr-14254	140	42	structured	structure	VERB
cblr-14254	140	43	so	so	SCONJ
cblr-14254	140	44	that	that	SCONJ
cblr-14254	140	45	the	the	DET
cblr-14254	140	46	initial	initial	ADJ
cblr-14254	140	47	spac	spac	NOUN
cblr-14254	140	48	is	be	AUX
cblr-14254	140	49	not	not	PART
cblr-14254	140	50	a	a	DET
cblr-14254	140	51	blank	blank	ADJ
cblr-14254	140	52	check	check	NOUN
cblr-14254	140	53	company	company	NOUN
cblr-14254	140	54	,	,	PUNCT
cblr-14254	140	55	and	and	CCONJ
cblr-14254	140	56	the	the	DET
cblr-14254	140	57	later	later	ADJ
cblr-14254	140	58	merger	merger	NOUN
cblr-14254	140	59	,	,	PUNCT
cblr-14254	140	60	although	although	SCONJ
cblr-14254	140	61	a	a	DET
cblr-14254	140	62	quasi	quasi	ADJ
cblr-14254	140	63	-	-	ADJ
cblr-14254	140	64	ipo	ipo	ADJ
cblr-14254	140	65	event	event	NOUN
cblr-14254	140	66	,	,	PUNCT
cblr-14254	140	67	is	be	AUX
cblr-14254	140	68	still	still	ADV
cblr-14254	140	69	not	not	PART
cblr-14254	140	70	a	a	DET
cblr-14254	140	71	traditional	traditional	ADJ
cblr-14254	140	72	ipo	ipo	NOUN
cblr-14254	140	73	.	.	PUNCT
cblr-14254	141	1	since	since	SCONJ
cblr-14254	141	2	spacs	spac	NOUN
cblr-14254	141	3	often	often	ADV
cblr-14254	141	4	take	take	VERB
cblr-14254	141	5	early	early	ADJ
cblr-14254	141	6	-	-	PUNCT
cblr-14254	141	7	stage	stage	NOUN
cblr-14254	141	8	companies	company	NOUN
cblr-14254	141	9	public	public	ADJ
cblr-14254	141	10	,	,	PUNCT
cblr-14254	141	11	the	the	DET
cblr-14254	141	12	ability	ability	NOUN
cblr-14254	141	13	to	to	PART
cblr-14254	141	14	utilize	utilize	VERB
cblr-14254	141	15	forward	forward	ADV
cblr-14254	141	16	-	-	PUNCT
cblr-14254	141	17	looking	look	VERB
cblr-14254	141	18	statements	statement	NOUN
cblr-14254	141	19	gives	give	VERB
cblr-14254	141	20	them	they	PRON
cblr-14254	141	21	a	a	DET
cblr-14254	141	22	wider	wide	ADJ
cblr-14254	141	23	range	range	NOUN
cblr-14254	141	24	of	of	ADP
cblr-14254	141	25	targets	target	NOUN
cblr-14254	141	26	to	to	PART
cblr-14254	141	27	choose	choose	VERB
cblr-14254	141	28	from	from	ADP
cblr-14254	141	29	that	that	PRON
cblr-14254	141	30	can	can	AUX
cblr-14254	141	31	still	still	ADV
cblr-14254	141	32	be	be	AUX
cblr-14254	141	33	represented	represent	VERB
cblr-14254	141	34	in	in	ADP
cblr-14254	141	35	an	an	DET
cblr-14254	141	36	attractive	attractive	ADJ
cblr-14254	141	37	light	light	NOUN
cblr-14254	141	38	to	to	ADP
cblr-14254	141	39	investors	investor	NOUN
cblr-14254	141	40	.	.	PUNCT
cblr-14254	142	1	this	this	PRON
cblr-14254	142	2	allows	allow	VERB
cblr-14254	142	3	the	the	DET
cblr-14254	142	4	proponents	proponent	NOUN
cblr-14254	142	5	of	of	ADP
cblr-14254	142	6	this	this	DET
cblr-14254	142	7	transaction	transaction	NOUN
cblr-14254	142	8	form	form	NOUN
cblr-14254	142	9	to	to	PART
cblr-14254	142	10	argue	argue	VERB
cblr-14254	142	11	that	that	SCONJ
cblr-14254	142	12	spacs	spac	NOUN
cblr-14254	142	13	are	be	AUX
cblr-14254	142	14	valuably	valuably	ADV
cblr-14254	142	15	widening	widen	VERB
cblr-14254	142	16	access	access	NOUN
cblr-14254	142	17	to	to	ADP
cblr-14254	142	18	capital	capital	NOUN
cblr-14254	142	19	from	from	ADP
cblr-14254	142	20	the	the	DET
cblr-14254	142	21	company	company	NOUN
cblr-14254	142	22	end	end	VERB
cblr-14254	142	23	and	and	CCONJ
cblr-14254	142	24	opportunity	opportunity	NOUN
cblr-14254	142	25	to	to	PART
cblr-14254	142	26	invest	invest	VERB
cblr-14254	142	27	in	in	ADP
cblr-14254	142	28	cutting	cut	VERB
cblr-14254	142	29	-	-	PUNCT
cblr-14254	142	30	edge	edge	NOUN
cblr-14254	142	31	business	business	NOUN
cblr-14254	142	32	ideas	idea	NOUN
cblr-14254	142	33	and	and	CCONJ
cblr-14254	142	34	technologies	technology	NOUN
cblr-14254	142	35	from	from	ADP
cblr-14254	142	36	the	the	DET
cblr-14254	142	37	investor	investor	NOUN
cblr-14254	142	38	end	end	NOUN
cblr-14254	142	39	.	.	PUNCT
cblr-14254	143	1	however	however	ADV
cblr-14254	143	2	,	,	PUNCT
cblr-14254	143	3	the	the	DET
cblr-14254	143	4	safe	safe	ADJ
cblr-14254	143	5	harbor	harbor	NOUN
cblr-14254	143	6	never	never	ADV
cblr-14254	143	7	explicitly	explicitly	ADV
cblr-14254	143	8	allowed	allow	VERB
cblr-14254	143	9	spacs	spac	NOUN
cblr-14254	143	10	to	to	PART
cblr-14254	143	11	take	take	VERB
cblr-14254	143	12	advantage	advantage	NOUN
cblr-14254	143	13	of	of	ADP
cblr-14254	143	14	the	the	DET
cblr-14254	143	15	provision	provision	NOUN
cblr-14254	143	16	.	.	PUNCT
cblr-14254	144	1	instead	instead	ADV
cblr-14254	144	2	,	,	PUNCT
cblr-14254	144	3	based	base	VERB
cblr-14254	144	4	on	on	ADP
cblr-14254	144	5	the	the	DET
cblr-14254	144	6	two	two	NUM
cblr-14254	144	7	features	feature	NOUN
cblr-14254	144	8	described	describe	VERB
cblr-14254	144	9	,	,	PUNCT
cblr-14254	144	10	spacs	spac	NOUN
cblr-14254	144	11	had	have	AUX
cblr-14254	144	12	simply	simply	ADV
cblr-14254	144	13	been	be	AUX
cblr-14254	144	14	operating	operate	VERB
cblr-14254	144	15	on	on	ADP
cblr-14254	144	16	the	the	DET
cblr-14254	144	17	assumption	assumption	NOUN
cblr-14254	144	18	that	that	SCONJ
cblr-14254	144	19	the	the	DET
cblr-14254	144	20	safe	safe	ADJ
cblr-14254	144	21	harbor	harbor	NOUN
cblr-14254	144	22	applies	apply	VERB
cblr-14254	144	23	to	to	ADP
cblr-14254	144	24	them.46	them.46	PROPN
cblr-14254	144	25	sec	sec	PROPN
cblr-14254	144	26	commissioner	commissioner	NOUN
cblr-14254	144	27	john	john	PROPN
cblr-14254	144	28	coates	coates	PROPN
cblr-14254	144	29	noted	note	VERB
cblr-14254	144	30	that	that	SCONJ
cblr-14254	144	31	the	the	DET
cblr-14254	144	32	applicability	applicability	NOUN
cblr-14254	144	33	of	of	ADP
cblr-14254	144	34	the	the	DET
cblr-14254	144	35	safe	safe	ADJ
cblr-14254	144	36	harbor	harbor	NOUN
cblr-14254	144	37	is	be	AUX
cblr-14254	144	38	“	"	PUNCT
cblr-14254	144	39	uncertain	uncertain	ADJ
cblr-14254	144	40	at	at	ADP
cblr-14254	144	41	best,”47	best,”47	NOUN
cblr-14254	144	42	and	and	CCONJ
cblr-14254	144	43	his	his	PRON
cblr-14254	144	44	concerns	concern	NOUN
cblr-14254	144	45	were	be	AUX
cblr-14254	144	46	resolved	resolve	VERB
cblr-14254	144	47	by	by	ADP
cblr-14254	144	48	its	its	PRON
cblr-14254	144	49	later	later	ADJ
cblr-14254	144	50	nullification	nullification	NOUN
cblr-14254	144	51	.	.	PUNCT
cblr-14254	145	1	iii	iii	X
cblr-14254	145	2	.	.	PUNCT
cblr-14254	146	1	the	the	DET
cblr-14254	146	2	contemporary	contemporary	ADJ
cblr-14254	146	3	spac	spac	PROPN
cblr-14254	146	4	:	:	PUNCT
cblr-14254	146	5	structure	structure	NOUN
cblr-14254	146	6	and	and	CCONJ
cblr-14254	146	7	incentives	incentive	VERB
cblr-14254	146	8	this	this	DET
cblr-14254	146	9	regulatory	regulatory	ADJ
cblr-14254	146	10	backdrop	backdrop	NOUN
cblr-14254	146	11	informs	inform	VERB
cblr-14254	146	12	the	the	DET
cblr-14254	146	13	understanding	understanding	NOUN
cblr-14254	146	14	of	of	ADP
cblr-14254	146	15	the	the	DET
cblr-14254	146	16	mechanics	mechanic	NOUN
cblr-14254	146	17	of	of	ADP
cblr-14254	146	18	the	the	DET
cblr-14254	146	19	contemporary	contemporary	ADJ
cblr-14254	146	20	spac	spac	PROPN
cblr-14254	146	21	and	and	CCONJ
cblr-14254	146	22	de	de	ADJ
cblr-14254	146	23	-	-	ADJ
cblr-14254	146	24	spac	spac	PROPN
cblr-14254	146	25	transaction	transaction	NOUN
cblr-14254	146	26	.	.	PUNCT
cblr-14254	147	1	this	this	DET
cblr-14254	147	2	section	section	NOUN
cblr-14254	147	3	first	first	ADV
cblr-14254	147	4	addresses	address	VERB
cblr-14254	147	5	the	the	DET
cblr-14254	147	6	formation	formation	NOUN
cblr-14254	147	7	and	and	CCONJ
cblr-14254	147	8	initial	initial	ADJ
cblr-14254	147	9	public	public	ADJ
cblr-14254	147	10	offering	offering	NOUN
cblr-14254	147	11	of	of	ADP
cblr-14254	147	12	the	the	DET
cblr-14254	147	13	spac	spac	PROPN
cblr-14254	147	14	,	,	PUNCT
cblr-14254	147	15	with	with	ADP
cblr-14254	147	16	attention	attention	NOUN
cblr-14254	147	17	to	to	ADP
cblr-14254	147	18	the	the	DET
cblr-14254	147	19	critical	critical	ADJ
cblr-14254	147	20	roles	role	NOUN
cblr-14254	147	21	of	of	ADP
cblr-14254	147	22	sponsors	sponsor	NOUN
cblr-14254	147	23	,	,	PUNCT
cblr-14254	147	24	and	and	CCONJ
cblr-14254	147	25	directors	director	NOUN
cblr-14254	147	26	.	.	PUNCT
cblr-14254	148	1	this	this	PRON
cblr-14254	148	2	is	be	AUX
cblr-14254	148	3	followed	follow	VERB
cblr-14254	148	4	by	by	ADP
cblr-14254	148	5	analysis	analysis	NOUN
cblr-14254	148	6	of	of	ADP
cblr-14254	148	7	the	the	DET
cblr-14254	148	8	target	target	NOUN
cblr-14254	148	9	acquisition	acquisition	NOUN
cblr-14254	148	10	and	and	CCONJ
cblr-14254	148	11	de	de	ADJ
cblr-14254	148	12	-	-	ADJ
cblr-14254	148	13	spac	spac	NOUN
cblr-14254	148	14	process	process	NOUN
cblr-14254	148	15	,	,	PUNCT
cblr-14254	148	16	with	with	ADP
cblr-14254	148	17	45	45	NUM
cblr-14254	148	18	i	i	PROPN
cblr-14254	148	19	d.	d.	PROPN
cblr-14254	148	20	§	§	PROPN
cblr-14254	148	21	78u-5(b)(2)(d	78u-5(b)(2)(d	PROPN
cblr-14254	148	22	)	)	PUNCT
cblr-14254	148	23	.	.	PUNCT
cblr-14254	149	1	46	46	NUM
cblr-14254	149	2	cydney	cydney	NOUN
cblr-14254	149	3	posner	posner	NOUN
cblr-14254	149	4	,	,	PUNCT
cblr-14254	149	5	the	the	DET
cblr-14254	149	6	house	house	NOUN
cblr-14254	149	7	hears	hear	VERB
cblr-14254	149	8	about	about	ADP
cblr-14254	149	9	spacs	spac	NOUN
cblr-14254	149	10	,	,	PUNCT
cblr-14254	149	11	cooley	cooley	NOUN
cblr-14254	149	12	pubco	pubco	NOUN
cblr-14254	149	13	(	(	PUNCT
cblr-14254	149	14	june	june	PROPN
cblr-14254	149	15	1	1	NUM
cblr-14254	149	16	,	,	PUNCT
cblr-14254	149	17	2021	2021	NUM
cblr-14254	149	18	)	)	PUNCT
cblr-14254	149	19	,	,	PUNCT
cblr-14254	150	1	https://cooleypubco.com/2021/06/01/house-hears-spacs/	https://cooleypubco.com/2021/06/01/house-hears-spacs/	PROPN
cblr-14254	151	1	[	[	X
cblr-14254	151	2	https://perma.cc/7k5cyek9	https://perma.cc/7k5cyek9	X
cblr-14254	151	3	]	]	PUNCT
cblr-14254	151	4	.	.	PUNCT
cblr-14254	152	1	47	47	NUM
cblr-14254	152	2	john	john	PROPN
cblr-14254	152	3	coates	coates	PROPN
cblr-14254	152	4	,	,	PUNCT
cblr-14254	152	5	spacs	spac	NOUN
cblr-14254	152	6	,	,	PUNCT
cblr-14254	152	7	ipos	ipos	NOUN
cblr-14254	152	8	and	and	CCONJ
cblr-14254	152	9	liability	liability	NOUN
cblr-14254	152	10	risk	risk	NOUN
cblr-14254	152	11	under	under	ADP
cblr-14254	152	12	the	the	DET
cblr-14254	152	13	securities	security	NOUN
cblr-14254	152	14	laws	law	NOUN
cblr-14254	152	15	,	,	PUNCT
cblr-14254	152	16	u.s	u.s	PROPN
cblr-14254	152	17	.	.	PROPN
cblr-14254	152	18	sec	sec	PROPN
cblr-14254	152	19	.	.	PROPN
cblr-14254	152	20	and	and	CCONJ
cblr-14254	152	21	exch	exch	PROPN
cblr-14254	152	22	.	.	PUNCT
cblr-14254	152	23	comm’n	comm’n	PROPN
cblr-14254	152	24	(	(	PUNCT
cblr-14254	152	25	apr	apr	NOUN
cblr-14254	152	26	.	.	NOUN
cblr-14254	152	27	8	8	NUM
cblr-14254	152	28	,	,	PUNCT
cblr-14254	152	29	2021	2021	NUM
cblr-14254	152	30	)	)	PUNCT
cblr-14254	152	31	,	,	PUNCT
cblr-14254	152	32	https://www.sec.gov/news/publicstatement/spacs-ipos-liability-risk-under-securities-laws	https://www.sec.gov/news/publicstatement/spacs-ipos-liability-risk-under-securities-law	NOUN
cblr-14254	152	33	.	.	PUNCT
cblr-14254	153	1	462	462	NUM
cblr-14254	153	2	columbia	columbia	PROPN
cblr-14254	153	3	business	business	PROPN
cblr-14254	153	4	law	law	PROPN
cblr-14254	153	5	review	review	NOUN
cblr-14254	153	6	[	[	X
cblr-14254	153	7	vol	vol	NOUN
cblr-14254	153	8	.	.	PUNCT
cblr-14254	153	9	2025	2025	NUM
cblr-14254	153	10	attention	attention	NOUN
cblr-14254	153	11	to	to	ADP
cblr-14254	153	12	the	the	DET
cblr-14254	153	13	instrumental	instrumental	ADJ
cblr-14254	153	14	role	role	NOUN
cblr-14254	153	15	of	of	ADP
cblr-14254	153	16	pipe	pipe	NOUN
cblr-14254	153	17	financing	financing	NOUN
cblr-14254	153	18	.	.	PUNCT
cblr-14254	154	1	the	the	DET
cblr-14254	154	2	final	final	ADJ
cblr-14254	154	3	part	part	NOUN
cblr-14254	154	4	of	of	ADP
cblr-14254	154	5	this	this	DET
cblr-14254	154	6	section	section	NOUN
cblr-14254	154	7	critically	critically	ADV
cblr-14254	154	8	examines	examine	VERB
cblr-14254	154	9	the	the	DET
cblr-14254	154	10	various	various	ADJ
cblr-14254	154	11	incentive	incentive	NOUN
cblr-14254	154	12	structures	structure	NOUN
cblr-14254	154	13	,	,	PUNCT
cblr-14254	154	14	from	from	ADP
cblr-14254	154	15	sponsors	sponsor	NOUN
cblr-14254	154	16	to	to	ADP
cblr-14254	154	17	retail	retail	ADJ
cblr-14254	154	18	investors	investor	NOUN
cblr-14254	154	19	,	,	PUNCT
cblr-14254	154	20	exposing	expose	VERB
cblr-14254	154	21	potential	potential	ADJ
cblr-14254	154	22	misalignments	misalignment	NOUN
cblr-14254	154	23	and	and	CCONJ
cblr-14254	154	24	challenges	challenge	NOUN
cblr-14254	154	25	within	within	ADP
cblr-14254	154	26	the	the	DET
cblr-14254	154	27	strategic	strategic	ADJ
cblr-14254	154	28	and	and	CCONJ
cblr-14254	154	29	regulatory	regulatory	ADJ
cblr-14254	154	30	landscape	landscape	NOUN
cblr-14254	154	31	of	of	ADP
cblr-14254	154	32	modern	modern	ADJ
cblr-14254	154	33	spacs	spac	NOUN
cblr-14254	154	34	.	.	PUNCT
cblr-14254	155	1	a.	a.	NOUN
cblr-14254	155	2	sponsors	sponsor	NOUN
cblr-14254	155	3	and	and	CCONJ
cblr-14254	155	4	directors	director	NOUN
cblr-14254	155	5	:	:	PUNCT
cblr-14254	155	6	formation	formation	NOUN
cblr-14254	155	7	and	and	CCONJ
cblr-14254	155	8	target	target	NOUN
cblr-14254	155	9	acquisition	acquisition	NOUN
cblr-14254	155	10	the	the	DET
cblr-14254	155	11	life	life	NOUN
cblr-14254	155	12	cycle	cycle	NOUN
cblr-14254	155	13	of	of	ADP
cblr-14254	155	14	a	a	DET
cblr-14254	155	15	spac	spac	NOUN
cblr-14254	155	16	begins	begin	VERB
cblr-14254	155	17	with	with	ADP
cblr-14254	155	18	a	a	DET
cblr-14254	155	19	sponsor	sponsor	NOUN
cblr-14254	155	20	;	;	PUNCT
cblr-14254	155	21	this	this	PRON
cblr-14254	155	22	could	could	AUX
cblr-14254	155	23	be	be	AUX
cblr-14254	155	24	individuals	individual	NOUN
cblr-14254	155	25	with	with	ADP
cblr-14254	155	26	a	a	DET
cblr-14254	155	27	business	business	NOUN
cblr-14254	155	28	idea	idea	NOUN
cblr-14254	155	29	,	,	PUNCT
cblr-14254	155	30	private	private	ADJ
cblr-14254	155	31	equity	equity	NOUN
cblr-14254	155	32	firms,48	firms,48	NOUN
cblr-14254	155	33	celebrities,49	celebrities,49	NOUN
cblr-14254	155	34	operators,50	operators,50	NOUN
cblr-14254	155	35	or	or	CCONJ
cblr-14254	155	36	any	any	DET
cblr-14254	155	37	other	other	ADJ
cblr-14254	155	38	entity	entity	NOUN
cblr-14254	155	39	with	with	ADP
cblr-14254	155	40	the	the	DET
cblr-14254	155	41	necessary	necessary	ADJ
cblr-14254	155	42	financial	financial	ADJ
cblr-14254	155	43	and	and	CCONJ
cblr-14254	155	44	managerial	managerial	ADJ
cblr-14254	155	45	capabilities	capability	NOUN
cblr-14254	155	46	.	.	PUNCT
cblr-14254	156	1	the	the	DET
cblr-14254	156	2	key	key	ADJ
cblr-14254	156	3	requirement	requirement	NOUN
cblr-14254	156	4	to	to	PART
cblr-14254	156	5	be	be	AUX
cblr-14254	156	6	a	a	DET
cblr-14254	156	7	spac	spac	NOUN
cblr-14254	156	8	sponsor	sponsor	NOUN
cblr-14254	156	9	is	be	AUX
cblr-14254	156	10	the	the	DET
cblr-14254	156	11	ability	ability	NOUN
cblr-14254	156	12	to	to	PART
cblr-14254	156	13	meet	meet	VERB
cblr-14254	156	14	the	the	DET
cblr-14254	156	15	financial	financial	ADJ
cblr-14254	156	16	contribution	contribution	NOUN
cblr-14254	156	17	requirement	requirement	NOUN
cblr-14254	156	18	.	.	PUNCT
cblr-14254	157	1	the	the	DET
cblr-14254	157	2	spac	spac	PROPN
cblr-14254	157	3	sponsor	sponsor	NOUN
cblr-14254	157	4	makes	make	VERB
cblr-14254	157	5	an	an	DET
cblr-14254	157	6	initial	initial	ADJ
cblr-14254	157	7	investment	investment	NOUN
cblr-14254	157	8	by	by	ADP
cblr-14254	157	9	buying	buy	VERB
cblr-14254	157	10	a	a	DET
cblr-14254	157	11	stake	stake	NOUN
cblr-14254	157	12	in	in	ADP
cblr-14254	157	13	the	the	DET
cblr-14254	157	14	spac	spac	PROPN
cblr-14254	157	15	,	,	PUNCT
cblr-14254	157	16	called	call	VERB
cblr-14254	157	17	a	a	DET
cblr-14254	157	18	“	"	PUNCT
cblr-14254	157	19	promote	promote	NOUN
cblr-14254	157	20	.	.	PUNCT
cblr-14254	158	1	”51	”51	PROPN
cblr-14254	158	2	this	this	PRON
cblr-14254	158	3	amounts	amount	VERB
cblr-14254	158	4	to	to	ADP
cblr-14254	158	5	generally	generally	ADV
cblr-14254	158	6	a	a	DET
cblr-14254	158	7	nominal	nominal	ADJ
cblr-14254	158	8	investment	investment	NOUN
cblr-14254	158	9	of	of	ADP
cblr-14254	158	10	around	around	ADP
cblr-14254	158	11	$	$	SYM
cblr-14254	158	12	25,00052	25,00052	NUM
cblr-14254	158	13	and	and	CCONJ
cblr-14254	158	14	forms	form	VERB
cblr-14254	158	15	the	the	DET
cblr-14254	158	16	basis	basis	NOUN
cblr-14254	158	17	for	for	ADP
cblr-14254	158	18	the	the	DET
cblr-14254	158	19	primary	primary	ADJ
cblr-14254	158	20	48	48	NUM
cblr-14254	158	21	kristi	kristi	PROPN
cblr-14254	158	22	marvin	marvin	PROPN
cblr-14254	158	23	,	,	PUNCT
cblr-14254	158	24	2022	2022	NUM
cblr-14254	158	25	awards	award	NOUN
cblr-14254	158	26	and	and	CCONJ
cblr-14254	158	27	spac	spac	PROPN
cblr-14254	158	28	deal	deal	NOUN
cblr-14254	158	29	of	of	ADP
cblr-14254	158	30	the	the	DET
cblr-14254	158	31	year	year	NOUN
cblr-14254	158	32	,	,	PUNCT
cblr-14254	158	33	spacinsider	spacinsider	NOUN
cblr-14254	158	34	(	(	PUNCT
cblr-14254	158	35	dec	dec	PROPN
cblr-14254	158	36	.	.	PROPN
cblr-14254	158	37	29	29	NUM
cblr-14254	158	38	,	,	PUNCT
cblr-14254	158	39	2022	2022	NUM
cblr-14254	158	40	)	)	PUNCT
cblr-14254	158	41	,	,	PUNCT
cblr-14254	158	42	https://www.spacinsider.com/news/spacinsider/spacinsider-2022-awards	https://www.spacinsider.com/news/spacinsider/spacinsider-2022-awards	PROPN
cblr-14254	159	1	[	[	X
cblr-14254	159	2	https://perma.cc/e755-x6rs	https://perma.cc/e755-x6r	VERB
cblr-14254	159	3	]	]	PUNCT
cblr-14254	159	4	.	.	PUNCT
cblr-14254	160	1	49	49	NUM
cblr-14254	160	2	sophia	sophia	PROPN
cblr-14254	160	3	kunthara	kunthara	PROPN
cblr-14254	160	4	,	,	PUNCT
cblr-14254	160	5	athletes	athlete	NOUN
cblr-14254	160	6	and	and	CCONJ
cblr-14254	160	7	celebrities	celebrity	NOUN
cblr-14254	160	8	join	join	VERB
cblr-14254	160	9	the	the	DET
cblr-14254	160	10	spac	spac	PROPN
cblr-14254	160	11	boom	boom	NOUN
cblr-14254	160	12	,	,	PUNCT
cblr-14254	160	13	sec	sec	PROPN
cblr-14254	160	14	takes	take	VERB
cblr-14254	160	15	notice	notice	NOUN
cblr-14254	160	16	,	,	PUNCT
cblr-14254	160	17	crunchbase	crunchbase	PROPN
cblr-14254	160	18	news	news	PROPN
cblr-14254	160	19	(	(	PUNCT
cblr-14254	160	20	mar	mar	PROPN
cblr-14254	160	21	.	.	PROPN
cblr-14254	160	22	11	11	NUM
cblr-14254	160	23	,	,	PUNCT
cblr-14254	160	24	2021	2021	NUM
cblr-14254	160	25	)	)	PUNCT
cblr-14254	160	26	,	,	PUNCT
cblr-14254	160	27	https://news.crunchbase.com/public/athletes-and-celebrities-join-the-spac-boom-sectakes-notice/	https://news.crunchbase.com/public/athletes-and-celebrities-join-the-spac-boom-sectakes-notice/	PROPN
cblr-14254	160	28	[	[	PUNCT
cblr-14254	160	29	https://perma.cc/d9xx-pc3	https://perma.cc/d9xx-pc3	NOUN
cblr-14254	160	30	t	t	PROPN
cblr-14254	160	31	]	]	PUNCT
cblr-14254	160	32	.	.	PUNCT
cblr-14254	161	1	50	50	NUM
cblr-14254	161	2	operators	operator	NOUN
cblr-14254	161	3	have	have	VERB
cblr-14254	161	4	former	former	ADJ
cblr-14254	161	5	c	c	NOUN
cblr-14254	161	6	-	-	PUNCT
cblr-14254	161	7	suite	suite	NOUN
cblr-14254	161	8	operating	operating	NOUN
cblr-14254	161	9	experience	experience	NOUN
cblr-14254	161	10	.	.	PUNCT
cblr-14254	162	1	see	see	VERB
cblr-14254	162	2	leader	leader	NOUN
cblr-14254	162	3	vs.	vs.	NOUN
cblr-14254	162	4	manager	manager	NOUN
cblr-14254	162	5	vs.	vs.	ADP
cblr-14254	162	6	operator	operator	NOUN
cblr-14254	162	7	,	,	PUNCT
cblr-14254	162	8	indeed	indeed	ADV
cblr-14254	162	9	(	(	PUNCT
cblr-14254	162	10	dec	dec	PROPN
cblr-14254	162	11	.	.	PROPN
cblr-14254	162	12	9	9	NUM
cblr-14254	162	13	,	,	PUNCT
cblr-14254	162	14	2022	2022	NUM
cblr-14254	162	15	)	)	PUNCT
cblr-14254	162	16	,	,	PUNCT
cblr-14254	162	17	https://www.indeed.com/career-advice/finding-ajob/leader-vs-manager-vs-operator	https://www.indeed.com/career-advice/finding-ajob/leader-vs-manager-vs-operator	NOUN
cblr-14254	162	18	;	;	PUNCT
cblr-14254	162	19	kurt	kurt	PROPN
cblr-14254	162	20	chauviere	chauviere	ADV
cblr-14254	162	21	,	,	PUNCT
cblr-14254	162	22	tao	tao	PROPN
cblr-14254	162	23	tan	tan	PROPN
cblr-14254	162	24	&	&	CCONJ
cblr-14254	162	25	alastair	alastair	PROPN
cblr-14254	162	26	green	green	PROPN
cblr-14254	162	27	,	,	PUNCT
cblr-14254	162	28	earning	earn	VERB
cblr-14254	162	29	the	the	DET
cblr-14254	162	30	premium	premium	NOUN
cblr-14254	162	31	:	:	PUNCT
cblr-14254	162	32	a	a	DET
cblr-14254	162	33	recipe	recipe	NOUN
cblr-14254	162	34	for	for	ADP
cblr-14254	162	35	long	long	ADJ
cblr-14254	162	36	-	-	PUNCT
cblr-14254	162	37	term	term	NOUN
cblr-14254	162	38	spac	spac	NOUN
cblr-14254	162	39	success	success	NOUN
cblr-14254	162	40	,	,	PUNCT
cblr-14254	162	41	mckinsey	mckinsey	NOUN
cblr-14254	162	42	&	&	CCONJ
cblr-14254	162	43	co.	co.	PROPN
cblr-14254	162	44	(	(	PUNCT
cblr-14254	162	45	sept	sept	PROPN
cblr-14254	162	46	.	.	PROPN
cblr-14254	162	47	23	23	NUM
cblr-14254	162	48	,	,	PUNCT
cblr-14254	162	49	2020	2020	NUM
cblr-14254	162	50	)	)	PUNCT
cblr-14254	162	51	,	,	PUNCT
cblr-14254	162	52	https://www.mckinsey.com/industries/private-equity-and-principalinvestors/our-insights/earning-the-premium-a-recipe-for-long-term-spac-success	https://www.mckinsey.com/industries/private-equity-and-principalinvestors/our-insights/earning-the-premium-a-recipe-for-long-term-spac-success	NOUN
cblr-14254	163	1	[	[	X
cblr-14254	163	2	https://perma.cc/nd55-c6uk	https://perma.cc/nd55-c6uk	X
cblr-14254	163	3	]	]	PUNCT
cblr-14254	163	4	.	.	PUNCT
cblr-14254	164	1	51	51	NUM
cblr-14254	164	2	michael	michael	PROPN
cblr-14254	164	3	d.	d.	PROPN
cblr-14254	164	4	klausner	klausner	PROPN
cblr-14254	164	5	&	&	CCONJ
cblr-14254	164	6	michael	michael	PROPN
cblr-14254	164	7	ohlrogge	ohlrogge	PROPN
cblr-14254	164	8	,	,	PUNCT
cblr-14254	164	9	is	be	AUX
cblr-14254	164	10	spac	spac	PROPN
cblr-14254	164	11	sponsor	sponsor	NOUN
cblr-14254	164	12	compensation	compensation	NOUN
cblr-14254	164	13	evolving	evolve	VERB
cblr-14254	164	14	?	?	PUNCT
cblr-14254	165	1	a	a	DET
cblr-14254	165	2	sober	sober	ADJ
cblr-14254	165	3	look	look	NOUN
cblr-14254	165	4	at	at	ADP
cblr-14254	165	5	earnouts	earnout	NOUN
cblr-14254	165	6	4	4	NUM
cblr-14254	165	7	(	(	PUNCT
cblr-14254	165	8	stan	stan	PROPN
cblr-14254	165	9	.	.	PUNCT
cblr-14254	166	1	l.	l.	PROPN
cblr-14254	166	2	&	&	CCONJ
cblr-14254	166	3	econ	econ	PROPN
cblr-14254	166	4	.	.	PUNCT
cblr-14254	167	1	olin	olin	PROPN
cblr-14254	167	2	working	working	PROPN
cblr-14254	167	3	paper	paper	PROPN
cblr-14254	167	4	no	no	INTJ
cblr-14254	167	5	.	.	PROPN
cblr-14254	167	6	567	567	NUM
cblr-14254	167	7	,	,	PUNCT
cblr-14254	167	8	n.y.u	n.y.u	NOUN
cblr-14254	167	9	.	.	PUNCT
cblr-14254	167	10	l.	l.	PROPN
cblr-14254	167	11	&	&	CCONJ
cblr-14254	167	12	econ	econ	PROPN
cblr-14254	167	13	.	.	PUNCT
cblr-14254	168	1	research	research	NOUN
cblr-14254	168	2	paper	paper	NOUN
cblr-14254	168	3	no	no	INTJ
cblr-14254	168	4	.	.	NOUN
cblr-14254	169	1	22	22	NUM
cblr-14254	169	2	-	-	SYM
cblr-14254	169	3	10	10	NUM
cblr-14254	169	4	,	,	PUNCT
cblr-14254	169	5	2022	2022	NUM
cblr-14254	169	6	)	)	PUNCT
cblr-14254	170	1	,	,	PUNCT
cblr-14254	171	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4022611	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4022611	PROPN
cblr-14254	172	1	[	[	X
cblr-14254	172	2	https://perma.cc/g5z38rd7	https://perma.cc/g5z38rd7	X
cblr-14254	172	3	]	]	PUNCT
cblr-14254	172	4	.	.	PUNCT
cblr-14254	173	1	52	52	NUM
cblr-14254	173	2	ortenca	ortenca	ADJ
cblr-14254	173	3	aliaj	aliaj	NOUN
cblr-14254	173	4	,	,	PUNCT
cblr-14254	173	5	sujeet	sujeet	PROPN
cblr-14254	173	6	indap	indap	PROPN
cblr-14254	173	7	&	&	CCONJ
cblr-14254	173	8	miles	miles	PROPN
cblr-14254	173	9	kruppa	kruppa	PROPN
cblr-14254	173	10	,	,	PUNCT
cblr-14254	173	11	the	the	DET
cblr-14254	173	12	spac	spac	PROPN
cblr-14254	173	13	sponsor	sponsor	NOUN
cblr-14254	173	14	bonanza	bonanza	NOUN
cblr-14254	173	15	,	,	PUNCT
cblr-14254	173	16	fin	fin	NOUN
cblr-14254	173	17	.	.	PUNCT
cblr-14254	173	18	times	times	PROPN
cblr-14254	173	19	(	(	PUNCT
cblr-14254	173	20	nov	nov	PROPN
cblr-14254	173	21	.	.	PROPN
cblr-14254	173	22	13	13	NUM
cblr-14254	173	23	,	,	PUNCT
cblr-14254	173	24	2020	2020	NUM
cblr-14254	173	25	)	)	PUNCT
cblr-14254	173	26	,	,	PUNCT
cblr-14254	173	27	https://www.ft.com/content/9b481c63-f9b4-4226-a639238f9fae4dfc	https://www.ft.com/content/9b481c63-f9b4-4226-a639238f9fae4dfc	PUNCT
cblr-14254	174	1	[	[	X
cblr-14254	174	2	https://perma.cc/s97k-wuvt	https://perma.cc/s97k-wuvt	NOUN
cblr-14254	174	3	]	]	PUNCT
cblr-14254	174	4	.	.	PUNCT
cblr-14254	175	1	no	no	INTJ
cblr-14254	175	2	.	.	NOUN
cblr-14254	176	1	1	1	NUM
cblr-14254	176	2	]	]	PUNCT
cblr-14254	176	3	the	the	DET
cblr-14254	176	4	spac	spac	PROPN
cblr-14254	176	5	phenomenon	phenomenon	NOUN
cblr-14254	176	6	463	463	NUM
cblr-14254	176	7	sponsor	sponsor	NOUN
cblr-14254	176	8	compensation	compensation	NOUN
cblr-14254	176	9	structure	structure	NOUN
cblr-14254	176	10	.	.	PUNCT
cblr-14254	177	1	this	this	DET
cblr-14254	177	2	initial	initial	ADJ
cblr-14254	177	3	investment	investment	NOUN
cblr-14254	177	4	is	be	AUX
cblr-14254	177	5	held	hold	VERB
cblr-14254	177	6	in	in	ADP
cblr-14254	177	7	a	a	DET
cblr-14254	177	8	trust	trust	NOUN
cblr-14254	177	9	,	,	PUNCT
cblr-14254	177	10	with	with	ADP
cblr-14254	177	11	payment	payment	NOUN
cblr-14254	177	12	following	follow	VERB
cblr-14254	177	13	only	only	ADV
cblr-14254	177	14	after	after	ADP
cblr-14254	177	15	a	a	DET
cblr-14254	177	16	successful	successful	ADJ
cblr-14254	177	17	merger	merger	NOUN
cblr-14254	177	18	.	.	PUNCT
cblr-14254	178	1	payment	payment	NOUN
cblr-14254	178	2	is	be	AUX
cblr-14254	178	3	in	in	ADP
cblr-14254	178	4	the	the	DET
cblr-14254	178	5	form	form	NOUN
cblr-14254	178	6	of	of	ADP
cblr-14254	178	7	20	20	NUM
cblr-14254	178	8	%	%	NOUN
cblr-14254	178	9	of	of	ADP
cblr-14254	178	10	the	the	DET
cblr-14254	178	11	spac	spac	PROPN
cblr-14254	178	12	’s	’s	PART
cblr-14254	178	13	common	common	ADJ
cblr-14254	178	14	stock	stock	NOUN
cblr-14254	178	15	,	,	PUNCT
cblr-14254	178	16	designated	designate	VERB
cblr-14254	178	17	as	as	ADP
cblr-14254	178	18	“	"	PUNCT
cblr-14254	178	19	founder	founder	NOUN
cblr-14254	178	20	’s	’s	PART
cblr-14254	178	21	shares	share	NOUN
cblr-14254	178	22	.	.	PUNCT
cblr-14254	179	1	”53	”53	ADJ
cblr-14254	179	2	sponsors	sponsor	NOUN
cblr-14254	179	3	also	also	ADV
cblr-14254	179	4	make	make	VERB
cblr-14254	179	5	an	an	DET
cblr-14254	179	6	investment	investment	NOUN
cblr-14254	179	7	in	in	ADP
cblr-14254	179	8	spac	spac	PROPN
cblr-14254	179	9	warrants	warrant	NOUN
cblr-14254	179	10	and/or	and/or	CCONJ
cblr-14254	179	11	shares	share	NOUN
cblr-14254	179	12	and	and	CCONJ
cblr-14254	179	13	proceeds	proceed	NOUN
cblr-14254	179	14	from	from	ADP
cblr-14254	179	15	this	this	DET
cblr-14254	179	16	investment	investment	NOUN
cblr-14254	179	17	cover	cover	NOUN
cblr-14254	179	18	initial	initial	ADJ
cblr-14254	179	19	expenses	expense	NOUN
cblr-14254	179	20	like	like	ADP
cblr-14254	179	21	the	the	DET
cblr-14254	179	22	spac	spac	PROPN
cblr-14254	179	23	’s	’s	PART
cblr-14254	179	24	ipo	ipo	PROPN
cblr-14254	179	25	underwriting	underwriting	PROPN
cblr-14254	179	26	fees.54	fees.54	PROPN
cblr-14254	179	27	spac	spac	PROPN
cblr-14254	179	28	sponsors	sponsor	NOUN
cblr-14254	179	29	in	in	ADP
cblr-14254	179	30	turn	turn	NOUN
cblr-14254	179	31	elect	elect	NOUN
cblr-14254	179	32	directors	director	NOUN
cblr-14254	179	33	and	and	CCONJ
cblr-14254	179	34	managers	manager	NOUN
cblr-14254	179	35	,	,	PUNCT
cblr-14254	179	36	often	often	ADV
cblr-14254	179	37	leveraging	leverage	VERB
cblr-14254	179	38	their	their	PRON
cblr-14254	179	39	personal	personal	ADJ
cblr-14254	179	40	network	network	NOUN
cblr-14254	179	41	in	in	ADP
cblr-14254	179	42	the	the	DET
cblr-14254	179	43	process.55	process.55	NOUN
cblr-14254	179	44	due	due	ADJ
cblr-14254	179	45	to	to	ADP
cblr-14254	179	46	the	the	DET
cblr-14254	179	47	specialized	specialized	ADJ
cblr-14254	179	48	structure	structure	NOUN
cblr-14254	179	49	of	of	ADP
cblr-14254	179	50	the	the	DET
cblr-14254	179	51	entity	entity	NOUN
cblr-14254	179	52	,	,	PUNCT
cblr-14254	179	53	spac	spac	PROPN
cblr-14254	179	54	directors	director	NOUN
cblr-14254	179	55	also	also	ADV
cblr-14254	179	56	play	play	VERB
cblr-14254	179	57	the	the	DET
cblr-14254	179	58	management	management	NOUN
cblr-14254	179	59	role,56	role,56	NOUN
cblr-14254	179	60	so	so	SCONJ
cblr-14254	179	61	there	there	PRON
cblr-14254	179	62	is	be	VERB
cblr-14254	179	63	no	no	DET
cblr-14254	179	64	significant	significant	ADJ
cblr-14254	179	65	distinction	distinction	NOUN
cblr-14254	179	66	between	between	ADP
cblr-14254	179	67	directors	director	NOUN
cblr-14254	179	68	and	and	CCONJ
cblr-14254	179	69	managers	manager	NOUN
cblr-14254	179	70	.	.	PUNCT
cblr-14254	180	1	this	this	DET
cblr-14254	180	2	note	note	NOUN
cblr-14254	180	3	will	will	AUX
cblr-14254	180	4	refer	refer	VERB
cblr-14254	180	5	to	to	ADP
cblr-14254	180	6	these	these	DET
cblr-14254	180	7	roles	role	NOUN
cblr-14254	180	8	collectively	collectively	ADV
cblr-14254	180	9	as	as	ADP
cblr-14254	180	10	directors	director	NOUN
cblr-14254	180	11	.	.	PUNCT
cblr-14254	181	1	spac	spac	PROPN
cblr-14254	181	2	boards	board	NOUN
cblr-14254	181	3	are	be	AUX
cblr-14254	181	4	small	small	ADJ
cblr-14254	181	5	,	,	PUNCT
cblr-14254	181	6	requiring	require	VERB
cblr-14254	181	7	a	a	DET
cblr-14254	181	8	minimum	minimum	NOUN
cblr-14254	181	9	of	of	ADP
cblr-14254	181	10	three	three	NUM
cblr-14254	181	11	independent	independent	ADJ
cblr-14254	181	12	directors	director	NOUN
cblr-14254	181	13	at	at	ADP
cblr-14254	181	14	formation	formation	NOUN
cblr-14254	181	15	.	.	PUNCT
cblr-14254	182	1	this	this	DET
cblr-14254	182	2	smaller	small	ADJ
cblr-14254	182	3	size	size	NOUN
cblr-14254	182	4	and	and	CCONJ
cblr-14254	182	5	the	the	DET
cblr-14254	182	6	relatively	relatively	ADV
cblr-14254	182	7	young	young	ADJ
cblr-14254	182	8	regulatory	regulatory	ADJ
cblr-14254	182	9	landscape	landscape	NOUN
cblr-14254	182	10	have	have	AUX
cblr-14254	182	11	resulted	result	VERB
cblr-14254	182	12	in	in	ADP
cblr-14254	182	13	a	a	DET
cblr-14254	182	14	lack	lack	NOUN
cblr-14254	182	15	of	of	ADP
cblr-14254	182	16	commonly	commonly	ADV
cblr-14254	182	17	established	establish	VERB
cblr-14254	182	18	board	board	NOUN
cblr-14254	182	19	norms	norm	NOUN
cblr-14254	182	20	and	and	CCONJ
cblr-14254	182	21	less	less	ADV
cblr-14254	182	22	stringent	stringent	ADJ
cblr-14254	182	23	requirements	requirement	NOUN
cblr-14254	182	24	such	such	ADJ
cblr-14254	182	25	as	as	ADP
cblr-14254	182	26	select	select	ADJ
cblr-14254	182	27	disclosure	disclosure	NOUN
cblr-14254	182	28	,	,	PUNCT
cblr-14254	182	29	inconsistent	inconsistent	ADJ
cblr-14254	182	30	committee	committee	NOUN
cblr-14254	182	31	establishment	establishment	NOUN
cblr-14254	182	32	,	,	PUNCT
cblr-14254	182	33	and	and	CCONJ
cblr-14254	182	34	exemption	exemption	NOUN
cblr-14254	182	35	from	from	ADP
cblr-14254	182	36	diversity	diversity	NOUN
cblr-14254	182	37	requirements	requirement	NOUN
cblr-14254	182	38	.	.	PUNCT
cblr-14254	183	1	spac	spac	PROPN
cblr-14254	183	2	directors	director	NOUN
cblr-14254	183	3	can	can	AUX
cblr-14254	183	4	come	come	VERB
cblr-14254	183	5	from	from	ADP
cblr-14254	183	6	a	a	DET
cblr-14254	183	7	wide	wide	ADJ
cblr-14254	183	8	range	range	NOUN
cblr-14254	183	9	of	of	ADP
cblr-14254	183	10	backgrounds	background	NOUN
cblr-14254	183	11	,	,	PUNCT
cblr-14254	183	12	although	although	SCONJ
cblr-14254	183	13	they	they	PRON
cblr-14254	183	14	are	be	AUX
cblr-14254	183	15	typically	typically	ADV
cblr-14254	183	16	recruited	recruit	VERB
cblr-14254	183	17	for	for	ADP
cblr-14254	183	18	industry	industry	NOUN
cblr-14254	183	19	-	-	PUNCT
cblr-14254	183	20	specific	specific	ADJ
cblr-14254	183	21	or	or	CCONJ
cblr-14254	183	22	financial	financial	ADJ
cblr-14254	183	23	expertise.57	expertise.57	PROPN
cblr-14254	183	24	an	an	DET
cblr-14254	183	25	important	important	ADJ
cblr-14254	183	26	factor	factor	NOUN
cblr-14254	183	27	in	in	ADP
cblr-14254	183	28	director	director	NOUN
cblr-14254	183	29	selection	selection	NOUN
cblr-14254	183	30	is	be	AUX
cblr-14254	183	31	name	name	NOUN
cblr-14254	183	32	power	power	NOUN
cblr-14254	183	33	:	:	PUNCT
cblr-14254	183	34	since	since	SCONJ
cblr-14254	183	35	the	the	DET
cblr-14254	183	36	spac	spac	NOUN
cblr-14254	183	37	has	have	VERB
cblr-14254	183	38	no	no	DET
cblr-14254	183	39	existing	exist	VERB
cblr-14254	183	40	business	business	NOUN
cblr-14254	183	41	,	,	PUNCT
cblr-14254	183	42	they	they	PRON
cblr-14254	183	43	often	often	ADV
cblr-14254	183	44	rely	rely	VERB
cblr-14254	183	45	on	on	ADP
cblr-14254	183	46	the	the	DET
cblr-14254	183	47	reputation	reputation	NOUN
cblr-14254	183	48	of	of	ADP
cblr-14254	183	49	both	both	CCONJ
cblr-14254	183	50	the	the	DET
cblr-14254	183	51	sponsors	sponsor	NOUN
cblr-14254	183	52	and	and	CCONJ
cblr-14254	183	53	directors	director	NOUN
cblr-14254	183	54	to	to	PART
cblr-14254	183	55	attract	attract	VERB
cblr-14254	183	56	investment	investment	NOUN
cblr-14254	183	57	,	,	PUNCT
cblr-14254	183	58	effectively	effectively	ADV
cblr-14254	183	59	“	"	PUNCT
cblr-14254	183	60	backing	back	VERB
cblr-14254	183	61	the	the	DET
cblr-14254	183	62	jockey	jockey	NOUN
cblr-14254	183	63	,	,	PUNCT
cblr-14254	183	64	not	not	PART
cblr-14254	183	65	the	the	DET
cblr-14254	183	66	horse	horse	NOUN
cblr-14254	183	67	.	.	PUNCT
cblr-14254	184	1	”58	”58	PROPN
cblr-14254	184	2	accordingly	accordingly	ADV
cblr-14254	184	3	,	,	PUNCT
cblr-14254	184	4	directors	director	NOUN
cblr-14254	184	5	are	be	AUX
cblr-14254	184	6	expected	expect	VERB
cblr-14254	184	7	to	to	PART
cblr-14254	184	8	contribute	contribute	VERB
cblr-14254	184	9	53	53	NUM
cblr-14254	184	10	pinedo	pinedo	NOUN
cblr-14254	184	11	,	,	PUNCT
cblr-14254	184	12	supra	supra	PROPN
cblr-14254	184	13	note	note	PROPN
cblr-14254	184	14	35	35	NUM
cblr-14254	184	15	,	,	PUNCT
cblr-14254	184	16	at	at	ADP
cblr-14254	184	17	2	2	NUM
cblr-14254	184	18	.	.	PUNCT
cblr-14254	184	19	54	54	NUM
cblr-14254	184	20	klausner	klausner	PROPN
cblr-14254	184	21	,	,	PUNCT
cblr-14254	184	22	supra	supra	PROPN
cblr-14254	184	23	note	note	PROPN
cblr-14254	184	24	51	51	NUM
cblr-14254	184	25	,	,	PUNCT
cblr-14254	184	26	at	at	ADP
cblr-14254	184	27	4	4	NUM
cblr-14254	184	28	.	.	X
cblr-14254	184	29	55	55	NUM
cblr-14254	184	30	george	george	PROPN
cblr-14254	184	31	anderson	anderson	PROPN
cblr-14254	184	32	,	,	PUNCT
cblr-14254	184	33	jason	jason	PROPN
cblr-14254	184	34	baumgarten	baumgarten	PROPN
cblr-14254	184	35	&	&	CCONJ
cblr-14254	184	36	lauren	lauren	PROPN
cblr-14254	184	37	e.	e.	PROPN
cblr-14254	184	38	callaghan	callaghan	PROPN
cblr-14254	184	39	,	,	PUNCT
cblr-14254	184	40	board	board	NOUN
cblr-14254	184	41	governance	governance	NOUN
cblr-14254	184	42	and	and	CCONJ
cblr-14254	184	43	spacs	spac	NOUN
cblr-14254	184	44	:	:	PUNCT
cblr-14254	184	45	new	new	ADJ
cblr-14254	184	46	competition	competition	NOUN
cblr-14254	184	47	for	for	ADP
cblr-14254	184	48	capital	capital	NOUN
cblr-14254	184	49	and	and	CCONJ
cblr-14254	184	50	talent	talent	NOUN
cblr-14254	184	51	,	,	PUNCT
cblr-14254	184	52	spencer	spencer	PROPN
cblr-14254	184	53	stuart	stuart	PROPN
cblr-14254	184	54	(	(	PUNCT
cblr-14254	184	55	may	may	PROPN
cblr-14254	184	56	2021	2021	NUM
cblr-14254	184	57	)	)	PUNCT
cblr-14254	184	58	,	,	PUNCT
cblr-14254	184	59	https://www.spencerstuart.com/research-and-insight/board-governanceand-spacs-new-competition-for-capital-and-talent	https://www.spencerstuart.com/research-and-insight/board-governanceand-spacs-new-competition-for-capital-and-talent	NOUN
cblr-14254	185	1	[	[	X
cblr-14254	185	2	https://perma.cc/ak9p-jmmy	https://perma.cc/ak9p-jmmy	X
cblr-14254	185	3	]	]	X
cblr-14254	185	4	.	.	PUNCT
cblr-14254	186	1	56	56	NUM
cblr-14254	186	2	michael	michael	PROPN
cblr-14254	186	3	gofman	gofman	PROPN
cblr-14254	186	4	&	&	CCONJ
cblr-14254	186	5	yuchi	yuchi	PROPN
cblr-14254	186	6	yao	yao	PROPN
cblr-14254	186	7	,	,	PUNCT
cblr-14254	186	8	spacs	spac	NOUN
cblr-14254	186	9	’	'	PUNCT
cblr-14254	186	10	directors	director	NOUN
cblr-14254	186	11	network	network	NOUN
cblr-14254	186	12	:	:	PUNCT
cblr-14254	186	13	conflicts	conflict	NOUN
cblr-14254	186	14	of	of	ADP
cblr-14254	186	15	interest	interest	NOUN
cblr-14254	186	16	,	,	PUNCT
cblr-14254	186	17	compensation	compensation	NOUN
cblr-14254	186	18	,	,	PUNCT
cblr-14254	186	19	and	and	CCONJ
cblr-14254	186	20	competition	competition	NOUN
cblr-14254	186	21	,	,	PUNCT
cblr-14254	186	22	s&p	s&p	PROPN
cblr-14254	186	23	glob	glob	NOUN
cblr-14254	186	24	.	.	PUNCT
cblr-14254	187	1	mkt	mkt	PROPN
cblr-14254	187	2	.	.	PUNCT
cblr-14254	187	3	intell	intell	PROPN
cblr-14254	187	4	.	.	PUNCT
cblr-14254	188	1	(	(	PUNCT
cblr-14254	188	2	jun	jun	PROPN
cblr-14254	188	3	.	.	PROPN
cblr-14254	188	4	28	28	NUM
cblr-14254	188	5	,	,	PUNCT
cblr-14254	188	6	2022	2022	NUM
cblr-14254	188	7	)	)	PUNCT
cblr-14254	188	8	,	,	PUNCT
cblr-14254	188	9	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4148668	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4148668	NOUN
cblr-14254	188	10	[	[	X
cblr-14254	188	11	https://perma.cc/e3se6up3	https://perma.cc/e3se6up3	X
cblr-14254	188	12	]	]	PUNCT
cblr-14254	188	13	.	.	PUNCT
cblr-14254	189	1	57	57	NUM
cblr-14254	189	2	anderson	anderson	PROPN
cblr-14254	189	3	et	et	PROPN
cblr-14254	189	4	al	al	PROPN
cblr-14254	189	5	.	.	PROPN
cblr-14254	189	6	,	,	PUNCT
cblr-14254	189	7	supra	supra	PROPN
cblr-14254	189	8	note	note	PROPN
cblr-14254	189	9	55	55	NUM
cblr-14254	189	10	,	,	PUNCT
cblr-14254	189	11	at	at	ADP
cblr-14254	189	12	8	8	NUM
cblr-14254	189	13	.	.	X
cblr-14254	189	14	58	58	NUM
cblr-14254	190	1	i	i	PRON
cblr-14254	190	2	d.	d.	NOUN
cblr-14254	190	3	at	at	ADP
cblr-14254	190	4	7	7	NUM
cblr-14254	190	5	;	;	PUNCT
cblr-14254	190	6	riemer	riemer	ADJ
cblr-14254	190	7	,	,	PUNCT
cblr-14254	190	8	supra	supra	ADJ
cblr-14254	190	9	note	note	NOUN
cblr-14254	190	10	25	25	NUM
cblr-14254	190	11	,	,	PUNCT
cblr-14254	190	12	at	at	ADP
cblr-14254	190	13	958	958	NUM
cblr-14254	190	14	.	.	PUNCT
cblr-14254	191	1	464	464	NUM
cblr-14254	191	2	columbia	columbia	PROPN
cblr-14254	191	3	business	business	NOUN
cblr-14254	191	4	law	law	PROPN
cblr-14254	191	5	review	review	NOUN
cblr-14254	191	6	[	[	X
cblr-14254	191	7	vol	vol	NOUN
cblr-14254	191	8	.	.	PUNCT
cblr-14254	191	9	2025	2025	NUM
cblr-14254	191	10	potential	potential	ADJ
cblr-14254	191	11	targets	target	NOUN
cblr-14254	191	12	in	in	ADP
cblr-14254	191	13	the	the	DET
cblr-14254	191	14	initial	initial	ADJ
cblr-14254	191	15	search	search	NOUN
cblr-14254	191	16	process.59	process.59	VERB
cblr-14254	191	17	with	with	ADP
cblr-14254	191	18	the	the	DET
cblr-14254	191	19	proliferation	proliferation	NOUN
cblr-14254	191	20	of	of	ADP
cblr-14254	191	21	spacs	spac	NOUN
cblr-14254	191	22	,	,	PUNCT
cblr-14254	191	23	competition	competition	NOUN
cblr-14254	191	24	for	for	ADP
cblr-14254	191	25	target	target	NOUN
cblr-14254	191	26	companies	company	NOUN
cblr-14254	191	27	has	have	AUX
cblr-14254	191	28	risen.60	risen.60	ADJ
cblr-14254	191	29	powerful	powerful	ADJ
cblr-14254	191	30	sponsor	sponsor	NOUN
cblr-14254	191	31	and	and	CCONJ
cblr-14254	191	32	director	director	NOUN
cblr-14254	191	33	reputation	reputation	NOUN
cblr-14254	191	34	seek	seek	VERB
cblr-14254	191	35	to	to	PART
cblr-14254	191	36	ensure	ensure	VERB
cblr-14254	191	37	a	a	DET
cblr-14254	191	38	favorable	favorable	ADJ
cblr-14254	191	39	bargaining	bargaining	NOUN
cblr-14254	191	40	position	position	NOUN
cblr-14254	191	41	.	.	PUNCT
cblr-14254	192	1	like	like	ADP
cblr-14254	192	2	sponsors	sponsor	NOUN
cblr-14254	192	3	,	,	PUNCT
cblr-14254	192	4	director	director	NOUN
cblr-14254	192	5	compensation	compensation	NOUN
cblr-14254	192	6	is	be	AUX
cblr-14254	192	7	tied	tie	VERB
cblr-14254	192	8	to	to	ADP
cblr-14254	192	9	the	the	DET
cblr-14254	192	10	success	success	NOUN
cblr-14254	192	11	of	of	ADP
cblr-14254	192	12	the	the	DET
cblr-14254	192	13	transaction	transaction	NOUN
cblr-14254	192	14	.	.	PUNCT
cblr-14254	193	1	directors	director	NOUN
cblr-14254	193	2	are	be	AUX
cblr-14254	193	3	granted	grant	VERB
cblr-14254	193	4	the	the	DET
cblr-14254	193	5	right	right	NOUN
cblr-14254	193	6	to	to	PART
cblr-14254	193	7	purchase	purchase	VERB
cblr-14254	193	8	a	a	DET
cblr-14254	193	9	certain	certain	ADJ
cblr-14254	193	10	number	number	NOUN
cblr-14254	193	11	of	of	ADP
cblr-14254	193	12	founder	founder	NOUN
cblr-14254	193	13	’s	’s	PART
cblr-14254	193	14	shares	share	NOUN
cblr-14254	193	15	from	from	ADP
cblr-14254	193	16	the	the	DET
cblr-14254	193	17	sponsor	sponsor	NOUN
cblr-14254	193	18	also	also	ADV
cblr-14254	193	19	at	at	ADP
cblr-14254	193	20	a	a	DET
cblr-14254	193	21	nominal	nominal	ADJ
cblr-14254	193	22	price	price	NOUN
cblr-14254	193	23	,	,	PUNCT
cblr-14254	193	24	contingent	contingent	NOUN
cblr-14254	193	25	also	also	ADV
cblr-14254	193	26	upon	upon	SCONJ
cblr-14254	193	27	successful	successful	ADJ
cblr-14254	193	28	consummation	consummation	NOUN
cblr-14254	193	29	of	of	ADP
cblr-14254	193	30	the	the	DET
cblr-14254	193	31	merger.61	merger.61	NOUN
cblr-14254	193	32	once	once	SCONJ
cblr-14254	193	33	a	a	DET
cblr-14254	193	34	team	team	NOUN
cblr-14254	193	35	is	be	AUX
cblr-14254	193	36	formed	form	VERB
cblr-14254	193	37	,	,	PUNCT
cblr-14254	193	38	spac	spac	PROPN
cblr-14254	193	39	sponsors	sponsor	NOUN
cblr-14254	193	40	and	and	CCONJ
cblr-14254	193	41	directors	director	NOUN
cblr-14254	193	42	work	work	VERB
cblr-14254	193	43	together	together	ADV
cblr-14254	193	44	through	through	ADP
cblr-14254	193	45	the	the	DET
cblr-14254	193	46	deal	deal	NOUN
cblr-14254	193	47	process	process	NOUN
cblr-14254	193	48	to	to	PART
cblr-14254	193	49	vet	vet	NOUN
cblr-14254	193	50	targets	target	NOUN
cblr-14254	193	51	.	.	PUNCT
cblr-14254	194	1	the	the	DET
cblr-14254	194	2	spac	spac	PROPN
cblr-14254	194	3	first	first	ADV
cblr-14254	194	4	completes	complete	VERB
cblr-14254	194	5	its	its	PRON
cblr-14254	194	6	ipo	ipo	NOUN
cblr-14254	194	7	.	.	PUNCT
cblr-14254	195	1	they	they	PRON
cblr-14254	195	2	may	may	AUX
cblr-14254	195	3	embark	embark	VERB
cblr-14254	195	4	on	on	ADP
cblr-14254	195	5	roadshows	roadshow	NOUN
cblr-14254	195	6	to	to	PART
cblr-14254	195	7	attract	attract	VERB
cblr-14254	195	8	investors62	investors62	NOUN
cblr-14254	195	9	and	and	CCONJ
cblr-14254	195	10	file	file	VERB
cblr-14254	195	11	the	the	DET
cblr-14254	195	12	s-1	s-1	NOUN
cblr-14254	195	13	with	with	ADP
cblr-14254	195	14	a	a	DET
cblr-14254	195	15	broad	broad	ADJ
cblr-14254	195	16	prospectus	prospectus	NOUN
cblr-14254	195	17	.	.	PUNCT
cblr-14254	196	1	at	at	ADP
cblr-14254	196	2	the	the	DET
cblr-14254	196	3	ipo	ipo	NOUN
cblr-14254	196	4	stage	stage	NOUN
cblr-14254	196	5	,	,	PUNCT
cblr-14254	196	6	institutional	institutional	ADJ
cblr-14254	196	7	investors63	investors63	NOUN
cblr-14254	196	8	dominate	dominate	VERB
cblr-14254	196	9	,	,	PUNCT
cblr-14254	196	10	comprising	comprise	VERB
cblr-14254	196	11	up	up	ADP
cblr-14254	196	12	to	to	PART
cblr-14254	196	13	eighty	eighty	NUM
cblr-14254	196	14	-	-	PUNCT
cblr-14254	196	15	five	five	NUM
cblr-14254	196	16	percent	percent	NOUN
cblr-14254	196	17	of	of	ADP
cblr-14254	196	18	investor	investor	NOUN
cblr-14254	196	19	makeup	makeup	NOUN
cblr-14254	196	20	.	.	PUNCT
cblr-14254	197	1	underwriter	underwriter	NOUN
cblr-14254	197	2	fees	fee	NOUN
cblr-14254	197	3	accumulate	accumulate	VERB
cblr-14254	197	4	at	at	ADP
cblr-14254	197	5	this	this	DET
cblr-14254	197	6	stage	stage	NOUN
cblr-14254	197	7	,	,	PUNCT
cblr-14254	197	8	amounting	amount	VERB
cblr-14254	197	9	to	to	ADP
cblr-14254	197	10	typically	typically	ADV
cblr-14254	197	11	5.5	5.5	NUM
cblr-14254	197	12	%	%	NOUN
cblr-14254	197	13	of	of	ADP
cblr-14254	197	14	ipo	ipo	NOUN
cblr-14254	197	15	proceeds	proceed	NOUN
cblr-14254	197	16	,	,	PUNCT
cblr-14254	197	17	3.5	3.5	NUM
cblr-14254	197	18	%	%	NOUN
cblr-14254	197	19	percent	percent	NOUN
cblr-14254	197	20	of	of	ADP
cblr-14254	197	21	which	which	PRON
cblr-14254	197	22	is	be	AUX
cblr-14254	197	23	deferred	defer	VERB
cblr-14254	197	24	until	until	SCONJ
cblr-14254	197	25	the	the	DET
cblr-14254	197	26	time	time	NOUN
cblr-14254	197	27	of	of	ADP
cblr-14254	197	28	merger.64	merger.64	PROPN
cblr-14254	197	29	investors	investor	NOUN
cblr-14254	197	30	purchase	purchase	VERB
cblr-14254	197	31	“	"	PUNCT
cblr-14254	197	32	units	unit	NOUN
cblr-14254	197	33	”	"	PUNCT
cblr-14254	197	34	rather	rather	ADV
cblr-14254	197	35	than	than	ADP
cblr-14254	197	36	just	just	ADV
cblr-14254	197	37	traditional	traditional	ADJ
cblr-14254	197	38	shares	share	NOUN
cblr-14254	197	39	:	:	PUNCT
cblr-14254	197	40	these	these	DET
cblr-14254	197	41	units	unit	NOUN
cblr-14254	197	42	are	be	AUX
cblr-14254	197	43	priced	price	VERB
cblr-14254	197	44	typically	typically	ADV
cblr-14254	197	45	at	at	ADP
cblr-14254	197	46	$	$	SYM
cblr-14254	197	47	10.00	10.00	NUM
cblr-14254	197	48	59	59	NUM
cblr-14254	197	49	anderson	anderson	PROPN
cblr-14254	197	50	et	et	PROPN
cblr-14254	197	51	al	al	PROPN
cblr-14254	197	52	.	.	PROPN
cblr-14254	197	53	,	,	PUNCT
cblr-14254	197	54	supra	supra	PROPN
cblr-14254	197	55	note	note	PROPN
cblr-14254	197	56	55	55	NUM
cblr-14254	197	57	,	,	PUNCT
cblr-14254	197	58	at	at	ADP
cblr-14254	197	59	8	8	NUM
cblr-14254	197	60	.	.	PUNCT
cblr-14254	197	61	60	60	NUM
cblr-14254	198	1	navigating	navigate	VERB
cblr-14254	198	2	the	the	DET
cblr-14254	198	3	spac	spac	PROPN
cblr-14254	198	4	explosion	explosion	NOUN
cblr-14254	198	5	:	:	PUNCT
cblr-14254	198	6	target	target	NOUN
cblr-14254	198	7	company	company	NOUN
cblr-14254	198	8	considerations	consideration	NOUN
cblr-14254	198	9	when	when	SCONJ
cblr-14254	198	10	contemplating	contemplate	VERB
cblr-14254	198	11	a	a	DET
cblr-14254	198	12	sale	sale	NOUN
cblr-14254	198	13	to	to	ADP
cblr-14254	198	14	a	a	DET
cblr-14254	198	15	spac	spac	NOUN
cblr-14254	198	16	,	,	PUNCT
cblr-14254	198	17	lincoln	lincoln	PROPN
cblr-14254	198	18	int’l	int’l	NUM
cblr-14254	198	19	(	(	PUNCT
cblr-14254	198	20	apr	apr	PROPN
cblr-14254	198	21	.	.	NOUN
cblr-14254	198	22	2021	2021	NUM
cblr-14254	198	23	)	)	PUNCT
cblr-14254	198	24	,	,	PUNCT
cblr-14254	198	25	https://www.lincolninternational.com/wp-content/uploads/navigating-the-spacexplosionapril-2021.pdf	https://www.lincolninternational.com/wp-content/uploads/navigating-the-spacexplosionapril-2021.pdf	NOUN
cblr-14254	199	1	[	[	X
cblr-14254	199	2	https://perma.cc/76pc-ktpk	https://perma.cc/76pc-ktpk	X
cblr-14254	199	3	]	]	X
cblr-14254	199	4	.	.	PUNCT
cblr-14254	200	1	61	61	NUM
cblr-14254	200	2	hunter	hunter	NOUN
cblr-14254	200	3	fortney	fortney	NOUN
cblr-14254	200	4	,	,	PUNCT
cblr-14254	200	5	spac	spac	PROPN
cblr-14254	200	6	attack	attack	NOUN
cblr-14254	200	7	:	:	PUNCT
cblr-14254	200	8	an	an	DET
cblr-14254	200	9	examination	examination	NOUN
cblr-14254	200	10	of	of	ADP
cblr-14254	200	11	spac	spac	PROPN
cblr-14254	200	12	director	director	PROPN
cblr-14254	200	13	compensation	compensation	PROPN
cblr-14254	200	14	and	and	CCONJ
cblr-14254	200	15	its	its	PRON
cblr-14254	200	16	legal	legal	ADJ
cblr-14254	200	17	implications	implication	NOUN
cblr-14254	200	18	5	5	NUM
cblr-14254	200	19	(	(	PUNCT
cblr-14254	200	20	aug	aug	PROPN
cblr-14254	200	21	.	.	PROPN
cblr-14254	200	22	11	11	NUM
cblr-14254	200	23	,	,	PUNCT
cblr-14254	200	24	2021	2021	NUM
cblr-14254	200	25	)	)	PUNCT
cblr-14254	200	26	(	(	PUNCT
cblr-14254	200	27	unpublished	unpublished	ADJ
cblr-14254	200	28	manuscript	manuscript	NOUN
cblr-14254	200	29	)	)	PUNCT
cblr-14254	200	30	,	,	PUNCT
cblr-14254	200	31	http://www.law.harvard.edu/programs/olin_center/prizes/2022.pdf	http://www.law.harvard.edu/programs/olin_center/prizes/2022.pdf	PROPN
cblr-14254	201	1	[	[	X
cblr-14254	201	2	https://perma.cc/kk9k-xnee	https://perma.cc/kk9k-xnee	X
cblr-14254	201	3	]	]	X
cblr-14254	201	4	.	.	PUNCT
cblr-14254	202	1	62	62	NUM
cblr-14254	202	2	spacs	spac	NOUN
cblr-14254	202	3	are	be	AUX
cblr-14254	202	4	classified	classify	VERB
cblr-14254	202	5	as	as	ADP
cblr-14254	202	6	“	"	PUNCT
cblr-14254	202	7	shell	shell	ADJ
cblr-14254	202	8	companies	company	NOUN
cblr-14254	202	9	”	"	PUNCT
cblr-14254	202	10	under	under	ADP
cblr-14254	202	11	securities	security	NOUN
cblr-14254	202	12	act	act	NOUN
cblr-14254	202	13	rule	rule	VERB
cblr-14254	202	14	405	405	NUM
cblr-14254	202	15	and	and	CCONJ
cblr-14254	202	16	accordingly	accordingly	ADV
cblr-14254	202	17	may	may	AUX
cblr-14254	202	18	not	not	PART
cblr-14254	202	19	issue	issue	VERB
cblr-14254	202	20	a	a	DET
cblr-14254	202	21	free	free	ADJ
cblr-14254	202	22	writing	writing	NOUN
cblr-14254	202	23	prospectus	prospectus	NOUN
cblr-14254	202	24	,	,	PUNCT
cblr-14254	202	25	which	which	PRON
cblr-14254	202	26	includes	include	VERB
cblr-14254	202	27	any	any	DET
cblr-14254	202	28	roadshow	roadshow	NOUN
cblr-14254	202	29	that	that	PRON
cblr-14254	202	30	is	be	AUX
cblr-14254	202	31	written	write	VERB
cblr-14254	202	32	communication	communication	NOUN
cblr-14254	202	33	.	.	PUNCT
cblr-14254	203	1	however	however	ADV
cblr-14254	203	2	,	,	PUNCT
cblr-14254	203	3	they	they	PRON
cblr-14254	203	4	may	may	AUX
cblr-14254	203	5	still	still	ADV
cblr-14254	203	6	conduct	conduct	VERB
cblr-14254	203	7	live	live	ADJ
cblr-14254	203	8	roadshows	roadshow	NOUN
cblr-14254	203	9	and	and	CCONJ
cblr-14254	203	10	transmit	transmit	VERB
cblr-14254	203	11	unrecorded	unrecorded	ADJ
cblr-14254	203	12	presentations	presentation	NOUN
cblr-14254	203	13	.	.	PUNCT
cblr-14254	204	1	see	see	VERB
cblr-14254	204	2	pinedo	pinedo	NOUN
cblr-14254	204	3	,	,	PUNCT
cblr-14254	204	4	supra	supra	PROPN
cblr-14254	204	5	note	note	NOUN
cblr-14254	204	6	35	35	NUM
cblr-14254	204	7	,	,	PUNCT
cblr-14254	204	8	at	at	ADP
cblr-14254	204	9	5	5	NUM
cblr-14254	204	10	.	.	NOUN
cblr-14254	204	11	63	63	NUM
cblr-14254	204	12	institutional	institutional	ADJ
cblr-14254	204	13	investors	investor	NOUN
cblr-14254	204	14	exercise	exercise	VERB
cblr-14254	204	15	investment	investment	NOUN
cblr-14254	204	16	discretion	discretion	NOUN
cblr-14254	204	17	over	over	ADP
cblr-14254	204	18	$	$	SYM
cblr-14254	204	19	100	100	NUM
cblr-14254	204	20	million	million	NUM
cblr-14254	204	21	or	or	CCONJ
cblr-14254	204	22	more	more	ADJ
cblr-14254	204	23	in	in	ADP
cblr-14254	204	24	section	section	NOUN
cblr-14254	204	25	13(f	13(f	NUM
cblr-14254	204	26	)	)	PUNCT
cblr-14254	204	27	securities	security	NOUN
cblr-14254	204	28	.	.	PUNCT
cblr-14254	205	1	comm	comm	NOUN
cblr-14254	205	2	.	.	PUNCT
cblr-14254	206	1	on	on	ADP
cblr-14254	206	2	cap	cap	NOUN
cblr-14254	206	3	.	.	PUNCT
cblr-14254	207	1	mkts	mkts	NOUN
cblr-14254	207	2	.	.	PUNCT
cblr-14254	208	1	regul	regul	NOUN
cblr-14254	208	2	.	.	PUNCT
cblr-14254	209	1	,	,	PUNCT
cblr-14254	209	2	nothing	nothing	PRON
cblr-14254	209	3	but	but	SCONJ
cblr-14254	209	4	the	the	DET
cblr-14254	209	5	facts	fact	NOUN
cblr-14254	209	6	:	:	PUNCT
cblr-14254	209	7	retail	retail	ADJ
cblr-14254	209	8	investors	investor	NOUN
cblr-14254	209	9	and	and	CCONJ
cblr-14254	209	10	special	special	ADJ
cblr-14254	209	11	purpose	purpose	NOUN
cblr-14254	209	12	acquisition	acquisition	NOUN
cblr-14254	209	13	companies	company	NOUN
cblr-14254	209	14	(	(	PUNCT
cblr-14254	209	15	oct	oct	PROPN
cblr-14254	209	16	.	.	PROPN
cblr-14254	209	17	2021	2021	NUM
cblr-14254	209	18	)	)	PUNCT
cblr-14254	209	19	,	,	PUNCT
cblr-14254	209	20	https://capmktsreg.org/wp-content/uploads/2021/10/ccmr-nbtf-spacs-retailinvestors.pdf	https://capmktsreg.org/wp-content/uploads/2021/10/ccmr-nbtf-spacs-retailinvestors.pdf	PROPN
cblr-14254	210	1	[	[	X
cblr-14254	210	2	https://perma.cc/5l4j-n7hg	https://perma.cc/5l4j-n7hg	X
cblr-14254	210	3	]	]	X
cblr-14254	210	4	;	;	PUNCT
cblr-14254	210	5	17	17	NUM
cblr-14254	210	6	cfr	cfr	NOUN
cblr-14254	210	7	§	§	PROPN
cblr-14254	210	8	240.13f-1	240.13f-1	NOUN
cblr-14254	210	9	(	(	PUNCT
cblr-14254	210	10	2011	2011	NUM
cblr-14254	210	11	)	)	PUNCT
cblr-14254	210	12	.	.	PUNCT
cblr-14254	211	1	64	64	NUM
cblr-14254	211	2	robert	robert	PROPN
cblr-14254	211	3	armstrong	armstrong	PROPN
cblr-14254	211	4	,	,	PUNCT
cblr-14254	211	5	spac	spac	PROPN
cblr-14254	211	6	’s	’s	PART
cblr-14254	211	7	fee	fee	NOUN
cblr-14254	211	8	problem	problem	NOUN
cblr-14254	211	9	,	,	PUNCT
cblr-14254	211	10	fin	fin	NOUN
cblr-14254	211	11	.	.	PUNCT
cblr-14254	211	12	times	times	PROPN
cblr-14254	211	13	(	(	PUNCT
cblr-14254	211	14	sept	sept	PROPN
cblr-14254	211	15	.	.	PROPN
cblr-14254	211	16	30	30	NUM
cblr-14254	211	17	,	,	PUNCT
cblr-14254	211	18	2021	2021	NUM
cblr-14254	211	19	)	)	PUNCT
cblr-14254	211	20	,	,	PUNCT
cblr-14254	211	21	https://www.ft.com/content/6b1d70db-edae-474c-bd6fbb60dfa99c51	https://www.ft.com/content/6b1d70db-edae-474c-bd6fbb60dfa99c51	PROPN
cblr-14254	211	22	[	[	X
cblr-14254	211	23	https://perma.cc/l249-r3x8	https://perma.cc/l249-r3x8	X
cblr-14254	211	24	]	]	X
cblr-14254	211	25	.	.	PUNCT
cblr-14254	212	1	no	no	INTJ
cblr-14254	212	2	.	.	NOUN
cblr-14254	213	1	1	1	NUM
cblr-14254	213	2	]	]	PUNCT
cblr-14254	213	3	the	the	DET
cblr-14254	213	4	spac	spac	PROPN
cblr-14254	213	5	phenomenon	phenomenon	NOUN
cblr-14254	213	6	465	465	NUM
cblr-14254	213	7	per	per	ADP
cblr-14254	213	8	unit	unit	NOUN
cblr-14254	213	9	and	and	CCONJ
cblr-14254	213	10	are	be	AUX
cblr-14254	213	11	comprised	comprise	VERB
cblr-14254	213	12	of	of	ADP
cblr-14254	213	13	(	(	PUNCT
cblr-14254	213	14	1	1	NUM
cblr-14254	213	15	)	)	PUNCT
cblr-14254	213	16	shares	share	NOUN
cblr-14254	213	17	of	of	ADP
cblr-14254	213	18	common	common	ADJ
cblr-14254	213	19	stock	stock	NOUN
cblr-14254	213	20	and	and	CCONJ
cblr-14254	213	21	(	(	PUNCT
cblr-14254	213	22	2	2	NUM
cblr-14254	213	23	)	)	PUNCT
cblr-14254	213	24	warrants	warrant	NOUN
cblr-14254	213	25	,	,	PUNCT
cblr-14254	213	26	or	or	CCONJ
cblr-14254	213	27	a	a	DET
cblr-14254	213	28	fraction	fraction	NOUN
cblr-14254	213	29	of	of	ADP
cblr-14254	213	30	a	a	DET
cblr-14254	213	31	warrant.65	warrant.65	PROPN
cblr-14254	213	32	warrants	warrant	NOUN
cblr-14254	213	33	are	be	AUX
cblr-14254	213	34	beneficial	beneficial	ADJ
cblr-14254	213	35	to	to	ADP
cblr-14254	213	36	the	the	DET
cblr-14254	213	37	company	company	NOUN
cblr-14254	213	38	,	,	PUNCT
cblr-14254	213	39	representing	represent	VERB
cblr-14254	213	40	future	future	ADJ
cblr-14254	213	41	capital	capital	NOUN
cblr-14254	213	42	,	,	PUNCT
cblr-14254	213	43	but	but	CCONJ
cblr-14254	213	44	also	also	ADV
cblr-14254	213	45	attract	attract	VERB
cblr-14254	213	46	investment	investment	NOUN
cblr-14254	213	47	as	as	ADP
cblr-14254	213	48	profit	profit	NOUN
cblr-14254	213	49	-	-	PUNCT
cblr-14254	213	50	earning	earn	VERB
cblr-14254	213	51	potential.66	potential.66	NOUN
cblr-14254	213	52	at	at	ADP
cblr-14254	213	53	some	some	DET
cblr-14254	213	54	point	point	NOUN
cblr-14254	213	55	after	after	ADP
cblr-14254	213	56	the	the	DET
cblr-14254	213	57	ipo	ipo	NOUN
cblr-14254	213	58	and	and	CCONJ
cblr-14254	213	59	before	before	ADP
cblr-14254	213	60	the	the	DET
cblr-14254	213	61	merger	merger	NOUN
cblr-14254	213	62	,	,	PUNCT
cblr-14254	213	63	the	the	DET
cblr-14254	213	64	shares	share	NOUN
cblr-14254	213	65	and	and	CCONJ
cblr-14254	213	66	warrants	warrant	NOUN
cblr-14254	213	67	begin	begin	VERB
cblr-14254	213	68	trading	trade	VERB
cblr-14254	213	69	separately.67	separately.67	ADV
cblr-14254	213	70	here	here	ADV
cblr-14254	213	71	,	,	PUNCT
cblr-14254	213	72	the	the	DET
cblr-14254	213	73	practical	practical	ADJ
cblr-14254	213	74	benefit	benefit	NOUN
cblr-14254	213	75	of	of	ADP
cblr-14254	213	76	circumventing	circumvent	VERB
cblr-14254	213	77	rule	rule	NOUN
cblr-14254	213	78	419	419	NUM
cblr-14254	213	79	arises	arise	VERB
cblr-14254	213	80	:	:	PUNCT
cblr-14254	213	81	the	the	DET
cblr-14254	213	82	separation	separation	NOUN
cblr-14254	213	83	of	of	ADP
cblr-14254	213	84	stock	stock	NOUN
cblr-14254	213	85	and	and	CCONJ
cblr-14254	213	86	warrants	warrant	NOUN
cblr-14254	213	87	is	be	AUX
cblr-14254	213	88	particularly	particularly	ADV
cblr-14254	213	89	attractive	attractive	ADJ
cblr-14254	213	90	to	to	ADP
cblr-14254	213	91	institutional	institutional	ADJ
cblr-14254	213	92	investors	investor	NOUN
cblr-14254	213	93	who	who	PRON
cblr-14254	213	94	can	can	AUX
cblr-14254	213	95	devise	devise	VERB
cblr-14254	213	96	trading	trading	NOUN
cblr-14254	213	97	strategies	strategy	NOUN
cblr-14254	213	98	around	around	ADP
cblr-14254	213	99	both.68	both.68	NOUN
cblr-14254	213	100	at	at	ADP
cblr-14254	213	101	this	this	DET
cblr-14254	213	102	point	point	NOUN
cblr-14254	213	103	in	in	ADP
cblr-14254	213	104	the	the	DET
cblr-14254	213	105	pre	pre	ADJ
cblr-14254	213	106	-	-	ADJ
cblr-14254	213	107	merger	merger	ADJ
cblr-14254	213	108	stage	stage	NOUN
cblr-14254	213	109	,	,	PUNCT
cblr-14254	213	110	price	price	NOUN
cblr-14254	213	111	fluctuations	fluctuation	NOUN
cblr-14254	213	112	of	of	ADP
cblr-14254	213	113	the	the	DET
cblr-14254	213	114	unit	unit	NOUN
cblr-14254	213	115	reflect	reflect	VERB
cblr-14254	213	116	the	the	DET
cblr-14254	213	117	expected	expect	VERB
cblr-14254	213	118	value	value	NOUN
cblr-14254	213	119	of	of	ADP
cblr-14254	213	120	a	a	DET
cblr-14254	213	121	merger	merger	NOUN
cblr-14254	213	122	as	as	SCONJ
cblr-14254	213	123	the	the	DET
cblr-14254	213	124	managerial	managerial	ADJ
cblr-14254	213	125	team	team	NOUN
cblr-14254	213	126	works	work	VERB
cblr-14254	213	127	to	to	PART
cblr-14254	213	128	find	find	VERB
cblr-14254	213	129	viable	viable	ADJ
cblr-14254	213	130	targets.69	targets.69	NOUN
cblr-14254	213	131	the	the	DET
cblr-14254	213	132	clock	clock	NOUN
cblr-14254	213	133	starts	start	VERB
cblr-14254	213	134	ticking	tick	VERB
cblr-14254	213	135	once	once	ADV
cblr-14254	213	136	the	the	DET
cblr-14254	213	137	ipo	ipo	NOUN
cblr-14254	213	138	has	have	AUX
cblr-14254	213	139	closed	close	VERB
cblr-14254	213	140	,	,	PUNCT
cblr-14254	213	141	and	and	CCONJ
cblr-14254	213	142	the	the	DET
cblr-14254	213	143	managerial	managerial	ADJ
cblr-14254	213	144	team	team	NOUN
cblr-14254	213	145	begins	begin	VERB
cblr-14254	213	146	the	the	DET
cblr-14254	213	147	process	process	NOUN
cblr-14254	213	148	of	of	ADP
cblr-14254	213	149	finding	finding	NOUN
cblr-14254	213	150	,	,	PUNCT
cblr-14254	213	151	evaluating	evaluating	NOUN
cblr-14254	213	152	,	,	PUNCT
cblr-14254	213	153	and	and	CCONJ
cblr-14254	213	154	negotiating	negotiate	VERB
cblr-14254	213	155	a	a	DET
cblr-14254	213	156	merger	merger	NOUN
cblr-14254	213	157	within	within	ADP
cblr-14254	213	158	the	the	DET
cblr-14254	213	159	18	18	NUM
cblr-14254	213	160	-	-	PUNCT
cblr-14254	213	161	to-24	to-24	NOUN
cblr-14254	213	162	month	month	NOUN
cblr-14254	213	163	timeframe	timeframe	NOUN
cblr-14254	213	164	.	.	PUNCT
cblr-14254	214	1	b.	b.	PROPN
cblr-14254	214	2	shareholders	shareholder	NOUN
cblr-14254	214	3	and	and	CCONJ
cblr-14254	214	4	pipes	pipe	NOUN
cblr-14254	214	5	:	:	PUNCT
cblr-14254	214	6	the	the	DET
cblr-14254	214	7	de	de	PROPN
cblr-14254	214	8	-	-	ADJ
cblr-14254	214	9	spac	spac	PROPN
cblr-14254	214	10	merger	merger	NOUN
cblr-14254	214	11	once	once	SCONJ
cblr-14254	214	12	a	a	DET
cblr-14254	214	13	target	target	NOUN
cblr-14254	214	14	has	have	AUX
cblr-14254	214	15	been	be	AUX
cblr-14254	214	16	determined	determine	VERB
cblr-14254	214	17	,	,	PUNCT
cblr-14254	214	18	shareholders	shareholder	NOUN
cblr-14254	214	19	of	of	ADP
cblr-14254	214	20	the	the	DET
cblr-14254	214	21	spac	spac	NOUN
cblr-14254	214	22	must	must	AUX
cblr-14254	214	23	approve	approve	VERB
cblr-14254	214	24	the	the	DET
cblr-14254	214	25	merger	merger	NOUN
cblr-14254	214	26	.	.	PUNCT
cblr-14254	215	1	here	here	ADV
cblr-14254	215	2	,	,	PUNCT
cblr-14254	215	3	a	a	DET
cblr-14254	215	4	combination	combination	NOUN
cblr-14254	215	5	of	of	ADP
cblr-14254	215	6	forces	force	NOUN
cblr-14254	215	7	is	be	AUX
cblr-14254	215	8	at	at	ADP
cblr-14254	215	9	play	play	NOUN
cblr-14254	215	10	.	.	PUNCT
cblr-14254	216	1	by	by	ADP
cblr-14254	216	2	the	the	DET
cblr-14254	216	3	nature	nature	NOUN
cblr-14254	216	4	of	of	ADP
cblr-14254	216	5	the	the	DET
cblr-14254	216	6	game	game	NOUN
cblr-14254	216	7	,	,	PUNCT
cblr-14254	216	8	spac	spac	PROPN
cblr-14254	216	9	targets	target	NOUN
cblr-14254	216	10	are	be	AUX
cblr-14254	216	11	typically	typically	ADV
cblr-14254	216	12	smaller	small	ADJ
cblr-14254	216	13	and	and	CCONJ
cblr-14254	216	14	potentially	potentially	ADV
cblr-14254	216	15	riskier	risky	ADJ
cblr-14254	216	16	companies	company	NOUN
cblr-14254	216	17	than	than	ADP
cblr-14254	216	18	those	those	DET
cblr-14254	216	19	65	65	NUM
cblr-14254	216	20	u.s	u.s	PROPN
cblr-14254	216	21	.	.	PROPN
cblr-14254	216	22	sec	sec	PROPN
cblr-14254	216	23	.	.	PROPN
cblr-14254	216	24	and	and	CCONJ
cblr-14254	216	25	exch	exch	PROPN
cblr-14254	216	26	.	.	PUNCT
cblr-14254	217	1	comm’n	comm’n	PROPN
cblr-14254	217	2	,	,	PUNCT
cblr-14254	217	3	what	what	PRON
cblr-14254	217	4	you	you	PRON
cblr-14254	217	5	need	need	VERB
cblr-14254	217	6	to	to	PART
cblr-14254	217	7	know	know	VERB
cblr-14254	217	8	about	about	ADP
cblr-14254	217	9	spacs	spac	NOUN
cblr-14254	217	10	–	–	PUNCT
cblr-14254	217	11	updated	update	VERB
cblr-14254	217	12	investor	investor	NOUN
cblr-14254	217	13	bulletin	bulletin	NOUN
cblr-14254	217	14	,	,	PUNCT
cblr-14254	217	15	investor.gov	investor.gov	PROPN
cblr-14254	217	16	(	(	PUNCT
cblr-14254	217	17	may	may	PROPN
cblr-14254	217	18	25	25	NUM
cblr-14254	217	19	,	,	PUNCT
cblr-14254	217	20	2021	2021	NUM
cblr-14254	217	21	)	)	PUNCT
cblr-14254	217	22	,	,	PUNCT
cblr-14254	217	23	https://www.sec.gov/oiea/investoralerts-and-bulletins/what-you-need-know-about-spacs-investor-bulletin	https://www.sec.gov/oiea/investoralerts-and-bulletins/what-you-need-know-about-spacs-investor-bulletin	NOUN
cblr-14254	218	1	[	[	X
cblr-14254	218	2	https://perma.cc/tu28-7zj9	https://perma.cc/tu28-7zj9	X
cblr-14254	218	3	]	]	X
cblr-14254	218	4	;	;	PUNCT
cblr-14254	218	5	brian	brian	PROPN
cblr-14254	218	6	kmet	kmet	PROPN
cblr-14254	218	7	,	,	PUNCT
cblr-14254	218	8	mike	mike	PROPN
cblr-14254	218	9	mckay	mckay	PROPN
cblr-14254	218	10	&	&	CCONJ
cblr-14254	218	11	thomas	thomas	PROPN
cblr-14254	218	12	olsen	olsen	PROPN
cblr-14254	218	13	,	,	PUNCT
cblr-14254	218	14	spacs	spac	NOUN
cblr-14254	218	15	:	:	PUNCT
cblr-14254	218	16	tapping	tap	VERB
cblr-14254	218	17	an	an	DET
cblr-14254	218	18	evolving	evolve	VERB
cblr-14254	218	19	opportunity	opportunity	NOUN
cblr-14254	218	20	,	,	PUNCT
cblr-14254	218	21	bain	bain	PROPN
cblr-14254	218	22	&	&	CCONJ
cblr-14254	218	23	co.	co.	PROPN
cblr-14254	218	24	(	(	PUNCT
cblr-14254	218	25	mar	mar	PROPN
cblr-14254	218	26	.	.	PROPN
cblr-14254	218	27	1	1	NUM
cblr-14254	218	28	,	,	PUNCT
cblr-14254	218	29	2021	2021	NUM
cblr-14254	218	30	)	)	PUNCT
cblr-14254	218	31	,	,	PUNCT
cblr-14254	218	32	https://www.bain.com/insights/spacs-global-private-equity-report-2021/	https://www.bain.com/insights/spacs-global-private-equity-report-2021/	NOUN
cblr-14254	218	33	[	[	X
cblr-14254	218	34	https://perma.cc/a8ff-pclz	https://perma.cc/a8ff-pclz	NOUN
cblr-14254	218	35	]	]	PUNCT
cblr-14254	218	36	.	.	PUNCT
cblr-14254	219	1	66	66	NUM
cblr-14254	219	2	myron	myron	PROPN
cblr-14254	219	3	mallia	mallia	PROPN
cblr-14254	219	4	-	-	PUNCT
cblr-14254	219	5	dare	dare	PROPN
cblr-14254	219	6	&	&	CCONJ
cblr-14254	219	7	genesa	genesa	PROPN
cblr-14254	219	8	olivieri	olivieri	PROPN
cblr-14254	219	9	,	,	PUNCT
cblr-14254	219	10	sweetening	sweeten	VERB
cblr-14254	219	11	the	the	DET
cblr-14254	219	12	deal	deal	NOUN
cblr-14254	219	13	:	:	PUNCT
cblr-14254	219	14	using	use	VERB
cblr-14254	219	15	warrants	warrant	NOUN
cblr-14254	219	16	to	to	PART
cblr-14254	219	17	get	get	VERB
cblr-14254	219	18	the	the	DET
cblr-14254	219	19	deal	deal	NOUN
cblr-14254	219	20	done	do	VERB
cblr-14254	219	21	,	,	PUNCT
cblr-14254	219	22	bus	bus	NOUN
cblr-14254	219	23	.	.	PUNCT
cblr-14254	220	1	l.	l.	PROPN
cblr-14254	220	2	today	today	NOUN
cblr-14254	220	3	(	(	PUNCT
cblr-14254	220	4	oct	oct	PROPN
cblr-14254	220	5	.	.	PROPN
cblr-14254	220	6	8	8	NUM
cblr-14254	220	7	,	,	PUNCT
cblr-14254	220	8	2021	2021	NUM
cblr-14254	220	9	)	)	PUNCT
cblr-14254	220	10	,	,	PUNCT
cblr-14254	220	11	https://businesslawtoday.org/2021/10/sweetening-the-deal-using-warrants-to-get-thedeal-done/	https://businesslawtoday.org/2021/10/sweetening-the-deal-using-warrants-to-get-thedeal-done/	NOUN
cblr-14254	220	12	[	[	X
cblr-14254	220	13	https://perma.cc/s6w4-bmc9	https://perma.cc/s6w4-bmc9	X
cblr-14254	220	14	]	]	X
cblr-14254	220	15	.	.	PUNCT
cblr-14254	221	1	67	67	NUM
cblr-14254	222	1	the	the	DET
cblr-14254	222	2	exact	exact	ADJ
cblr-14254	222	3	timeframe	timeframe	NOUN
cblr-14254	222	4	varies	vary	VERB
cblr-14254	222	5	according	accord	VERB
cblr-14254	222	6	to	to	ADP
cblr-14254	222	7	terms	term	NOUN
cblr-14254	222	8	of	of	ADP
cblr-14254	222	9	the	the	DET
cblr-14254	222	10	particular	particular	ADJ
cblr-14254	222	11	warrant	warrant	NOUN
cblr-14254	222	12	.	.	PUNCT
cblr-14254	223	1	u.s	u.s	PROPN
cblr-14254	223	2	.	.	PROPN
cblr-14254	223	3	sec	sec	PROPN
cblr-14254	223	4	.	.	PROPN
cblr-14254	224	1	and	and	CCONJ
cblr-14254	225	1	exch	exch	PROPN
cblr-14254	225	2	.	.	PUNCT
cblr-14254	226	1	comm’n	comm’n	PROPN
cblr-14254	226	2	,	,	PUNCT
cblr-14254	226	3	supra	supra	ADJ
cblr-14254	226	4	note	note	PROPN
cblr-14254	226	5	65	65	NUM
cblr-14254	226	6	,	,	PUNCT
cblr-14254	226	7	at	at	ADP
cblr-14254	226	8	3	3	NUM
cblr-14254	226	9	.	.	NOUN
cblr-14254	227	1	68	68	NUM
cblr-14254	227	2	see	see	NOUN
cblr-14254	227	3	heyman	heyman	NOUN
cblr-14254	227	4	,	,	PUNCT
cblr-14254	227	5	supra	supra	PROPN
cblr-14254	227	6	note	note	PROPN
cblr-14254	227	7	20	20	NUM
cblr-14254	227	8	,	,	PUNCT
cblr-14254	227	9	at	at	ADP
cblr-14254	227	10	542	542	NUM
cblr-14254	227	11	.	.	PUNCT
cblr-14254	228	1	69	69	NUM
cblr-14254	228	2	frank	frank	ADJ
cblr-14254	228	3	fagan	fagan	PROPN
cblr-14254	228	4	&	&	CCONJ
cblr-14254	228	5	saul	saul	PROPN
cblr-14254	228	6	levmore	levmore	PROPN
cblr-14254	228	7	,	,	PUNCT
cblr-14254	228	8	spacs	spac	NOUN
cblr-14254	228	9	,	,	PUNCT
cblr-14254	228	10	pipes	pipe	NOUN
cblr-14254	228	11	,	,	PUNCT
cblr-14254	228	12	and	and	CCONJ
cblr-14254	228	13	common	common	ADJ
cblr-14254	228	14	investors	investor	NOUN
cblr-14254	228	15	,	,	PUNCT
cblr-14254	228	16	25	25	NUM
cblr-14254	228	17	u.	u.	PROPN
cblr-14254	228	18	pa	pa	PROPN
cblr-14254	228	19	.	.	PUNCT
cblr-14254	228	20	j.	j.	PROPN
cblr-14254	228	21	bus	bus	PROPN
cblr-14254	228	22	.	.	PUNCT
cblr-14254	229	1	l.	l.	PROPN
cblr-14254	229	2	103	103	NUM
cblr-14254	229	3	,	,	PUNCT
cblr-14254	229	4	109	109	NUM
cblr-14254	229	5	(	(	PUNCT
cblr-14254	229	6	2023	2023	NUM
cblr-14254	229	7	)	)	PUNCT
cblr-14254	229	8	.	.	PUNCT
cblr-14254	230	1	466	466	NUM
cblr-14254	230	2	columbia	columbia	PROPN
cblr-14254	230	3	business	business	NOUN
cblr-14254	230	4	law	law	PROPN
cblr-14254	230	5	review	review	NOUN
cblr-14254	230	6	[	[	X
cblr-14254	230	7	vol	vol	NOUN
cblr-14254	230	8	.	.	PUNCT
cblr-14254	230	9	2025	2025	NUM
cblr-14254	230	10	prepared	prepare	VERB
cblr-14254	230	11	to	to	PART
cblr-14254	230	12	go	go	VERB
cblr-14254	230	13	public	public	ADJ
cblr-14254	230	14	through	through	ADP
cblr-14254	230	15	traditional	traditional	ADJ
cblr-14254	230	16	ipo.70	ipo.70	ADJ
cblr-14254	230	17	often	often	ADV
cblr-14254	230	18	,	,	PUNCT
cblr-14254	230	19	the	the	DET
cblr-14254	230	20	targets	target	NOUN
cblr-14254	230	21	are	be	AUX
cblr-14254	230	22	“	"	PUNCT
cblr-14254	230	23	pre	pre	ADJ
cblr-14254	230	24	-	-	NOUN
cblr-14254	230	25	revenue	revenue	NOUN
cblr-14254	230	26	”	"	PUNCT
cblr-14254	230	27	or	or	CCONJ
cblr-14254	230	28	low	low	ADJ
cblr-14254	230	29	-	-	PUNCT
cblr-14254	230	30	revenue	revenue	NOUN
cblr-14254	230	31	companies	company	NOUN
cblr-14254	230	32	that	that	PRON
cblr-14254	230	33	may	may	AUX
cblr-14254	230	34	not	not	PART
cblr-14254	230	35	have	have	AUX
cblr-14254	230	36	produced	produce	VERB
cblr-14254	230	37	the	the	DET
cblr-14254	230	38	proposed	propose	VERB
cblr-14254	230	39	product	product	NOUN
cblr-14254	230	40	or	or	CCONJ
cblr-14254	230	41	accomplished	accomplish	VERB
cblr-14254	230	42	the	the	DET
cblr-14254	230	43	end	end	NOUN
cblr-14254	230	44	business	business	NOUN
cblr-14254	230	45	activity.71	activity.71	NOUN
cblr-14254	230	46	this	this	PRON
cblr-14254	230	47	includes	include	VERB
cblr-14254	230	48	fisker	fisker	NOUN
cblr-14254	230	49	,	,	PUNCT
cblr-14254	230	50	a	a	DET
cblr-14254	230	51	car	car	NOUN
cblr-14254	230	52	company	company	NOUN
cblr-14254	230	53	that	that	PRON
cblr-14254	230	54	went	go	VERB
cblr-14254	230	55	public	public	ADJ
cblr-14254	230	56	via	via	ADP
cblr-14254	230	57	a	a	DET
cblr-14254	230	58	spac	spac	NOUN
cblr-14254	230	59	with	with	ADP
cblr-14254	230	60	no	no	DET
cblr-14254	230	61	cars	car	NOUN
cblr-14254	230	62	yet	yet	CCONJ
cblr-14254	230	63	manufactured,72	manufactured,72	PROPN
cblr-14254	230	64	and	and	CCONJ
cblr-14254	230	65	virgin	virgin	PROPN
cblr-14254	230	66	galactic	galactic	PROPN
cblr-14254	230	67	,	,	PUNCT
cblr-14254	230	68	a	a	DET
cblr-14254	230	69	space	space	NOUN
cblr-14254	230	70	tourism	tourism	NOUN
cblr-14254	230	71	company	company	NOUN
cblr-14254	230	72	that	that	PRON
cblr-14254	230	73	completed	complete	VERB
cblr-14254	230	74	their	their	PRON
cblr-14254	230	75	merger	merger	NOUN
cblr-14254	230	76	before	before	ADP
cblr-14254	230	77	completing	complete	VERB
cblr-14254	230	78	a	a	DET
cblr-14254	230	79	space	space	NOUN
cblr-14254	230	80	flight.73	flight.73	NOUN
cblr-14254	230	81	so	so	ADV
cblr-14254	230	82	,	,	PUNCT
cblr-14254	230	83	to	to	PART
cblr-14254	230	84	communicate	communicate	VERB
cblr-14254	230	85	information	information	NOUN
cblr-14254	230	86	to	to	ADP
cblr-14254	230	87	investors	investor	NOUN
cblr-14254	230	88	and	and	CCONJ
cblr-14254	230	89	attract	attract	VERB
cblr-14254	230	90	investor	investor	NOUN
cblr-14254	230	91	approval	approval	NOUN
cblr-14254	230	92	,	,	PUNCT
cblr-14254	230	93	spacs	spac	NOUN
cblr-14254	230	94	rely	rely	VERB
cblr-14254	230	95	heavily	heavily	ADV
cblr-14254	230	96	on	on	ADP
cblr-14254	230	97	the	the	DET
cblr-14254	230	98	assumed	assumed	ADJ
cblr-14254	230	99	forward	forward	ADV
cblr-14254	230	100	-	-	PUNCT
cblr-14254	230	101	looking	look	VERB
cblr-14254	230	102	statement	statement	NOUN
cblr-14254	230	103	safe	safe	ADJ
cblr-14254	230	104	harbor	harbor	NOUN
cblr-14254	230	105	of	of	ADP
cblr-14254	230	106	the	the	DET
cblr-14254	230	107	pslra	pslra	NOUN
cblr-14254	230	108	to	to	PART
cblr-14254	230	109	provide	provide	VERB
cblr-14254	230	110	and	and	CCONJ
cblr-14254	230	111	dress	dress	VERB
cblr-14254	230	112	up	up	ADP
cblr-14254	230	113	key	key	ADJ
cblr-14254	230	114	information	information	NOUN
cblr-14254	230	115	about	about	ADP
cblr-14254	230	116	valuation	valuation	NOUN
cblr-14254	230	117	and	and	CCONJ
cblr-14254	230	118	risk.74	risk.74	ADJ
cblr-14254	230	119	investors	investor	NOUN
cblr-14254	230	120	then	then	ADV
cblr-14254	230	121	signal	signal	VERB
cblr-14254	230	122	their	their	PRON
cblr-14254	230	123	evaluation	evaluation	NOUN
cblr-14254	230	124	of	of	ADP
cblr-14254	230	125	the	the	DET
cblr-14254	230	126	deal	deal	NOUN
cblr-14254	230	127	by	by	ADP
cblr-14254	230	128	their	their	PRON
cblr-14254	230	129	vote	vote	NOUN
cblr-14254	230	130	and	and	CCONJ
cblr-14254	230	131	redemption	redemption	NOUN
cblr-14254	230	132	action	action	NOUN
cblr-14254	230	133	.	.	PUNCT
cblr-14254	231	1	shareholders	shareholder	NOUN
cblr-14254	231	2	may	may	AUX
cblr-14254	231	3	redeem	redeem	VERB
cblr-14254	231	4	their	their	PRON
cblr-14254	231	5	shares	share	NOUN
cblr-14254	231	6	at	at	ADP
cblr-14254	231	7	the	the	DET
cblr-14254	231	8	purchase	purchase	NOUN
cblr-14254	231	9	price	price	NOUN
cblr-14254	231	10	while	while	SCONJ
cblr-14254	231	11	keeping	keep	VERB
cblr-14254	231	12	all	all	DET
cblr-14254	231	13	warrants.75	warrants.75	NOUN
cblr-14254	231	14	even	even	ADV
cblr-14254	231	15	if	if	SCONJ
cblr-14254	231	16	redeeming	redeem	VERB
cblr-14254	231	17	,	,	PUNCT
cblr-14254	231	18	shareholders	shareholder	NOUN
cblr-14254	231	19	retain	retain	VERB
cblr-14254	231	20	their	their	PRON
cblr-14254	231	21	right	right	NOUN
cblr-14254	231	22	to	to	PART
cblr-14254	231	23	vote.76	vote.76	VERB
cblr-14254	231	24	this	this	PRON
cblr-14254	231	25	typically	typically	ADV
cblr-14254	231	26	results	result	VERB
cblr-14254	231	27	in	in	ADP
cblr-14254	231	28	a	a	DET
cblr-14254	231	29	very	very	ADV
cblr-14254	231	30	high	high	ADJ
cblr-14254	231	31	mean	mean	NOUN
cblr-14254	231	32	redemption	redemption	NOUN
cblr-14254	231	33	rate	rate	NOUN
cblr-14254	231	34	of	of	ADP
cblr-14254	231	35	54.2	54.2	NUM
cblr-14254	231	36	%	%	NOUN
cblr-14254	231	37	,	,	PUNCT
cblr-14254	231	38	and	and	CCONJ
cblr-14254	231	39	in	in	ADP
cblr-14254	231	40	some	some	DET
cblr-14254	231	41	cases	case	NOUN
cblr-14254	231	42	as	as	ADV
cblr-14254	231	43	high	high	ADJ
cblr-14254	231	44	as	as	ADP
cblr-14254	231	45	80%.77	80%.77	NUM
cblr-14254	231	46	70	70	NUM
cblr-14254	231	47	jessica	jessica	PROPN
cblr-14254	231	48	bai	bai	PROPN
cblr-14254	231	49	,	,	PUNCT
cblr-14254	231	50	angela	angela	PROPN
cblr-14254	231	51	ma	ma	PROPN
cblr-14254	231	52	&	&	CCONJ
cblr-14254	231	53	miles	miles	PROPN
cblr-14254	231	54	zheng	zheng	PROPN
cblr-14254	231	55	,	,	PUNCT
cblr-14254	231	56	segmented	segment	VERB
cblr-14254	231	57	going	go	VERB
cblr-14254	231	58	-	-	PUNCT
cblr-14254	231	59	public	public	ADJ
cblr-14254	231	60	markets	market	NOUN
cblr-14254	231	61	and	and	CCONJ
cblr-14254	231	62	the	the	DET
cblr-14254	231	63	demand	demand	NOUN
cblr-14254	231	64	for	for	ADP
cblr-14254	231	65	spacs	spac	NOUN
cblr-14254	231	66	,	,	PUNCT
cblr-14254	231	67	s&p	s&p	PROPN
cblr-14254	231	68	glob	glob	NOUN
cblr-14254	231	69	.	.	PUNCT
cblr-14254	232	1	mkt	mkt	PROPN
cblr-14254	232	2	.	.	PUNCT
cblr-14254	233	1	intell	intell	PROPN
cblr-14254	233	2	.	.	PUNCT
cblr-14254	234	1	5	5	NUM
cblr-14254	234	2	(	(	PUNCT
cblr-14254	234	3	jan	jan	PROPN
cblr-14254	234	4	.	.	PROPN
cblr-14254	234	5	1	1	NUM
cblr-14254	234	6	,	,	PUNCT
cblr-14254	234	7	2021	2021	NUM
cblr-14254	234	8	)	)	PUNCT
cblr-14254	234	9	(	(	PUNCT
cblr-14254	234	10	unpublished	unpublished	ADJ
cblr-14254	234	11	manuscript	manuscript	NOUN
cblr-14254	234	12	)	)	PUNCT
cblr-14254	234	13	,	,	PUNCT
cblr-14254	234	14	https://ssrn.com/abstract=3746490	https://ssrn.com/abstract=3746490	VERB
cblr-14254	235	1	[	[	X
cblr-14254	235	2	https://perma.cc/a9tv-ebl8	https://perma.cc/a9tv-ebl8	X
cblr-14254	235	3	]	]	X
cblr-14254	235	4	.	.	PUNCT
cblr-14254	236	1	71	71	NUM
cblr-14254	236	2	joanna	joanna	NOUN
cblr-14254	236	3	glasner	glasner	NOUN
cblr-14254	236	4	,	,	PUNCT
cblr-14254	236	5	spac	spac	PROPN
cblr-14254	236	6	to	to	ADP
cblr-14254	236	7	the	the	DET
cblr-14254	236	8	future	future	NOUN
cblr-14254	236	9	:	:	PUNCT
cblr-14254	236	10	how	how	SCONJ
cblr-14254	236	11	blank	blank	ADJ
cblr-14254	236	12	-	-	PUNCT
cblr-14254	236	13	check	check	NOUN
cblr-14254	236	14	acquirers	acquirer	NOUN
cblr-14254	236	15	could	could	AUX
cblr-14254	236	16	reshape	reshape	VERB
cblr-14254	236	17	emerging	emerge	VERB
cblr-14254	236	18	companies	company	NOUN
cblr-14254	236	19	’	’	PART
cblr-14254	236	20	roles	role	NOUN
cblr-14254	236	21	in	in	ADP
cblr-14254	236	22	public	public	ADJ
cblr-14254	236	23	markets	market	NOUN
cblr-14254	236	24	,	,	PUNCT
cblr-14254	236	25	crunchbase	crunchbase	PROPN
cblr-14254	236	26	news	news	PROPN
cblr-14254	236	27	(	(	PUNCT
cblr-14254	236	28	oct	oct	PROPN
cblr-14254	236	29	.	.	PROPN
cblr-14254	236	30	19	19	NUM
cblr-14254	236	31	,	,	PUNCT
cblr-14254	236	32	2020	2020	NUM
cblr-14254	236	33	)	)	PUNCT
cblr-14254	236	34	,	,	PUNCT
cblr-14254	236	35	https://news.crunchbase.com/startups/spac-to-the-future/	https://news.crunchbase.com/startups/spac-to-the-future/	X
cblr-14254	237	1	[	[	X
cblr-14254	237	2	https://perma.cc/654m-w6k4	https://perma.cc/654m-w6k4	NOUN
cblr-14254	237	3	]	]	X
cblr-14254	237	4	.	.	PUNCT
cblr-14254	238	1	72	72	NUM
cblr-14254	238	2	ben	ben	PROPN
cblr-14254	238	3	klayman	klayman	NOUN
cblr-14254	238	4	,	,	PUNCT
cblr-14254	238	5	electric	electric	ADJ
cblr-14254	238	6	car	car	NOUN
cblr-14254	238	7	maker	maker	NOUN
cblr-14254	238	8	fisker	fisker	NOUN
cblr-14254	238	9	to	to	PART
cblr-14254	238	10	go	go	VERB
cblr-14254	238	11	public	public	ADJ
cblr-14254	238	12	through	through	ADP
cblr-14254	238	13	spac	spac	NOUN
cblr-14254	238	14	deal	deal	VERB
cblr-14254	238	15	at	at	ADP
cblr-14254	238	16	$	$	SYM
cblr-14254	238	17	2.9	2.9	NUM
cblr-14254	238	18	billion	billion	NUM
cblr-14254	238	19	valuation	valuation	NOUN
cblr-14254	238	20	,	,	PUNCT
cblr-14254	238	21	reuters	reuters	PROPN
cblr-14254	238	22	(	(	PUNCT
cblr-14254	238	23	july	july	PROPN
cblr-14254	238	24	13	13	NUM
cblr-14254	238	25	,	,	PUNCT
cblr-14254	238	26	2020	2020	NUM
cblr-14254	238	27	)	)	PUNCT
cblr-14254	238	28	,	,	PUNCT
cblr-14254	238	29	https://www.reuters.com/article/iduskcn24e1m4/.	https://www.reuters.com/article/iduskcn24e1m4/.	PROPN
cblr-14254	238	30	73	73	NUM
cblr-14254	238	31	jeff	jeff	PROPN
cblr-14254	238	32	foust	foust	PROPN
cblr-14254	238	33	,	,	PUNCT
cblr-14254	238	34	virgin	virgin	PROPN
cblr-14254	238	35	galactic	galactic	NOUN
cblr-14254	238	36	to	to	PART
cblr-14254	238	37	merge	merge	VERB
cblr-14254	238	38	with	with	ADP
cblr-14254	238	39	investment	investment	NOUN
cblr-14254	238	40	company	company	NOUN
cblr-14254	238	41	,	,	PUNCT
cblr-14254	238	42	go	go	VERB
cblr-14254	238	43	public	public	ADJ
cblr-14254	238	44	,	,	PUNCT
cblr-14254	238	45	spacenews	spacenews	NOUN
cblr-14254	238	46	(	(	PUNCT
cblr-14254	238	47	july	july	PROPN
cblr-14254	238	48	9	9	NUM
cblr-14254	238	49	,	,	PUNCT
cblr-14254	238	50	2019	2019	NUM
cblr-14254	238	51	)	)	PUNCT
cblr-14254	238	52	,	,	PUNCT
cblr-14254	238	53	https://spacenews.com/virgin-galactic-to-merge-withinvestment-company-go-public/	https://spacenews.com/virgin-galactic-to-merge-withinvestment-company-go-public/	X
cblr-14254	239	1	[	[	X
cblr-14254	239	2	https://perma.cc/75ag-e5ln	https://perma.cc/75ag-e5ln	X
cblr-14254	239	3	]	]	X
cblr-14254	239	4	.	.	PUNCT
cblr-14254	240	1	74	74	NUM
cblr-14254	240	2	elizabeth	elizabeth	PROPN
cblr-14254	240	3	a.	a.	PROPN
cblr-14254	240	4	nelson	nelson	PROPN
cblr-14254	240	5	,	,	PUNCT
cblr-14254	240	6	special	special	ADJ
cblr-14254	240	7	purpose	purpose	NOUN
cblr-14254	240	8	acquisition	acquisition	NOUN
cblr-14254	240	9	companies	company	NOUN
cblr-14254	240	10	and	and	CCONJ
cblr-14254	240	11	the	the	DET
cblr-14254	240	12	pslra	pslra	NOUN
cblr-14254	240	13	’s	’s	PART
cblr-14254	240	14	safe	safe	ADJ
cblr-14254	240	15	harbor	harbor	NOUN
cblr-14254	240	16	for	for	ADP
cblr-14254	240	17	forward	forward	ADV
cblr-14254	240	18	looking	look	VERB
cblr-14254	240	19	statements	statement	NOUN
cblr-14254	240	20	,	,	PUNCT
cblr-14254	240	21	26	26	NUM
cblr-14254	240	22	n.c	n.c	PROPN
cblr-14254	240	23	.	.	PROPN
cblr-14254	240	24	banking	banking	NOUN
cblr-14254	240	25	inst	inst	PROPN
cblr-14254	240	26	.	.	PROPN
cblr-14254	240	27	229	229	NUM
cblr-14254	240	28	,	,	PUNCT
cblr-14254	240	29	239–40	239–40	NUM
cblr-14254	240	30	(	(	PUNCT
cblr-14254	240	31	2022	2022	NUM
cblr-14254	240	32	)	)	PUNCT
cblr-14254	240	33	.	.	PUNCT
cblr-14254	241	1	75	75	NUM
cblr-14254	241	2	snehal	snehal	VERB
cblr-14254	241	3	banerjee	banerjee	PROPN
cblr-14254	241	4	&	&	CCONJ
cblr-14254	241	5	martin	martin	PROPN
cblr-14254	241	6	szydlowski	szydlowski	PROPN
cblr-14254	241	7	,	,	PUNCT
cblr-14254	241	8	harnessing	harness	VERB
cblr-14254	241	9	the	the	DET
cblr-14254	241	10	overconfidence	overconfidence	NOUN
cblr-14254	241	11	of	of	ADP
cblr-14254	241	12	the	the	DET
cblr-14254	241	13	crowd	crowd	NOUN
cblr-14254	241	14	:	:	PUNCT
cblr-14254	241	15	a	a	DET
cblr-14254	241	16	theory	theory	NOUN
cblr-14254	241	17	of	of	ADP
cblr-14254	241	18	spacs	spacs	PROPN
cblr-14254	241	19	7	7	NUM
cblr-14254	241	20	(	(	PUNCT
cblr-14254	241	21	sept	sept	PROPN
cblr-14254	241	22	.	.	PROPN
cblr-14254	241	23	24	24	NUM
cblr-14254	241	24	,	,	PUNCT
cblr-14254	241	25	2021	2021	NUM
cblr-14254	241	26	)	)	PUNCT
cblr-14254	241	27	(	(	PUNCT
cblr-14254	241	28	unpublished	unpublished	ADJ
cblr-14254	241	29	manuscript	manuscript	NOUN
cblr-14254	241	30	)	)	PUNCT
cblr-14254	241	31	,	,	PUNCT
cblr-14254	241	32	https://ssrn.com/abstract=3930346	https://ssrn.com/abstract=3930346	X
cblr-14254	241	33	.	.	PUNCT
cblr-14254	242	1	76	76	NUM
cblr-14254	242	2	usha	usha	PROPN
cblr-14254	242	3	rodrigues	rodrigues	PROPN
cblr-14254	242	4	&	&	CCONJ
cblr-14254	242	5	michael	michael	PROPN
cblr-14254	242	6	stegemoller	stegemoller	PROPN
cblr-14254	242	7	,	,	PUNCT
cblr-14254	242	8	disclosure	disclosure	NOUN
cblr-14254	242	9	’s	’s	PART
cblr-14254	242	10	limits	limit	NOUN
cblr-14254	242	11	,	,	PUNCT
cblr-14254	242	12	39	39	NUM
cblr-14254	242	13	yale	yale	PROPN
cblr-14254	242	14	j.	j.	PROPN
cblr-14254	242	15	on	on	ADP
cblr-14254	242	16	regul	regul	NOUN
cblr-14254	242	17	.	.	PUNCT
cblr-14254	243	1	37	37	NUM
cblr-14254	243	2	,	,	PUNCT
cblr-14254	243	3	41	41	NUM
cblr-14254	243	4	(	(	PUNCT
cblr-14254	243	5	2022	2022	NUM
cblr-14254	243	6	)	)	PUNCT
cblr-14254	243	7	.	.	PUNCT
cblr-14254	244	1	77	77	NUM
cblr-14254	245	1	i	i	PRON
cblr-14254	245	2	d.	d.	PROPN
cblr-14254	245	3	at	at	ADP
cblr-14254	245	4	40	40	NUM
cblr-14254	245	5	.	.	PUNCT
cblr-14254	246	1	no	no	INTJ
cblr-14254	246	2	.	.	NOUN
cblr-14254	247	1	1	1	NUM
cblr-14254	247	2	]	]	PUNCT
cblr-14254	247	3	the	the	DET
cblr-14254	247	4	spac	spac	PROPN
cblr-14254	247	5	phenomenon	phenomenon	NOUN
cblr-14254	247	6	467	467	NUM
cblr-14254	247	7	these	these	DET
cblr-14254	247	8	high	high	ADJ
cblr-14254	247	9	redemption	redemption	NOUN
cblr-14254	247	10	rates	rate	NOUN
cblr-14254	247	11	,	,	PUNCT
cblr-14254	247	12	while	while	SCONJ
cblr-14254	247	13	preserving	preserve	VERB
cblr-14254	247	14	voting	voting	NOUN
cblr-14254	247	15	rights	right	NOUN
cblr-14254	247	16	,	,	PUNCT
cblr-14254	247	17	result	result	VERB
cblr-14254	247	18	in	in	ADP
cblr-14254	247	19	a	a	DET
cblr-14254	247	20	form	form	NOUN
cblr-14254	247	21	of	of	ADP
cblr-14254	247	22	“	"	PUNCT
cblr-14254	247	23	empty	empty	ADJ
cblr-14254	247	24	voting	voting	NOUN
cblr-14254	247	25	,	,	PUNCT
cblr-14254	247	26	”	"	PUNCT
cblr-14254	247	27	where	where	SCONJ
cblr-14254	247	28	the	the	DET
cblr-14254	247	29	shareholder	shareholder	NOUN
cblr-14254	247	30	vote	vote	NOUN
cblr-14254	247	31	is	be	AUX
cblr-14254	247	32	devoid	devoid	ADJ
cblr-14254	247	33	of	of	ADP
cblr-14254	247	34	economic	economic	ADJ
cblr-14254	247	35	significance.78	significance.78	NOUN
cblr-14254	247	36	whereas	whereas	SCONJ
cblr-14254	247	37	the	the	DET
cblr-14254	247	38	shareholder	shareholder	NOUN
cblr-14254	247	39	vote	vote	NOUN
cblr-14254	247	40	is	be	AUX
cblr-14254	247	41	typically	typically	ADV
cblr-14254	247	42	a	a	DET
cblr-14254	247	43	protective	protective	ADJ
cblr-14254	247	44	mechanism	mechanism	NOUN
cblr-14254	247	45	that	that	PRON
cblr-14254	247	46	reflects	reflect	VERB
cblr-14254	247	47	deal	deal	NOUN
cblr-14254	247	48	impact	impact	NOUN
cblr-14254	247	49	on	on	ADP
cblr-14254	247	50	interests	interest	NOUN
cblr-14254	247	51	,	,	PUNCT
cblr-14254	247	52	the	the	DET
cblr-14254	247	53	shareholder	shareholder	NOUN
cblr-14254	247	54	vote	vote	NOUN
cblr-14254	247	55	in	in	ADP
cblr-14254	247	56	the	the	DET
cblr-14254	247	57	de	de	PROPN
cblr-14254	247	58	-	-	ADJ
cblr-14254	247	59	spac	spac	NOUN
cblr-14254	247	60	transaction	transaction	NOUN
cblr-14254	247	61	fails	fail	VERB
cblr-14254	247	62	to	to	PART
cblr-14254	247	63	serve	serve	VERB
cblr-14254	247	64	this	this	DET
cblr-14254	247	65	purpose	purpose	NOUN
cblr-14254	247	66	because	because	SCONJ
cblr-14254	247	67	regardless	regardless	ADV
cblr-14254	247	68	of	of	ADP
cblr-14254	247	69	how	how	SCONJ
cblr-14254	247	70	shareholders	shareholder	NOUN
cblr-14254	247	71	vote	vote	VERB
cblr-14254	247	72	,	,	PUNCT
cblr-14254	247	73	they	they	PRON
cblr-14254	247	74	can	can	AUX
cblr-14254	247	75	redeem	redeem	VERB
cblr-14254	247	76	and	and	CCONJ
cblr-14254	247	77	exit	exit	NOUN
cblr-14254	247	78	.	.	PUNCT
cblr-14254	248	1	indeed	indeed	ADV
cblr-14254	248	2	,	,	PUNCT
cblr-14254	248	3	for	for	ADP
cblr-14254	248	4	investors	investor	NOUN
cblr-14254	248	5	,	,	PUNCT
cblr-14254	248	6	it	it	PRON
cblr-14254	248	7	is	be	AUX
cblr-14254	248	8	in	in	ADP
cblr-14254	248	9	their	their	PRON
cblr-14254	248	10	interest	interest	NOUN
cblr-14254	248	11	to	to	PART
cblr-14254	248	12	vote	vote	VERB
cblr-14254	248	13	in	in	ADP
cblr-14254	248	14	favor	favor	NOUN
cblr-14254	248	15	of	of	ADP
cblr-14254	248	16	the	the	DET
cblr-14254	248	17	merger	merger	NOUN
cblr-14254	248	18	while	while	SCONJ
cblr-14254	248	19	redeeming	redeem	VERB
cblr-14254	248	20	and	and	CCONJ
cblr-14254	248	21	exiting	exit	VERB
cblr-14254	248	22	.	.	PUNCT
cblr-14254	249	1	this	this	PRON
cblr-14254	249	2	is	be	AUX
cblr-14254	249	3	because	because	SCONJ
cblr-14254	249	4	of	of	ADP
cblr-14254	249	5	the	the	DET
cblr-14254	249	6	separate	separate	ADJ
cblr-14254	249	7	trading	trading	NOUN
cblr-14254	249	8	of	of	ADP
cblr-14254	249	9	shares	share	NOUN
cblr-14254	249	10	and	and	CCONJ
cblr-14254	249	11	warrants	warrant	NOUN
cblr-14254	249	12	,	,	PUNCT
cblr-14254	249	13	so	so	SCONJ
cblr-14254	249	14	that	that	SCONJ
cblr-14254	249	15	redeeming	redeem	VERB
cblr-14254	249	16	shares	share	NOUN
cblr-14254	249	17	has	have	VERB
cblr-14254	249	18	no	no	DET
cblr-14254	249	19	impact	impact	NOUN
cblr-14254	249	20	on	on	ADP
cblr-14254	249	21	warrants	warrant	NOUN
cblr-14254	249	22	.	.	PUNCT
cblr-14254	250	1	however	however	ADV
cblr-14254	250	2	,	,	PUNCT
cblr-14254	250	3	warrants	warrant	NOUN
cblr-14254	250	4	are	be	AUX
cblr-14254	250	5	typically	typically	ADV
cblr-14254	250	6	only	only	ADV
cblr-14254	250	7	exercisable	exercisable	ADJ
cblr-14254	250	8	if	if	SCONJ
cblr-14254	250	9	the	the	DET
cblr-14254	250	10	stock	stock	NOUN
cblr-14254	250	11	trades	trade	VERB
cblr-14254	250	12	at	at	ADP
cblr-14254	250	13	or	or	CCONJ
cblr-14254	250	14	above	above	ADP
cblr-14254	250	15	$	$	SYM
cblr-14254	250	16	11.50,79	11.50,79	NUM
cblr-14254	250	17	so	so	SCONJ
cblr-14254	250	18	investors	investor	NOUN
cblr-14254	250	19	have	have	VERB
cblr-14254	250	20	every	every	DET
cblr-14254	250	21	incentive	incentive	NOUN
cblr-14254	250	22	to	to	PART
cblr-14254	250	23	exit	exit	VERB
cblr-14254	250	24	and	and	CCONJ
cblr-14254	250	25	make	make	VERB
cblr-14254	250	26	back	back	ADP
cblr-14254	250	27	their	their	PRON
cblr-14254	250	28	initial	initial	ADJ
cblr-14254	250	29	investment	investment	NOUN
cblr-14254	250	30	while	while	SCONJ
cblr-14254	250	31	still	still	ADV
cblr-14254	250	32	voting	vote	VERB
cblr-14254	250	33	for	for	ADP
cblr-14254	250	34	the	the	DET
cblr-14254	250	35	deal	deal	NOUN
cblr-14254	250	36	and	and	CCONJ
cblr-14254	250	37	making	make	VERB
cblr-14254	250	38	clean	clean	ADJ
cblr-14254	250	39	profit	profit	NOUN
cblr-14254	250	40	if	if	SCONJ
cblr-14254	250	41	the	the	DET
cblr-14254	250	42	deal	deal	NOUN
cblr-14254	250	43	ends	end	VERB
cblr-14254	250	44	up	up	ADP
cblr-14254	250	45	successful	successful	ADJ
cblr-14254	250	46	.	.	PUNCT
cblr-14254	251	1	spacs	spac	NOUN
cblr-14254	251	2	are	be	AUX
cblr-14254	251	3	upfront	upfront	ADJ
cblr-14254	251	4	about	about	ADP
cblr-14254	251	5	the	the	DET
cblr-14254	251	6	maintenance	maintenance	NOUN
cblr-14254	251	7	of	of	ADP
cblr-14254	251	8	voting	voting	NOUN
cblr-14254	251	9	rights	right	NOUN
cblr-14254	251	10	in	in	ADP
cblr-14254	251	11	case	case	NOUN
cblr-14254	251	12	of	of	ADP
cblr-14254	251	13	redemption.80	redemption.80	NOUN
cblr-14254	251	14	accordingly	accordingly	ADV
cblr-14254	251	15	,	,	PUNCT
cblr-14254	251	16	spacs	spac	NOUN
cblr-14254	251	17	anticipate	anticipate	VERB
cblr-14254	251	18	redemption	redemption	NOUN
cblr-14254	251	19	and	and	CCONJ
cblr-14254	251	20	bring	bring	VERB
cblr-14254	251	21	in	in	ADP
cblr-14254	251	22	pipe	pipe	NOUN
cblr-14254	251	23	(	(	PUNCT
cblr-14254	251	24	private	private	ADJ
cblr-14254	251	25	investment	investment	NOUN
cblr-14254	251	26	in	in	ADP
cblr-14254	251	27	public	public	ADJ
cblr-14254	251	28	equity	equity	NOUN
cblr-14254	251	29	)	)	PUNCT
cblr-14254	251	30	financing	financing	NOUN
cblr-14254	251	31	after	after	SCONJ
cblr-14254	251	32	redemptions	redemption	NOUN
cblr-14254	251	33	have	have	AUX
cblr-14254	251	34	been	be	AUX
cblr-14254	251	35	made	make	VERB
cblr-14254	251	36	to	to	PART
cblr-14254	251	37	replenish	replenish	VERB
cblr-14254	251	38	the	the	DET
cblr-14254	251	39	cash	cash	NOUN
cblr-14254	251	40	supply	supply	NOUN
cblr-14254	251	41	.	.	PUNCT
cblr-14254	252	1	pipe	pipe	NOUN
cblr-14254	252	2	investors	investor	NOUN
cblr-14254	252	3	are	be	AUX
cblr-14254	252	4	investment	investment	NOUN
cblr-14254	252	5	firms	firm	NOUN
cblr-14254	252	6	,	,	PUNCT
cblr-14254	252	7	mutual	mutual	ADJ
cblr-14254	252	8	funds	fund	NOUN
cblr-14254	252	9	,	,	PUNCT
cblr-14254	252	10	and	and	CCONJ
cblr-14254	252	11	other	other	ADJ
cblr-14254	252	12	large	large	ADJ
cblr-14254	252	13	,	,	PUNCT
cblr-14254	252	14	accredited	accredit	VERB
cblr-14254	252	15	investors	investor	NOUN
cblr-14254	252	16	who	who	PRON
cblr-14254	252	17	buy	buy	VERB
cblr-14254	252	18	below	below	ADP
cblr-14254	252	19	-	-	PUNCT
cblr-14254	252	20	market	market	NOUN
cblr-14254	252	21	-	-	PUNCT
cblr-14254	252	22	value	value	NOUN
cblr-14254	252	23	shares81	shares81	NOUN
cblr-14254	252	24	to	to	PART
cblr-14254	252	25	provide	provide	VERB
cblr-14254	252	26	a	a	DET
cblr-14254	252	27	much	much	ADV
cblr-14254	252	28	-	-	PUNCT
cblr-14254	252	29	needed	need	VERB
cblr-14254	252	30	cash	cash	NOUN
cblr-14254	252	31	infusion	infusion	NOUN
cblr-14254	252	32	to	to	ADP
cblr-14254	252	33	the	the	DET
cblr-14254	252	34	spac	spac	PROPN
cblr-14254	252	35	.	.	PUNCT
cblr-14254	253	1	since	since	SCONJ
cblr-14254	253	2	sponsors	sponsor	NOUN
cblr-14254	253	3	urge	urge	VERB
cblr-14254	253	4	merger	merger	NOUN
cblr-14254	253	5	consummation	consummation	NOUN
cblr-14254	253	6	to	to	PART
cblr-14254	253	7	ensure	ensure	VERB
cblr-14254	253	8	their	their	PRON
cblr-14254	253	9	payout	payout	NOUN
cblr-14254	253	10	,	,	PUNCT
cblr-14254	253	11	high	high	ADJ
cblr-14254	253	12	redemption	redemption	NOUN
cblr-14254	253	13	rates	rate	NOUN
cblr-14254	253	14	(	(	PUNCT
cblr-14254	253	15	and	and	CCONJ
cblr-14254	253	16	thus	thus	ADV
cblr-14254	253	17	low	low	ADJ
cblr-14254	253	18	cash	cash	NOUN
cblr-14254	253	19	funds	fund	NOUN
cblr-14254	253	20	)	)	PUNCT
cblr-14254	253	21	hands	hand	NOUN
cblr-14254	253	22	increasing	increase	VERB
cblr-14254	253	23	bargaining	bargaining	NOUN
cblr-14254	253	24	power	power	NOUN
cblr-14254	253	25	to	to	ADP
cblr-14254	253	26	pipes	pipe	NOUN
cblr-14254	253	27	in	in	ADP
cblr-14254	253	28	negotiating	negotiate	VERB
cblr-14254	253	29	deal	deal	NOUN
cblr-14254	253	30	terms	term	NOUN
cblr-14254	253	31	.	.	PUNCT
cblr-14254	254	1	there	there	PRON
cblr-14254	254	2	is	be	VERB
cblr-14254	254	3	less	less	ADJ
cblr-14254	254	4	pipe	pipe	NOUN
cblr-14254	254	5	financing	financing	NOUN
cblr-14254	254	6	availability	availability	NOUN
cblr-14254	254	7	than	than	SCONJ
cblr-14254	254	8	demanded	demand	VERB
cblr-14254	254	9	,	,	PUNCT
cblr-14254	254	10	likely	likely	ADV
cblr-14254	254	11	explainable	explainable	ADJ
cblr-14254	254	12	by	by	ADP
cblr-14254	254	13	the	the	DET
cblr-14254	254	14	additional	additional	ADJ
cblr-14254	254	15	diligence	diligence	NOUN
cblr-14254	254	16	required	require	VERB
cblr-14254	254	17	since	since	SCONJ
cblr-14254	254	18	pipe	pipe	NOUN
cblr-14254	254	19	interests	interest	NOUN
cblr-14254	254	20	will	will	AUX
cblr-14254	254	21	attach	attach	VERB
cblr-14254	254	22	directly	directly	ADV
cblr-14254	254	23	to	to	ADP
cblr-14254	254	24	the	the	DET
cblr-14254	254	25	target	target	NOUN
cblr-14254	254	26	.	.	PUNCT
cblr-14254	255	1	sponsors	sponsor	NOUN
cblr-14254	255	2	incentivize	incentivize	VERB
cblr-14254	255	3	pipes	pipe	NOUN
cblr-14254	255	4	by	by	ADP
cblr-14254	255	5	offering	offer	VERB
cblr-14254	255	6	favorable	favorable	ADJ
cblr-14254	255	7	terms	term	NOUN
cblr-14254	255	8	:	:	PUNCT
cblr-14254	255	9	stakes	stake	NOUN
cblr-14254	255	10	at	at	ADP
cblr-14254	255	11	below	below	ADP
cblr-14254	255	12	-	-	PUNCT
cblr-14254	255	13	market	market	NOUN
cblr-14254	255	14	prices	price	NOUN
cblr-14254	255	15	not	not	PART
cblr-14254	255	16	offered	offer	VERB
cblr-14254	255	17	to	to	ADP
cblr-14254	255	18	other	other	ADJ
cblr-14254	255	19	investors	investor	NOUN
cblr-14254	255	20	,	,	PUNCT
cblr-14254	255	21	convertible	convertible	ADJ
cblr-14254	255	22	debt	debt	NOUN
cblr-14254	255	23	and	and	CCONJ
cblr-14254	255	24	equity	equity	NOUN
cblr-14254	255	25	,	,	PUNCT
cblr-14254	255	26	and	and	CCONJ
cblr-14254	255	27	additional	additional	ADJ
cblr-14254	255	28	warrants	warrant	NOUN
cblr-14254	255	29	.	.	PUNCT
cblr-14254	256	1	the	the	DET
cblr-14254	256	2	worse	bad	ADJ
cblr-14254	256	3	or	or	CCONJ
cblr-14254	256	4	more	more	ADV
cblr-14254	256	5	speculative	speculative	ADJ
cblr-14254	256	6	that	that	SCONJ
cblr-14254	256	7	the	the	DET
cblr-14254	256	8	78	78	NUM
cblr-14254	256	9	i	i	PRON
cblr-14254	256	10	d.	d.	NOUN
cblr-14254	256	11	at	at	ADP
cblr-14254	256	12	41	41	NUM
cblr-14254	256	13	.	.	PUNCT
cblr-14254	257	1	79	79	NUM
cblr-14254	257	2	klausner	klausner	PROPN
cblr-14254	257	3	et	et	PROPN
cblr-14254	257	4	al	al	PROPN
cblr-14254	257	5	.	.	PROPN
cblr-14254	257	6	,	,	PUNCT
cblr-14254	257	7	supra	supra	PROPN
cblr-14254	257	8	note	note	PROPN
cblr-14254	257	9	51	51	NUM
cblr-14254	257	10	,	,	PUNCT
cblr-14254	257	11	at	at	ADP
cblr-14254	257	12	236	236	NUM
cblr-14254	257	13	.	.	PUNCT
cblr-14254	257	14	80	80	NUM
cblr-14254	257	15	rodrigues	rodrigue	NOUN
cblr-14254	257	16	&	&	CCONJ
cblr-14254	257	17	stegemoller	stegemoller	PROPN
cblr-14254	257	18	,	,	PUNCT
cblr-14254	257	19	supra	supra	ADJ
cblr-14254	257	20	note	note	NOUN
cblr-14254	257	21	76	76	NUM
cblr-14254	257	22	,	,	PUNCT
cblr-14254	257	23	at	at	ADP
cblr-14254	257	24	41	41	NUM
cblr-14254	257	25	.	.	PUNCT
cblr-14254	258	1	81	81	NUM
cblr-14254	258	2	troy	troy	PROPN
cblr-14254	258	3	segal	segal	PROPN
cblr-14254	258	4	,	,	PUNCT
cblr-14254	258	5	what	what	PRON
cblr-14254	258	6	is	be	AUX
cblr-14254	258	7	a	a	DET
cblr-14254	258	8	private	private	ADJ
cblr-14254	258	9	investment	investment	NOUN
cblr-14254	258	10	in	in	ADP
cblr-14254	258	11	public	public	ADJ
cblr-14254	258	12	equity	equity	NOUN
cblr-14254	258	13	(	(	PUNCT
cblr-14254	258	14	pipe	pipe	NOUN
cblr-14254	258	15	)	)	PUNCT
cblr-14254	258	16	?	?	PUNCT
cblr-14254	259	1	,	,	PUNCT
cblr-14254	259	2	investopedia	investopedia	PROPN
cblr-14254	259	3	(	(	PUNCT
cblr-14254	259	4	june	june	PROPN
cblr-14254	259	5	30	30	NUM
cblr-14254	259	6	,	,	PUNCT
cblr-14254	259	7	2024	2024	NUM
cblr-14254	259	8	)	)	PUNCT
cblr-14254	259	9	,	,	PUNCT
cblr-14254	259	10	https://www.investopedia.com/terms/p/pipe.asp	https://www.investopedia.com/terms/p/pipe.asp	PROPN
cblr-14254	259	11	[	[	X
cblr-14254	259	12	https://perma.cc/w6k3-qdxr	https://perma.cc/w6k3-qdxr	X
cblr-14254	259	13	]	]	PUNCT
cblr-14254	259	14	.	.	PUNCT
cblr-14254	260	1	468	468	NUM
cblr-14254	260	2	columbia	columbia	PROPN
cblr-14254	260	3	business	business	PROPN
cblr-14254	260	4	law	law	PROPN
cblr-14254	260	5	review	review	NOUN
cblr-14254	260	6	[	[	X
cblr-14254	260	7	vol	vol	NOUN
cblr-14254	260	8	.	.	PUNCT
cblr-14254	260	9	2025	2025	NUM
cblr-14254	260	10	target	target	PROPN
cblr-14254	260	11	’s	’s	PART
cblr-14254	260	12	profit	profit	NOUN
cblr-14254	260	13	prospects	prospect	NOUN
cblr-14254	260	14	are	be	AUX
cblr-14254	260	15	,	,	PUNCT
cblr-14254	260	16	the	the	DET
cblr-14254	260	17	higher	high	ADJ
cblr-14254	260	18	redemption	redemption	NOUN
cblr-14254	260	19	rates	rate	NOUN
cblr-14254	260	20	are	be	AUX
cblr-14254	260	21	likely	likely	ADJ
cblr-14254	260	22	to	to	PART
cblr-14254	260	23	be	be	AUX
cblr-14254	260	24	.	.	PUNCT
cblr-14254	261	1	the	the	DET
cblr-14254	261	2	more	more	ADJ
cblr-14254	261	3	redemptions	redemption	NOUN
cblr-14254	261	4	there	there	PRON
cblr-14254	261	5	are	be	VERB
cblr-14254	261	6	,	,	PUNCT
cblr-14254	261	7	the	the	DET
cblr-14254	261	8	less	less	ADJ
cblr-14254	261	9	cash	cash	NOUN
cblr-14254	261	10	there	there	PRON
cblr-14254	261	11	is	be	VERB
cblr-14254	261	12	in	in	ADP
cblr-14254	261	13	the	the	DET
cblr-14254	261	14	spac	spac	PROPN
cblr-14254	261	15	trust	trust	PROPN
cblr-14254	261	16	—	—	PUNCT
cblr-14254	261	17	and	and	CCONJ
cblr-14254	261	18	thus	thus	ADV
cblr-14254	261	19	the	the	PRON
cblr-14254	261	20	greater	great	ADJ
cblr-14254	261	21	the	the	DET
cblr-14254	261	22	need	need	NOUN
cblr-14254	261	23	is	be	AUX
cblr-14254	261	24	for	for	ADP
cblr-14254	261	25	a	a	DET
cblr-14254	261	26	cash	cash	NOUN
cblr-14254	261	27	infusion	infusion	NOUN
cblr-14254	261	28	.	.	PUNCT
cblr-14254	262	1	the	the	DET
cblr-14254	262	2	more	more	ADV
cblr-14254	262	3	desperate	desperate	ADJ
cblr-14254	262	4	the	the	DET
cblr-14254	262	5	sponsor	sponsor	NOUN
cblr-14254	262	6	for	for	ADP
cblr-14254	262	7	such	such	ADJ
cblr-14254	262	8	cash	cash	NOUN
cblr-14254	262	9	infusion	infusion	NOUN
cblr-14254	262	10	,	,	PUNCT
cblr-14254	262	11	the	the	PRON
cblr-14254	262	12	better	well	ADJ
cblr-14254	262	13	the	the	DET
cblr-14254	262	14	terms	term	NOUN
cblr-14254	262	15	pipes	pipe	NOUN
cblr-14254	262	16	receive	receive	VERB
cblr-14254	262	17	.	.	PUNCT
cblr-14254	263	1	in	in	ADP
cblr-14254	263	2	sum	sum	NOUN
cblr-14254	263	3	,	,	PUNCT
cblr-14254	263	4	the	the	DET
cblr-14254	263	5	spac	spac	PROPN
cblr-14254	263	6	transaction	transaction	NOUN
cblr-14254	263	7	presents	present	VERB
cblr-14254	263	8	a	a	DET
cblr-14254	263	9	variety	variety	NOUN
cblr-14254	263	10	of	of	ADP
cblr-14254	263	11	competing	compete	VERB
cblr-14254	263	12	incentives	incentive	NOUN
cblr-14254	263	13	.	.	PUNCT
cblr-14254	264	1	sponsors	sponsor	NOUN
cblr-14254	264	2	are	be	AUX
cblr-14254	264	3	focused	focus	VERB
cblr-14254	264	4	solely	solely	ADV
cblr-14254	264	5	on	on	ADP
cblr-14254	264	6	finalizing	finalize	VERB
cblr-14254	264	7	mergers	merger	NOUN
cblr-14254	264	8	with	with	ADP
cblr-14254	264	9	little	little	ADJ
cblr-14254	264	10	concern	concern	NOUN
cblr-14254	264	11	for	for	ADP
cblr-14254	264	12	the	the	DET
cblr-14254	264	13	target	target	NOUN
cblr-14254	264	14	’s	’s	PART
cblr-14254	264	15	longterm	longterm	PROPN
cblr-14254	264	16	quality	quality	NOUN
cblr-14254	264	17	,	,	PUNCT
cblr-14254	264	18	investors	investor	NOUN
cblr-14254	264	19	who	who	PRON
cblr-14254	264	20	redeem	redeem	VERB
cblr-14254	264	21	their	their	PRON
cblr-14254	264	22	shares	share	NOUN
cblr-14254	264	23	benefit	benefit	VERB
cblr-14254	264	24	from	from	ADP
cblr-14254	264	25	warrants	warrant	NOUN
cblr-14254	264	26	if	if	SCONJ
cblr-14254	264	27	the	the	DET
cblr-14254	264	28	target	target	NOUN
cblr-14254	264	29	succeeds	succeed	VERB
cblr-14254	264	30	with	with	ADP
cblr-14254	264	31	no	no	DET
cblr-14254	264	32	downside	downside	NOUN
cblr-14254	264	33	if	if	SCONJ
cblr-14254	264	34	it	it	PRON
cblr-14254	264	35	fails	fail	VERB
cblr-14254	264	36	,	,	PUNCT
cblr-14254	264	37	and	and	CCONJ
cblr-14254	264	38	pipe	pipe	NOUN
cblr-14254	264	39	investors	investor	NOUN
cblr-14254	264	40	who	who	PRON
cblr-14254	264	41	capitalize	capitalize	VERB
cblr-14254	264	42	on	on	ADP
cblr-14254	264	43	a	a	DET
cblr-14254	264	44	comparatively	comparatively	ADV
cblr-14254	264	45	lowerrisk	lowerrisk	ADJ
cblr-14254	264	46	investment	investment	NOUN
cblr-14254	264	47	through	through	ADP
cblr-14254	264	48	below	below	ADP
cblr-14254	264	49	-	-	PUNCT
cblr-14254	264	50	market	market	NOUN
cblr-14254	264	51	prices	price	NOUN
cblr-14254	264	52	.	.	PUNCT
cblr-14254	265	1	as	as	ADP
cblr-14254	265	2	a	a	DET
cblr-14254	265	3	result	result	NOUN
cblr-14254	265	4	,	,	PUNCT
cblr-14254	265	5	though	though	ADV
cblr-14254	265	6	,	,	PUNCT
cblr-14254	265	7	sponsors	sponsor	NOUN
cblr-14254	265	8	and	and	CCONJ
cblr-14254	265	9	pipe	pipe	NOUN
cblr-14254	265	10	investors	investor	NOUN
cblr-14254	265	11	hold	hold	VERB
cblr-14254	265	12	varied	varied	ADJ
cblr-14254	265	13	but	but	CCONJ
cblr-14254	265	14	detached	detached	ADJ
cblr-14254	265	15	interests	interest	NOUN
cblr-14254	265	16	in	in	ADP
cblr-14254	265	17	the	the	DET
cblr-14254	265	18	long	long	ADJ
cblr-14254	265	19	-	-	PUNCT
cblr-14254	265	20	term	term	NOUN
cblr-14254	265	21	success	success	NOUN
cblr-14254	265	22	of	of	ADP
cblr-14254	265	23	the	the	DET
cblr-14254	265	24	target	target	NOUN
cblr-14254	265	25	.	.	PUNCT
cblr-14254	266	1	this	this	PRON
cblr-14254	266	2	leads	lead	VERB
cblr-14254	266	3	to	to	ADP
cblr-14254	266	4	dilution	dilution	NOUN
cblr-14254	266	5	to	to	ADP
cblr-14254	266	6	the	the	DET
cblr-14254	266	7	investors	investor	NOUN
cblr-14254	266	8	most	most	ADV
cblr-14254	266	9	committed	committed	ADJ
cblr-14254	266	10	to	to	ADP
cblr-14254	266	11	the	the	DET
cblr-14254	266	12	longterm	longterm	ADJ
cblr-14254	266	13	success	success	NOUN
cblr-14254	266	14	of	of	ADP
cblr-14254	266	15	the	the	DET
cblr-14254	266	16	target	target	NOUN
cblr-14254	266	17	—	—	PUNCT
cblr-14254	266	18	typically	typically	ADV
cblr-14254	266	19	unsophisticated	unsophisticated	ADJ
cblr-14254	266	20	retail	retail	ADJ
cblr-14254	266	21	investors	investor	NOUN
cblr-14254	266	22	who	who	PRON
cblr-14254	266	23	do	do	AUX
cblr-14254	266	24	not	not	PART
cblr-14254	266	25	redeem	redeem	VERB
cblr-14254	266	26	and	and	CCONJ
cblr-14254	266	27	hold	hold	VERB
cblr-14254	266	28	their	their	PRON
cblr-14254	266	29	shares.82	shares.82	ADJ
cblr-14254	266	30	c.	c.	NOUN
cblr-14254	266	31	parties	party	NOUN
cblr-14254	266	32	that	that	PRON
cblr-14254	266	33	benefit	benefit	VERB
cblr-14254	266	34	most	most	ADV
cblr-14254	266	35	from	from	ADP
cblr-14254	266	36	the	the	DET
cblr-14254	266	37	transaction	transaction	NOUN
cblr-14254	266	38	sponsors	sponsor	NOUN
cblr-14254	266	39	and	and	CCONJ
cblr-14254	266	40	directors	director	NOUN
cblr-14254	266	41	stand	stand	VERB
cblr-14254	266	42	only	only	ADV
cblr-14254	266	43	to	to	PART
cblr-14254	266	44	benefit	benefit	VERB
cblr-14254	266	45	from	from	ADP
cblr-14254	266	46	the	the	DET
cblr-14254	266	47	spac	spac	PROPN
cblr-14254	266	48	/	/	SYM
cblr-14254	266	49	de	de	ADJ
cblr-14254	266	50	-	-	NOUN
cblr-14254	266	51	spac	spac	PROPN
cblr-14254	266	52	transaction	transaction	NOUN
cblr-14254	266	53	.	.	PUNCT
cblr-14254	267	1	bill	bill	PROPN
cblr-14254	267	2	ackman	ackman	PROPN
cblr-14254	267	3	dubs	dub	VERB
cblr-14254	267	4	the	the	DET
cblr-14254	267	5	transaction	transaction	NOUN
cblr-14254	267	6	“	"	PUNCT
cblr-14254	267	7	one	one	NUM
cblr-14254	267	8	of	of	ADP
cblr-14254	267	9	the	the	DET
cblr-14254	267	10	greatest	great	ADJ
cblr-14254	267	11	gigs	gig	NOUN
cblr-14254	267	12	ever	ever	ADV
cblr-14254	267	13	for	for	ADP
cblr-14254	267	14	the	the	DET
cblr-14254	267	15	sponsor	sponsor	NOUN
cblr-14254	267	16	”	"	PUNCT
cblr-14254	267	17	because	because	SCONJ
cblr-14254	267	18	“	"	PUNCT
cblr-14254	267	19	you	you	PRON
cblr-14254	267	20	get	get	VERB
cblr-14254	267	21	20	20	NUM
cblr-14254	267	22	per	per	ADP
cblr-14254	267	23	cent	cent	NOUN
cblr-14254	267	24	of	of	ADP
cblr-14254	267	25	the	the	DET
cblr-14254	267	26	company	company	NOUN
cblr-14254	267	27	tax	tax	NOUN
cblr-14254	267	28	free	free	ADJ
cblr-14254	267	29	until	until	SCONJ
cblr-14254	267	30	you	you	PRON
cblr-14254	267	31	sell	sell	VERB
cblr-14254	267	32	the	the	DET
cblr-14254	267	33	stock	stock	NOUN
cblr-14254	267	34	.	.	PUNCT
cblr-14254	268	1	”83	”83	NOUN
cblr-14254	268	2	directors	director	NOUN
cblr-14254	268	3	are	be	AUX
cblr-14254	268	4	in	in	ADP
cblr-14254	268	5	a	a	DET
cblr-14254	268	6	similarly	similarly	ADV
cblr-14254	268	7	beneficial	beneficial	ADJ
cblr-14254	268	8	position	position	NOUN
cblr-14254	268	9	.	.	PUNCT
cblr-14254	269	1	it	it	PRON
cblr-14254	269	2	is	be	AUX
cblr-14254	269	3	common	common	ADJ
cblr-14254	269	4	practice	practice	NOUN
cblr-14254	269	5	that	that	SCONJ
cblr-14254	269	6	directors	director	NOUN
cblr-14254	269	7	sit	sit	VERB
cblr-14254	269	8	on	on	ADP
cblr-14254	269	9	multiple	multiple	ADJ
cblr-14254	269	10	competing	compete	VERB
cblr-14254	269	11	spac	spac	PROPN
cblr-14254	269	12	boards.84	boards.84	PROPN
cblr-14254	269	13	additionally	additionally	ADV
cblr-14254	269	14	,	,	PUNCT
cblr-14254	269	15	because	because	SCONJ
cblr-14254	269	16	of	of	ADP
cblr-14254	269	17	corporate	corporate	ADJ
cblr-14254	269	18	opportunity	opportunity	NOUN
cblr-14254	269	19	waivers	waiver	NOUN
cblr-14254	269	20	,	,	PUNCT
cblr-14254	269	21	directors	director	NOUN
cblr-14254	269	22	are	be	AUX
cblr-14254	269	23	not	not	PART
cblr-14254	269	24	obligated	obligate	VERB
cblr-14254	269	25	to	to	PART
cblr-14254	269	26	bring	bring	VERB
cblr-14254	269	27	all	all	DET
cblr-14254	269	28	82	82	NUM
cblr-14254	269	29	banerjee	banerjee	PROPN
cblr-14254	269	30	&	&	CCONJ
cblr-14254	269	31	szydlowski	szydlowski	PROPN
cblr-14254	269	32	,	,	PUNCT
cblr-14254	269	33	supra	supra	PROPN
cblr-14254	269	34	note	note	NOUN
cblr-14254	269	35	75	75	NUM
cblr-14254	269	36	,	,	PUNCT
cblr-14254	269	37	at	at	ADP
cblr-14254	269	38	34	34	NUM
cblr-14254	269	39	.	.	PUNCT
cblr-14254	270	1	83	83	NUM
cblr-14254	270	2	ortena	ortena	NOUN
cblr-14254	270	3	aliaj	aliaj	NOUN
cblr-14254	270	4	,	,	PUNCT
cblr-14254	270	5	sujeet	sujeet	NOUN
cblr-14254	270	6	indap	indap	PROPN
cblr-14254	270	7	&	&	CCONJ
cblr-14254	270	8	miles	miles	PROPN
cblr-14254	270	9	kruppa	kruppa	PROPN
cblr-14254	270	10	,	,	PUNCT
cblr-14254	270	11	the	the	DET
cblr-14254	270	12	spac	spac	PROPN
cblr-14254	270	13	sponsor	sponsor	NOUN
cblr-14254	270	14	bonanza	bonanza	NOUN
cblr-14254	270	15	,	,	PUNCT
cblr-14254	270	16	fin	fin	NOUN
cblr-14254	270	17	.	.	PUNCT
cblr-14254	271	1	times	times	PROPN
cblr-14254	271	2	(	(	PUNCT
cblr-14254	271	3	nov	nov	PROPN
cblr-14254	271	4	.	.	PROPN
cblr-14254	271	5	13	13	NUM
cblr-14254	271	6	,	,	PUNCT
cblr-14254	271	7	2020	2020	NUM
cblr-14254	271	8	)	)	PUNCT
cblr-14254	271	9	,	,	PUNCT
cblr-14254	271	10	https://www.ft.com/content/9b481c63-f9b4-4226-a639238f9fae4dfc?accesstoken=zwagdftf8kcwkdobsbxjbrcjtomosopn65n_a.meyciqdizzn2ibe5yhew7aqp5sq2udf_1kqulkd9j	https://www.ft.com/content/9b481c63-f9b4-4226-a639238f9fae4dfc?accesstoken=zwagdftf8kcwkdobsbxjbrcjtomosopn65n_a.meyciqdizzn2ibe5yhew7aqp5sq2udf_1kqulkd9j	PROPN
cblr-14254	271	11	wdbmybxwaihanvezfoxcg5rysunid176aiswj135nub77yqways5_8x&sharetyp	wdbmybxwaihanvezfoxcg5rysunid176aiswj135nub77yqways5_8x&sharetyp	ADP
cblr-14254	271	12	e	e	X
cblr-14254	271	13	=	=	ADJ
cblr-14254	271	14	gift&token	gift&token	VERB
cblr-14254	271	15	=	=	NOUN
cblr-14254	271	16	a8b33517	a8b33517	NOUN
cblr-14254	271	17	-	-	PUNCT
cblr-14254	271	18	dd9b-48c3	dd9b-48c3	VERB
cblr-14254	271	19	-	-	PUNCT
cblr-14254	271	20	afb7	afb7	NOUN
cblr-14254	271	21	-	-	PUNCT
cblr-14254	271	22	3c1f5ed8a0a2	3c1f5ed8a0a2	NOUN
cblr-14254	271	23	[	[	X
cblr-14254	271	24	https://perma.cc/ten2h8z2	https://perma.cc/ten2h8z2	X
cblr-14254	271	25	]	]	X
cblr-14254	271	26	.	.	PUNCT
cblr-14254	272	1	84	84	NUM
cblr-14254	272	2	michael	michael	PROPN
cblr-14254	272	3	gofman	gofman	PROPN
cblr-14254	272	4	&	&	CCONJ
cblr-14254	272	5	yuchi	yuchi	PROPN
cblr-14254	272	6	yao	yao	PROPN
cblr-14254	272	7	,	,	PUNCT
cblr-14254	272	8	spacs	spac	NOUN
cblr-14254	272	9	’	'	PUNCT
cblr-14254	272	10	directors	director	NOUN
cblr-14254	272	11	network	network	NOUN
cblr-14254	272	12	:	:	PUNCT
cblr-14254	272	13	conflicts	conflict	NOUN
cblr-14254	272	14	of	of	ADP
cblr-14254	272	15	interest	interest	NOUN
cblr-14254	272	16	,	,	PUNCT
cblr-14254	272	17	compensation	compensation	NOUN
cblr-14254	272	18	,	,	PUNCT
cblr-14254	272	19	and	and	CCONJ
cblr-14254	272	20	competition	competition	NOUN
cblr-14254	272	21	9	9	NUM
cblr-14254	272	22	(	(	PUNCT
cblr-14254	272	23	june	june	PROPN
cblr-14254	272	24	28	28	NUM
cblr-14254	272	25	,	,	PUNCT
cblr-14254	272	26	2022	2022	NUM
cblr-14254	272	27	)	)	PUNCT
cblr-14254	272	28	(	(	PUNCT
cblr-14254	272	29	unpublished	unpublished	ADJ
cblr-14254	272	30	manuscript	manuscript	NOUN
cblr-14254	272	31	)	)	PUNCT
cblr-14254	272	32	,	,	PUNCT
cblr-14254	272	33	https://ssrn.com/abstract=4148668	https://ssrn.com/abstract=4148668	NOUN
cblr-14254	272	34	.	.	PUNCT
cblr-14254	273	1	no	no	INTJ
cblr-14254	273	2	.	.	NOUN
cblr-14254	274	1	1	1	NUM
cblr-14254	274	2	]	]	PUNCT
cblr-14254	274	3	the	the	DET
cblr-14254	274	4	spac	spac	PROPN
cblr-14254	274	5	phenomenon	phenomenon	NOUN
cblr-14254	274	6	469	469	NUM
cblr-14254	274	7	opportunities	opportunity	NOUN
cblr-14254	274	8	they	they	PRON
cblr-14254	274	9	come	come	VERB
cblr-14254	274	10	across	across	ADP
cblr-14254	274	11	to	to	ADP
cblr-14254	274	12	the	the	DET
cblr-14254	274	13	spac	spac	PROPN
cblr-14254	274	14	.	.	PUNCT
cblr-14254	275	1	this	this	PRON
cblr-14254	275	2	raises	raise	VERB
cblr-14254	275	3	considerable	considerable	ADJ
cblr-14254	275	4	conflict	conflict	NOUN
cblr-14254	275	5	of	of	ADP
cblr-14254	275	6	interest	interest	NOUN
cblr-14254	275	7	concerns	concern	NOUN
cblr-14254	275	8	between	between	ADP
cblr-14254	275	9	directors	director	NOUN
cblr-14254	275	10	and	and	CCONJ
cblr-14254	275	11	shareholders	shareholder	NOUN
cblr-14254	275	12	of	of	ADP
cblr-14254	275	13	older	old	ADJ
cblr-14254	275	14	,	,	PUNCT
cblr-14254	275	15	incumbent	incumbent	ADJ
cblr-14254	275	16	spacs	spac	NOUN
cblr-14254	275	17	who	who	PRON
cblr-14254	275	18	may	may	AUX
cblr-14254	275	19	offer	offer	VERB
cblr-14254	275	20	less	less	ADV
cblr-14254	275	21	competitive	competitive	ADJ
cblr-14254	275	22	compensation	compensation	NOUN
cblr-14254	275	23	.	.	PUNCT
cblr-14254	276	1	directors	director	NOUN
cblr-14254	276	2	commonly	commonly	ADV
cblr-14254	276	3	review	review	VERB
cblr-14254	276	4	multiple	multiple	ADJ
cblr-14254	276	5	potential	potential	ADJ
cblr-14254	276	6	targets	target	NOUN
cblr-14254	276	7	while	while	SCONJ
cblr-14254	276	8	maintaining	maintain	VERB
cblr-14254	276	9	responsibility	responsibility	NOUN
cblr-14254	276	10	for	for	ADP
cblr-14254	276	11	multiple	multiple	ADJ
cblr-14254	276	12	spacs	spac	NOUN
cblr-14254	276	13	at	at	ADP
cblr-14254	276	14	likely	likely	ADJ
cblr-14254	276	15	varying	vary	VERB
cblr-14254	276	16	life	life	NOUN
cblr-14254	276	17	cycle	cycle	NOUN
cblr-14254	276	18	stages	stage	NOUN
cblr-14254	276	19	.	.	PUNCT
cblr-14254	277	1	they	they	PRON
cblr-14254	277	2	should	should	AUX
cblr-14254	277	3	generally	generally	ADV
cblr-14254	277	4	prioritize	prioritize	VERB
cblr-14254	277	5	providing	provide	VERB
cblr-14254	277	6	high	high	ADJ
cblr-14254	277	7	-	-	PUNCT
cblr-14254	277	8	quality	quality	NOUN
cblr-14254	277	9	targets	target	NOUN
cblr-14254	277	10	to	to	ADP
cblr-14254	277	11	spacs	spac	NOUN
cblr-14254	277	12	with	with	ADP
cblr-14254	277	13	the	the	DET
cblr-14254	277	14	highest	high	ADJ
cblr-14254	277	15	liquidation	liquidation	NOUN
cblr-14254	277	16	risk	risk	NOUN
cblr-14254	277	17	.	.	PUNCT
cblr-14254	278	1	however	however	ADV
cblr-14254	278	2	,	,	PUNCT
cblr-14254	278	3	newer	new	ADJ
cblr-14254	278	4	spacs	spac	NOUN
cblr-14254	278	5	have	have	AUX
cblr-14254	278	6	been	be	AUX
cblr-14254	278	7	empirically	empirically	ADV
cblr-14254	278	8	shown	show	VERB
cblr-14254	278	9	to	to	PART
cblr-14254	278	10	actively	actively	ADV
cblr-14254	278	11	compete	compete	VERB
cblr-14254	278	12	against	against	ADP
cblr-14254	278	13	older	old	ADJ
cblr-14254	278	14	spacs	spac	NOUN
cblr-14254	278	15	by	by	ADP
cblr-14254	278	16	attracting	attract	VERB
cblr-14254	278	17	incumbent	incumbent	ADJ
cblr-14254	278	18	spac	spac	NOUN
cblr-14254	278	19	directors	director	NOUN
cblr-14254	278	20	with	with	ADP
cblr-14254	278	21	more	more	ADV
cblr-14254	278	22	favorable	favorable	ADJ
cblr-14254	278	23	compensation	compensation	NOUN
cblr-14254	278	24	terms	term	NOUN
cblr-14254	278	25	.	.	PUNCT
cblr-14254	279	1	these	these	DET
cblr-14254	279	2	terms	term	NOUN
cblr-14254	279	3	act	act	VERB
cblr-14254	279	4	to	to	AUX
cblr-14254	279	5	functionally	functionally	ADV
cblr-14254	279	6	“	"	PUNCT
cblr-14254	279	7	buy	buy	VERB
cblr-14254	279	8	out	out	ADP
cblr-14254	279	9	”	"	PUNCT
cblr-14254	279	10	directors	director	NOUN
cblr-14254	279	11	.	.	PUNCT
cblr-14254	280	1	the	the	DET
cblr-14254	280	2	ultimate	ultimate	ADJ
cblr-14254	280	3	incentive	incentive	NOUN
cblr-14254	280	4	of	of	ADP
cblr-14254	280	5	directors	director	NOUN
cblr-14254	280	6	is	be	AUX
cblr-14254	280	7	to	to	PART
cblr-14254	280	8	ensure	ensure	VERB
cblr-14254	280	9	the	the	DET
cblr-14254	280	10	consummation	consummation	NOUN
cblr-14254	280	11	of	of	ADP
cblr-14254	280	12	a	a	DET
cblr-14254	280	13	merger	merger	NOUN
cblr-14254	280	14	as	as	ADP
cblr-14254	280	15	,	,	PUNCT
cblr-14254	280	16	like	like	ADP
cblr-14254	280	17	sponsors	sponsor	NOUN
cblr-14254	280	18	,	,	PUNCT
cblr-14254	280	19	their	their	PRON
cblr-14254	280	20	payday	payday	NOUN
cblr-14254	280	21	is	be	AUX
cblr-14254	280	22	tied	tie	VERB
cblr-14254	280	23	to	to	ADP
cblr-14254	280	24	the	the	DET
cblr-14254	280	25	merger	merger	NOUN
cblr-14254	280	26	.	.	PUNCT
cblr-14254	281	1	so	so	ADV
cblr-14254	281	2	,	,	PUNCT
cblr-14254	281	3	directors	director	NOUN
cblr-14254	281	4	are	be	AUX
cblr-14254	281	5	incentivized	incentivize	VERB
cblr-14254	281	6	to	to	PART
cblr-14254	281	7	ensure	ensure	VERB
cblr-14254	281	8	spacs	spac	NOUN
cblr-14254	281	9	offering	offer	VERB
cblr-14254	281	10	more	more	ADV
cblr-14254	281	11	favorable	favorable	ADJ
cblr-14254	281	12	terms	term	NOUN
cblr-14254	281	13	undergo	undergo	VERB
cblr-14254	281	14	a	a	DET
cblr-14254	281	15	merger	merger	NOUN
cblr-14254	281	16	and	and	CCONJ
cblr-14254	281	17	exit	exit	VERB
cblr-14254	281	18	the	the	DET
cblr-14254	281	19	market	market	NOUN
cblr-14254	281	20	as	as	ADV
cblr-14254	281	21	soon	soon	ADV
cblr-14254	281	22	as	as	ADP
cblr-14254	281	23	possible	possible	ADJ
cblr-14254	281	24	.	.	PUNCT
cblr-14254	282	1	this	this	PRON
cblr-14254	282	2	gives	give	VERB
cblr-14254	282	3	rise	rise	NOUN
cblr-14254	282	4	to	to	ADP
cblr-14254	282	5	inefficient	inefficient	ADJ
cblr-14254	282	6	allocation	allocation	NOUN
cblr-14254	282	7	of	of	ADP
cblr-14254	282	8	high	high	ADJ
cblr-14254	282	9	-	-	PUNCT
cblr-14254	282	10	quality	quality	NOUN
cblr-14254	282	11	targets	target	NOUN
cblr-14254	282	12	to	to	ADP
cblr-14254	282	13	newer	new	ADJ
cblr-14254	282	14	spacs	spac	NOUN
cblr-14254	282	15	over	over	ADP
cblr-14254	282	16	older	old	ADJ
cblr-14254	282	17	incumbent	incumbent	ADJ
cblr-14254	282	18	spacs	spac	NOUN
cblr-14254	282	19	as	as	SCONJ
cblr-14254	282	20	transaction	transaction	NOUN
cblr-14254	282	21	decisions	decision	NOUN
cblr-14254	282	22	are	be	AUX
cblr-14254	282	23	based	base	VERB
cblr-14254	282	24	on	on	ADP
cblr-14254	282	25	director	director	NOUN
cblr-14254	282	26	compensation	compensation	NOUN
cblr-14254	282	27	incentives	incentive	NOUN
cblr-14254	282	28	rather	rather	ADV
cblr-14254	282	29	than	than	ADP
cblr-14254	282	30	best	good	ADJ
cblr-14254	282	31	strategic	strategic	ADJ
cblr-14254	282	32	alignment.85	alignment.85	NOUN
cblr-14254	282	33	however	however	ADV
cblr-14254	282	34	,	,	PUNCT
cblr-14254	282	35	compensation	compensation	NOUN
cblr-14254	282	36	structure	structure	NOUN
cblr-14254	282	37	does	do	AUX
cblr-14254	282	38	not	not	PART
cblr-14254	282	39	change	change	VERB
cblr-14254	282	40	for	for	ADP
cblr-14254	282	41	older	old	ADJ
cblr-14254	282	42	incumbent	incumbent	ADJ
cblr-14254	282	43	spacs	spac	NOUN
cblr-14254	282	44	,	,	PUNCT
cblr-14254	282	45	which	which	PRON
cblr-14254	282	46	still	still	ADV
cblr-14254	282	47	must	must	AUX
cblr-14254	282	48	undergo	undergo	VERB
cblr-14254	282	49	a	a	DET
cblr-14254	282	50	merger	merger	NOUN
cblr-14254	282	51	before	before	SCONJ
cblr-14254	282	52	the	the	DET
cblr-14254	282	53	director	director	NOUN
cblr-14254	282	54	receives	receive	VERB
cblr-14254	282	55	compensation	compensation	NOUN
cblr-14254	282	56	.	.	PUNCT
cblr-14254	283	1	as	as	SCONJ
cblr-14254	283	2	incumbent	incumbent	NOUN
cblr-14254	283	3	spacs	spac	NOUN
cblr-14254	283	4	run	run	VERB
cblr-14254	283	5	out	out	ADP
cblr-14254	283	6	of	of	ADP
cblr-14254	283	7	time	time	NOUN
cblr-14254	283	8	,	,	PUNCT
cblr-14254	283	9	the	the	DET
cblr-14254	283	10	likelihood	likelihood	NOUN
cblr-14254	283	11	of	of	ADP
cblr-14254	283	12	a	a	DET
cblr-14254	283	13	value	value	NOUN
cblr-14254	283	14	-	-	PUNCT
cblr-14254	283	15	decreasing	decrease	VERB
cblr-14254	283	16	merger	merger	NOUN
cblr-14254	283	17	with	with	ADP
cblr-14254	283	18	a	a	DET
cblr-14254	283	19	low	low	ADJ
cblr-14254	283	20	-	-	PUNCT
cblr-14254	283	21	quality	quality	NOUN
cblr-14254	283	22	company	company	NOUN
cblr-14254	283	23	increases	increase	NOUN
cblr-14254	283	24	.	.	PUNCT
cblr-14254	284	1	ultimately	ultimately	ADV
cblr-14254	284	2	,	,	PUNCT
cblr-14254	284	3	directors	director	NOUN
cblr-14254	284	4	are	be	AUX
cblr-14254	284	5	incentivized	incentivize	VERB
cblr-14254	284	6	to	to	PART
cblr-14254	284	7	act	act	VERB
cblr-14254	284	8	in	in	ADP
cblr-14254	284	9	their	their	PRON
cblr-14254	284	10	own	own	ADJ
cblr-14254	284	11	economic	economic	ADJ
cblr-14254	284	12	interests	interest	NOUN
cblr-14254	284	13	,	,	PUNCT
cblr-14254	284	14	to	to	ADP
cblr-14254	284	15	the	the	DET
cblr-14254	284	16	detriment	detriment	NOUN
cblr-14254	284	17	of	of	ADP
cblr-14254	284	18	shareholders.86	shareholders.86	NOUN
cblr-14254	284	19	when	when	SCONJ
cblr-14254	284	20	directors	director	NOUN
cblr-14254	284	21	prioritize	prioritize	VERB
cblr-14254	284	22	younger	young	ADJ
cblr-14254	284	23	spacs	spac	NOUN
cblr-14254	284	24	and	and	CCONJ
cblr-14254	284	25	accordingly	accordingly	ADV
cblr-14254	284	26	force	force	VERB
cblr-14254	284	27	the	the	DET
cblr-14254	284	28	incumbent	incumbent	NOUN
cblr-14254	284	29	spac	spac	NOUN
cblr-14254	284	30	to	to	PART
cblr-14254	284	31	enter	enter	VERB
cblr-14254	284	32	a	a	DET
cblr-14254	284	33	valuedecreasing	valuedecreasing	NOUN
cblr-14254	284	34	merger	merger	NOUN
cblr-14254	284	35	,	,	PUNCT
cblr-14254	284	36	shareholders	shareholder	NOUN
cblr-14254	284	37	experience	experience	VERB
cblr-14254	284	38	negative	negative	ADJ
cblr-14254	284	39	returns	return	NOUN
cblr-14254	284	40	,	,	PUNCT
cblr-14254	284	41	a	a	DET
cblr-14254	284	42	significant	significant	ADJ
cblr-14254	284	43	difference	difference	NOUN
cblr-14254	284	44	from	from	ADP
cblr-14254	284	45	the	the	DET
cblr-14254	284	46	average	average	ADJ
cblr-14254	284	47	18	18	NUM
cblr-14254	284	48	%	%	NOUN
cblr-14254	284	49	return	return	NOUN
cblr-14254	284	50	that	that	SCONJ
cblr-14254	284	51	shareholders	shareholder	NOUN
cblr-14254	284	52	who	who	PRON
cblr-14254	284	53	hold	hold	VERB
cblr-14254	284	54	and	and	CCONJ
cblr-14254	284	55	do	do	AUX
cblr-14254	284	56	not	not	PART
cblr-14254	284	57	redeem	redeem	VERB
cblr-14254	284	58	receive	receive	VERB
cblr-14254	284	59	on	on	ADP
cblr-14254	284	60	their	their	PRON
cblr-14254	284	61	85	85	NUM
cblr-14254	284	62	i	i	PRON
cblr-14254	284	63	d.	d.	NOUN
cblr-14254	284	64	at	at	ADP
cblr-14254	284	65	34–35	34–35	NUM
cblr-14254	284	66	.	.	PUNCT
cblr-14254	285	1	86	86	NUM
cblr-14254	285	2	prior	prior	ADV
cblr-14254	285	3	to	to	ADP
cblr-14254	285	4	the	the	DET
cblr-14254	285	5	merger	merger	NOUN
cblr-14254	285	6	,	,	PUNCT
cblr-14254	285	7	directors	director	NOUN
cblr-14254	285	8	hold	hold	VERB
cblr-14254	285	9	founder	founder	NOUN
cblr-14254	285	10	shares	share	NOUN
cblr-14254	285	11	,	,	PUNCT
cblr-14254	285	12	distinct	distinct	ADJ
cblr-14254	285	13	from	from	ADP
cblr-14254	285	14	public	public	ADJ
cblr-14254	285	15	shares	share	NOUN
cblr-14254	285	16	held	hold	VERB
cblr-14254	285	17	by	by	ADP
cblr-14254	285	18	retail	retail	ADJ
cblr-14254	285	19	and	and	CCONJ
cblr-14254	285	20	institutional	institutional	ADJ
cblr-14254	285	21	investors	investor	NOUN
cblr-14254	285	22	.	.	PUNCT
cblr-14254	286	1	founder	founder	NOUN
cblr-14254	286	2	shares	share	NOUN
cblr-14254	286	3	are	be	AUX
cblr-14254	286	4	typically	typically	ADV
cblr-14254	286	5	acquired	acquire	VERB
cblr-14254	286	6	at	at	ADP
cblr-14254	286	7	a	a	DET
cblr-14254	286	8	nominal	nominal	ADJ
cblr-14254	286	9	price	price	NOUN
cblr-14254	286	10	and	and	CCONJ
cblr-14254	286	11	often	often	ADV
cblr-14254	286	12	convert	convert	VERB
cblr-14254	286	13	into	into	ADP
cblr-14254	286	14	a	a	DET
cblr-14254	286	15	significant	significant	ADJ
cblr-14254	286	16	equity	equity	NOUN
cblr-14254	286	17	stake	stake	NOUN
cblr-14254	286	18	post	post	NOUN
cblr-14254	286	19	-	-	NOUN
cblr-14254	286	20	merger	merger	NOUN
cblr-14254	286	21	,	,	PUNCT
cblr-14254	286	22	incentivizing	incentivize	VERB
cblr-14254	286	23	directors	director	NOUN
cblr-14254	286	24	to	to	PART
cblr-14254	286	25	complete	complete	VERB
cblr-14254	286	26	a	a	DET
cblr-14254	286	27	deal	deal	NOUN
cblr-14254	286	28	regardless	regardless	ADV
cblr-14254	286	29	of	of	ADP
cblr-14254	286	30	its	its	PRON
cblr-14254	286	31	long	long	ADJ
cblr-14254	286	32	-	-	PUNCT
cblr-14254	286	33	term	term	NOUN
cblr-14254	286	34	viability	viability	NOUN
cblr-14254	286	35	.	.	PUNCT
cblr-14254	287	1	in	in	ADP
cblr-14254	287	2	contrast	contrast	NOUN
cblr-14254	287	3	,	,	PUNCT
cblr-14254	287	4	public	public	ADJ
cblr-14254	287	5	shareholders	shareholder	NOUN
cblr-14254	287	6	purchase	purchase	NOUN
cblr-14254	287	7	shares	share	NOUN
cblr-14254	287	8	at	at	ADP
cblr-14254	287	9	market	market	NOUN
cblr-14254	287	10	value	value	NOUN
cblr-14254	287	11	and	and	CCONJ
cblr-14254	287	12	bear	bear	VERB
cblr-14254	287	13	the	the	DET
cblr-14254	287	14	full	full	ADJ
cblr-14254	287	15	downside	downside	ADJ
cblr-14254	287	16	risk	risk	NOUN
cblr-14254	287	17	if	if	SCONJ
cblr-14254	287	18	the	the	DET
cblr-14254	287	19	target	target	NOUN
cblr-14254	287	20	underperforms	underperform	VERB
cblr-14254	287	21	.	.	PUNCT
cblr-14254	288	1	i	i	PRON
cblr-14254	288	2	d.	d.	PROPN
cblr-14254	288	3	at	at	ADP
cblr-14254	288	4	9–10	9–10	PROPN
cblr-14254	288	5	.	.	PUNCT
cblr-14254	289	1	470	470	NUM
cblr-14254	289	2	columbia	columbia	PROPN
cblr-14254	289	3	business	business	NOUN
cblr-14254	289	4	law	law	PROPN
cblr-14254	289	5	review	review	NOUN
cblr-14254	290	1	[	[	X
cblr-14254	290	2	vol	vol	NOUN
cblr-14254	290	3	.	.	PUNCT
cblr-14254	290	4	2025	2025	NUM
cblr-14254	290	5	investment.87	investment.87	PROPN
cblr-14254	290	6	taken	take	VERB
cblr-14254	290	7	along	along	ADP
cblr-14254	290	8	with	with	ADP
cblr-14254	290	9	the	the	DET
cblr-14254	290	10	20	20	NUM
cblr-14254	290	11	%	%	NOUN
cblr-14254	290	12	promote	promote	NOUN
cblr-14254	290	13	and	and	CCONJ
cblr-14254	290	14	standard	standard	ADJ
cblr-14254	290	15	fees	fee	NOUN
cblr-14254	290	16	that	that	PRON
cblr-14254	290	17	goes	go	VERB
cblr-14254	290	18	to	to	PART
cblr-14254	290	19	compensate	compensate	VERB
cblr-14254	290	20	sponsors	sponsor	NOUN
cblr-14254	290	21	and	and	CCONJ
cblr-14254	290	22	directors	director	NOUN
cblr-14254	290	23	,	,	PUNCT
cblr-14254	290	24	public	public	ADJ
cblr-14254	290	25	spac	spac	NOUN
cblr-14254	290	26	investors	investor	NOUN
cblr-14254	290	27	start	start	VERB
cblr-14254	290	28	25	25	NUM
cblr-14254	290	29	%	%	NOUN
cblr-14254	290	30	in	in	ADP
cblr-14254	290	31	the	the	DET
cblr-14254	290	32	hole.88	hole.88	ADJ
cblr-14254	290	33	non	non	ADJ
cblr-14254	290	34	-	-	ADJ
cblr-14254	290	35	redeeming	redeeming	ADJ
cblr-14254	290	36	shareholders	shareholder	NOUN
cblr-14254	290	37	face	face	VERB
cblr-14254	290	38	further	further	ADJ
cblr-14254	290	39	dilution	dilution	NOUN
cblr-14254	290	40	on	on	ADP
cblr-14254	290	41	multiple	multiple	ADJ
cblr-14254	290	42	fronts	front	NOUN
cblr-14254	290	43	:	:	PUNCT
cblr-14254	290	44	(	(	PUNCT
cblr-14254	290	45	1	1	X
cblr-14254	290	46	)	)	PUNCT
cblr-14254	290	47	underwriter	underwriter	NOUN
cblr-14254	290	48	and	and	CCONJ
cblr-14254	290	49	other	other	ADJ
cblr-14254	290	50	service	service	NOUN
cblr-14254	290	51	fees	fee	NOUN
cblr-14254	290	52	dilute	dilute	VERB
cblr-14254	290	53	net	net	ADJ
cblr-14254	290	54	asset	asset	NOUN
cblr-14254	290	55	values	value	NOUN
cblr-14254	290	56	(	(	PUNCT
cblr-14254	290	57	2	2	X
cblr-14254	290	58	)	)	PUNCT
cblr-14254	290	59	redeeming	redeem	VERB
cblr-14254	290	60	shareholders	shareholder	NOUN
cblr-14254	290	61	who	who	PRON
cblr-14254	290	62	maintain	maintain	VERB
cblr-14254	290	63	and	and	CCONJ
cblr-14254	290	64	vest	vest	VERB
cblr-14254	290	65	their	their	PRON
cblr-14254	290	66	warrants	warrant	NOUN
cblr-14254	290	67	and	and	CCONJ
cblr-14254	290	68	(	(	PUNCT
cblr-14254	290	69	3	3	X
cblr-14254	290	70	)	)	PUNCT
cblr-14254	290	71	certain	certain	ADJ
cblr-14254	290	72	packages	package	NOUN
cblr-14254	290	73	offered	offer	VERB
cblr-14254	290	74	to	to	ADP
cblr-14254	290	75	pipes	pipe	NOUN
cblr-14254	290	76	consisting	consist	VERB
cblr-14254	290	77	of	of	ADP
cblr-14254	290	78	warrants	warrant	NOUN
cblr-14254	290	79	,	,	PUNCT
cblr-14254	290	80	preferred	preferred	ADJ
cblr-14254	290	81	shares	share	NOUN
cblr-14254	290	82	,	,	PUNCT
cblr-14254	290	83	and	and	CCONJ
cblr-14254	290	84	belowmarket	belowmarket	NOUN
cblr-14254	290	85	shares	share	NOUN
cblr-14254	290	86	further	further	ADJ
cblr-14254	290	87	dilute.89	dilute.89	NOUN
cblr-14254	290	88	empirically	empirically	ADV
cblr-14254	290	89	,	,	PUNCT
cblr-14254	290	90	the	the	DET
cblr-14254	290	91	mean	mean	ADJ
cblr-14254	290	92	net	net	ADJ
cblr-14254	290	93	cash	cash	NOUN
cblr-14254	290	94	per	per	ADP
cblr-14254	290	95	share	share	NOUN
cblr-14254	290	96	post	post	ADJ
cblr-14254	290	97	-	-	ADJ
cblr-14254	290	98	dilution	dilution	NOUN
cblr-14254	290	99	ranges	range	VERB
cblr-14254	290	100	from	from	ADP
cblr-14254	290	101	a	a	DET
cblr-14254	290	102	low	low	NOUN
cblr-14254	290	103	of	of	ADP
cblr-14254	290	104	$	$	SYM
cblr-14254	290	105	4.10	4.10	NUM
cblr-14254	290	106	to	to	ADP
cblr-14254	290	107	a	a	DET
cblr-14254	290	108	high	high	NOUN
cblr-14254	290	109	of	of	ADP
cblr-14254	290	110	$	$	SYM
cblr-14254	290	111	6.60,90	6.60,90	NOUN
cblr-14254	290	112	still	still	ADV
cblr-14254	290	113	significantly	significantly	ADV
cblr-14254	290	114	lower	low	ADJ
cblr-14254	290	115	than	than	ADP
cblr-14254	290	116	the	the	DET
cblr-14254	290	117	starting	start	VERB
cblr-14254	290	118	$	$	SYM
cblr-14254	290	119	10	10	NUM
cblr-14254	290	120	share	share	NOUN
cblr-14254	290	121	price	price	NOUN
cblr-14254	290	122	.	.	PUNCT
cblr-14254	291	1	given	give	VERB
cblr-14254	291	2	the	the	DET
cblr-14254	291	3	systemic	systemic	ADJ
cblr-14254	291	4	issues	issue	NOUN
cblr-14254	291	5	within	within	ADP
cblr-14254	291	6	the	the	DET
cblr-14254	291	7	transaction	transaction	NOUN
cblr-14254	291	8	,	,	PUNCT
cblr-14254	291	9	from	from	ADP
cblr-14254	291	10	the	the	DET
cblr-14254	291	11	inherent	inherent	ADJ
cblr-14254	291	12	conflicts	conflict	NOUN
cblr-14254	291	13	of	of	ADP
cblr-14254	291	14	interest	interest	NOUN
cblr-14254	291	15	to	to	ADP
cblr-14254	291	16	the	the	DET
cblr-14254	291	17	dilutive	dilutive	ADJ
cblr-14254	291	18	effects	effect	NOUN
cblr-14254	291	19	on	on	ADP
cblr-14254	291	20	shareholder	shareholder	NOUN
cblr-14254	291	21	value	value	NOUN
cblr-14254	291	22	,	,	PUNCT
cblr-14254	291	23	it	it	PRON
cblr-14254	291	24	is	be	AUX
cblr-14254	291	25	clear	clear	ADJ
cblr-14254	291	26	the	the	DET
cblr-14254	291	27	current	current	ADJ
cblr-14254	291	28	spac	spac	NOUN
cblr-14254	291	29	structure	structure	NOUN
cblr-14254	291	30	disproportionately	disproportionately	ADV
cblr-14254	291	31	favors	favor	VERB
cblr-14254	291	32	sponsors	sponsor	NOUN
cblr-14254	291	33	and	and	CCONJ
cblr-14254	291	34	directors	director	NOUN
cblr-14254	291	35	.	.	PUNCT
cblr-14254	292	1	iv	iv	X
cblr-14254	292	2	.	.	PUNCT
cblr-14254	293	1	the	the	DET
cblr-14254	293	2	sec	sec	PROPN
cblr-14254	293	3	’s	’s	PART
cblr-14254	293	4	response	response	NOUN
cblr-14254	293	5	is	be	AUX
cblr-14254	293	6	nonresponsive	nonresponsive	ADJ
cblr-14254	293	7	:	:	PUNCT
cblr-14254	293	8	the	the	DET
cblr-14254	293	9	failures	failure	NOUN
cblr-14254	293	10	of	of	ADP
cblr-14254	293	11	a	a	DET
cblr-14254	293	12	disclosure	disclosure	NOUN
cblr-14254	293	13	-	-	PUNCT
cblr-14254	293	14	based	base	VERB
cblr-14254	293	15	regime	regime	NOUN
cblr-14254	293	16	a.	a.	NOUN
cblr-14254	293	17	the	the	DET
cblr-14254	293	18	sec	sec	PROPN
cblr-14254	293	19	’s	’s	PART
cblr-14254	293	20	proposal	proposal	NOUN
cblr-14254	293	21	in	in	ADP
cblr-14254	293	22	2022	2022	NUM
cblr-14254	293	23	,	,	PUNCT
cblr-14254	293	24	the	the	DET
cblr-14254	293	25	sec	sec	PROPN
cblr-14254	293	26	proposed	propose	VERB
cblr-14254	293	27	rules	rule	NOUN
cblr-14254	293	28	to	to	PART
cblr-14254	293	29	specifically	specifically	ADV
cblr-14254	293	30	address	address	VERB
cblr-14254	293	31	the	the	DET
cblr-14254	293	32	opaqueness	opaqueness	NOUN
cblr-14254	293	33	of	of	ADP
cblr-14254	293	34	spac	spac	PROPN
cblr-14254	293	35	transactions.91	transactions.91	PROPN
cblr-14254	293	36	predictably	predictably	ADV
cblr-14254	293	37	,	,	PUNCT
cblr-14254	293	38	the	the	DET
cblr-14254	293	39	sec	sec	PROPN
cblr-14254	293	40	sought	seek	VERB
cblr-14254	293	41	to	to	PART
cblr-14254	293	42	address	address	VERB
cblr-14254	293	43	transaction	transaction	NOUN
cblr-14254	293	44	issues	issue	NOUN
cblr-14254	293	45	through	through	ADP
cblr-14254	293	46	robust	robust	ADJ
cblr-14254	293	47	disclosure.92	disclosure.92	NOUN
cblr-14254	293	48	the	the	DET
cblr-14254	293	49	new	new	ADJ
cblr-14254	293	50	rules	rule	NOUN
cblr-14254	293	51	target	target	VERB
cblr-14254	293	52	parties	party	NOUN
cblr-14254	293	53	and	and	CCONJ
cblr-14254	293	54	pieces	piece	NOUN
cblr-14254	293	55	of	of	ADP
cblr-14254	293	56	the	the	DET
cblr-14254	293	57	87	87	NUM
cblr-14254	293	58	calculated	calculate	VERB
cblr-14254	293	59	average	average	ADJ
cblr-14254	293	60	return	return	NOUN
cblr-14254	293	61	on	on	ADP
cblr-14254	293	62	investment	investment	NOUN
cblr-14254	293	63	for	for	ADP
cblr-14254	293	64	non	non	ADJ
cblr-14254	293	65	-	-	ADJ
cblr-14254	293	66	redeeming	redeeming	ADJ
cblr-14254	293	67	shareholders	shareholder	NOUN
cblr-14254	293	68	from	from	ADP
cblr-14254	293	69	spacs	spac	NOUN
cblr-14254	293	70	went	go	VERB
cblr-14254	293	71	through	through	ADP
cblr-14254	293	72	ipo	ipo	NOUN
cblr-14254	293	73	between	between	ADP
cblr-14254	293	74	january	january	PROPN
cblr-14254	293	75	2010	2010	NUM
cblr-14254	293	76	to	to	ADP
cblr-14254	293	77	december	december	PROPN
cblr-14254	293	78	2021	2021	NUM
cblr-14254	293	79	.	.	PUNCT
cblr-14254	294	1	i	i	PRON
cblr-14254	294	2	d.	d.	PROPN
cblr-14254	294	3	at	at	ADP
cblr-14254	294	4	4	4	NUM
cblr-14254	294	5	,	,	PUNCT
cblr-14254	294	6	40	40	NUM
cblr-14254	294	7	.	.	NOUN
cblr-14254	294	8	88	88	NUM
cblr-14254	294	9	aliaj	aliaj	NOUN
cblr-14254	294	10	,	,	PUNCT
cblr-14254	294	11	indap	indap	NOUN
cblr-14254	294	12	&	&	CCONJ
cblr-14254	294	13	kruppa	kruppa	PROPN
cblr-14254	294	14	,	,	PUNCT
cblr-14254	294	15	supra	supra	PROPN
cblr-14254	294	16	note	note	PROPN
cblr-14254	294	17	83	83	NUM
cblr-14254	294	18	.	.	SYM
cblr-14254	294	19	89	89	NUM
cblr-14254	294	20	fagan	fagan	PROPN
cblr-14254	294	21	&	&	CCONJ
cblr-14254	294	22	levmore	levmore	PROPN
cblr-14254	294	23	,	,	PUNCT
cblr-14254	294	24	supra	supra	PROPN
cblr-14254	294	25	note	note	NOUN
cblr-14254	294	26	69	69	NUM
cblr-14254	294	27	,	,	PUNCT
cblr-14254	294	28	at	at	ADP
cblr-14254	294	29	111	111	NUM
cblr-14254	294	30	.	.	PUNCT
cblr-14254	295	1	90	90	NUM
cblr-14254	295	2	michael	michael	PROPN
cblr-14254	295	3	d.	d.	PROPN
cblr-14254	295	4	klauser	klauser	PROPN
cblr-14254	295	5	,	,	PUNCT
cblr-14254	295	6	michael	michael	PROPN
cblr-14254	295	7	ohlrogge	ohlrogge	PROPN
cblr-14254	295	8	&	&	CCONJ
cblr-14254	295	9	emily	emily	PROPN
cblr-14254	295	10	ruan	ruan	PROPN
cblr-14254	295	11	,	,	PUNCT
cblr-14254	295	12	a	a	DET
cblr-14254	295	13	sober	sober	ADJ
cblr-14254	295	14	look	look	NOUN
cblr-14254	295	15	at	at	ADP
cblr-14254	295	16	spacs	spac	NOUN
cblr-14254	295	17	,	,	PUNCT
cblr-14254	295	18	39	39	NUM
cblr-14254	295	19	yale	yale	PROPN
cblr-14254	295	20	j.	j.	PROPN
cblr-14254	295	21	on	on	ADP
cblr-14254	295	22	reg	reg	PROPN
cblr-14254	295	23	.	.	PUNCT
cblr-14254	296	1	228	228	NUM
cblr-14254	296	2	,	,	PUNCT
cblr-14254	296	3	295	295	NUM
cblr-14254	296	4	(	(	PUNCT
cblr-14254	296	5	stan	stan	PROPN
cblr-14254	296	6	.	.	PUNCT
cblr-14254	296	7	law	law	PROPN
cblr-14254	296	8	and	and	CCONJ
cblr-14254	296	9	econ	econ	PROPN
cblr-14254	296	10	.	.	PUNCT
cblr-14254	297	1	olin	olin	PROPN
cblr-14254	297	2	working	working	PROPN
cblr-14254	297	3	paper	paper	PROPN
cblr-14254	297	4	no	no	INTJ
cblr-14254	297	5	.	.	PROPN
cblr-14254	297	6	559	559	NUM
cblr-14254	297	7	,	,	PUNCT
cblr-14254	297	8	nyu	nyu	PROPN
cblr-14254	297	9	law	law	PROPN
cblr-14254	297	10	and	and	CCONJ
cblr-14254	297	11	econ	econ	PROPN
cblr-14254	297	12	.	.	PUNCT
cblr-14254	298	1	research	research	NOUN
cblr-14254	298	2	paper	paper	PROPN
cblr-14254	298	3	no	no	INTJ
cblr-14254	298	4	.	.	PROPN
cblr-14254	299	1	20	20	NUM
cblr-14254	299	2	-	-	SYM
cblr-14254	299	3	48	48	NUM
cblr-14254	299	4	,	,	PUNCT
cblr-14254	299	5	eur	eur	PROPN
cblr-14254	299	6	.	.	PROPN
cblr-14254	299	7	corp	corp	PROPN
cblr-14254	299	8	.	.	PROPN
cblr-14254	299	9	governance	governance	PROPN
cblr-14254	299	10	inst	inst	PROPN
cblr-14254	299	11	.	.	PUNCT
cblr-14254	300	1	–	–	PUNCT
cblr-14254	300	2	fin	fin	NOUN
cblr-14254	300	3	.	.	PUNCT
cblr-14254	301	1	working	working	NOUN
cblr-14254	301	2	paper	paper	PROPN
cblr-14254	301	3	no	no	INTJ
cblr-14254	301	4	.	.	PROPN
cblr-14254	302	1	746/2021	746/2021	NUM
cblr-14254	302	2	,	,	PUNCT
cblr-14254	302	3	2022	2022	NUM
cblr-14254	302	4	)	)	PUNCT
cblr-14254	302	5	,	,	PUNCT
cblr-14254	302	6	https://ssrn.com/abstract=3720919	https://ssrn.com/abstract=3720919	NOUN
cblr-14254	302	7	.	.	PUNCT
cblr-14254	303	1	91	91	NUM
cblr-14254	303	2	special	special	ADJ
cblr-14254	303	3	purpose	purpose	NOUN
cblr-14254	303	4	acquisition	acquisition	NOUN
cblr-14254	303	5	companies	company	NOUN
cblr-14254	303	6	,	,	PUNCT
cblr-14254	303	7	shell	shell	ADJ
cblr-14254	303	8	companies	company	NOUN
cblr-14254	303	9	,	,	PUNCT
cblr-14254	303	10	and	and	CCONJ
cblr-14254	303	11	projections	projection	NOUN
cblr-14254	303	12	,	,	PUNCT
cblr-14254	303	13	87	87	NUM
cblr-14254	303	14	fed	fed	PROPN
cblr-14254	303	15	.	.	PUNCT
cblr-14254	304	1	reg	reg	PROPN
cblr-14254	304	2	.	.	PUNCT
cblr-14254	305	1	29458	29458	NUM
cblr-14254	305	2	(	(	PUNCT
cblr-14254	305	3	may	may	PROPN
cblr-14254	305	4	13	13	NUM
cblr-14254	305	5	,	,	PUNCT
cblr-14254	305	6	2022	2022	NUM
cblr-14254	305	7	)	)	PUNCT
cblr-14254	305	8	(	(	PUNCT
cblr-14254	305	9	to	to	PART
cblr-14254	305	10	be	be	AUX
cblr-14254	305	11	codified	codify	VERB
cblr-14254	305	12	at	at	ADP
cblr-14254	305	13	17	17	NUM
cblr-14254	305	14	c.f.r	c.f.r	NOUN
cblr-14254	305	15	.	.	PUNCT
cblr-14254	306	1	pts	pts	PROPN
cblr-14254	306	2	.	.	PROPN
cblr-14254	306	3	210	210	NUM
cblr-14254	306	4	,	,	PUNCT
cblr-14254	306	5	229	229	NUM
cblr-14254	306	6	,	,	PUNCT
cblr-14254	306	7	230	230	NUM
cblr-14254	306	8	,	,	PUNCT
cblr-14254	306	9	232	232	NUM
cblr-14254	306	10	,	,	PUNCT
cblr-14254	306	11	239	239	NUM
cblr-14254	306	12	,	,	PUNCT
cblr-14254	306	13	240	240	NUM
cblr-14254	306	14	,	,	PUNCT
cblr-14254	306	15	249	249	NUM
cblr-14254	306	16	,	,	PUNCT
cblr-14254	306	17	270	270	NUM
cblr-14254	306	18	)	)	PUNCT
cblr-14254	306	19	.	.	PUNCT
cblr-14254	307	1	92	92	NUM
cblr-14254	308	1	i	i	PRON
cblr-14254	308	2	d.	d.	PROPN
cblr-14254	308	3	no	no	INTJ
cblr-14254	308	4	.	.	NOUN
cblr-14254	309	1	1	1	NUM
cblr-14254	309	2	]	]	PUNCT
cblr-14254	309	3	the	the	DET
cblr-14254	309	4	spac	spac	PROPN
cblr-14254	309	5	phenomenon	phenomenon	NOUN
cblr-14254	309	6	471	471	NUM
cblr-14254	309	7	transaction	transaction	NOUN
cblr-14254	309	8	from	from	ADP
cblr-14254	309	9	various	various	ADJ
cblr-14254	309	10	angles	angle	NOUN
cblr-14254	309	11	.	.	PUNCT
cblr-14254	310	1	for	for	ADP
cblr-14254	310	2	sponsors	sponsor	NOUN
cblr-14254	310	3	,	,	PUNCT
cblr-14254	310	4	they	they	PRON
cblr-14254	310	5	propose	propose	VERB
cblr-14254	310	6	disclosure	disclosure	NOUN
cblr-14254	310	7	of	of	ADP
cblr-14254	310	8	experience	experience	NOUN
cblr-14254	310	9	,	,	PUNCT
cblr-14254	310	10	material	material	NOUN
cblr-14254	310	11	roles	role	NOUN
cblr-14254	310	12	and	and	CCONJ
cblr-14254	310	13	responsibilities	responsibility	NOUN
cblr-14254	310	14	,	,	PUNCT
cblr-14254	310	15	lock	lock	NOUN
cblr-14254	310	16	-	-	PUNCT
cblr-14254	310	17	up	up	ADP
cblr-14254	310	18	agreements	agreement	NOUN
cblr-14254	310	19	,	,	PUNCT
cblr-14254	310	20	and	and	CCONJ
cblr-14254	310	21	nature	nature	NOUN
cblr-14254	310	22	and	and	CCONJ
cblr-14254	310	23	amount	amount	NOUN
cblr-14254	310	24	of	of	ADP
cblr-14254	310	25	compensation	compensation	NOUN
cblr-14254	310	26	.	.	PUNCT
cblr-14254	311	1	importantly	importantly	ADV
cblr-14254	311	2	,	,	PUNCT
cblr-14254	311	3	conflicts	conflict	NOUN
cblr-14254	311	4	of	of	ADP
cblr-14254	311	5	interests	interest	NOUN
cblr-14254	311	6	now	now	ADV
cblr-14254	311	7	must	must	AUX
cblr-14254	311	8	be	be	AUX
cblr-14254	311	9	reported	report	VERB
cblr-14254	311	10	with	with	ADP
cblr-14254	311	11	clear	clear	ADJ
cblr-14254	311	12	assessment	assessment	NOUN
cblr-14254	311	13	of	of	ADP
cblr-14254	311	14	fiduciary	fiduciary	ADJ
cblr-14254	311	15	duties	duty	NOUN
cblr-14254	311	16	owed.93	owed.93	VERB
cblr-14254	311	17	the	the	DET
cblr-14254	311	18	de	de	PROPN
cblr-14254	311	19	-	-	ADJ
cblr-14254	311	20	spac	spac	PROPN
cblr-14254	311	21	transaction	transaction	NOUN
cblr-14254	311	22	must	must	AUX
cblr-14254	311	23	also	also	ADV
cblr-14254	311	24	be	be	AUX
cblr-14254	311	25	accompanied	accompany	VERB
cblr-14254	311	26	with	with	ADP
cblr-14254	311	27	a	a	DET
cblr-14254	311	28	fairness	fairness	NOUN
cblr-14254	311	29	opinion	opinion	NOUN
cblr-14254	311	30	on	on	ADP
cblr-14254	311	31	whether	whether	SCONJ
cblr-14254	311	32	the	the	DET
cblr-14254	311	33	overall	overall	ADJ
cblr-14254	311	34	transaction	transaction	NOUN
cblr-14254	311	35	is	be	AUX
cblr-14254	311	36	unfair	unfair	ADJ
cblr-14254	311	37	to	to	ADP
cblr-14254	311	38	unaffiliated	unaffiliate	VERB
cblr-14254	311	39	shareholders	shareholder	NOUN
cblr-14254	311	40	and	and	CCONJ
cblr-14254	311	41	bases	basis	NOUN
cblr-14254	311	42	of	of	ADP
cblr-14254	311	43	opinion.94	opinion.94	NOUN
cblr-14254	311	44	there	there	PRON
cblr-14254	311	45	is	be	VERB
cblr-14254	311	46	an	an	DET
cblr-14254	311	47	overarching	overarching	ADJ
cblr-14254	311	48	goal	goal	NOUN
cblr-14254	311	49	of	of	ADP
cblr-14254	311	50	aligning	align	VERB
cblr-14254	311	51	the	the	DET
cblr-14254	311	52	de	de	ADJ
cblr-14254	311	53	-	-	ADJ
cblr-14254	311	54	spac	spac	PROPN
cblr-14254	311	55	disclosure	disclosure	NOUN
cblr-14254	311	56	regime	regime	NOUN
cblr-14254	311	57	with	with	ADP
cblr-14254	311	58	a	a	DET
cblr-14254	311	59	traditional	traditional	ADJ
cblr-14254	311	60	ipo	ipo	NOUN
cblr-14254	311	61	in	in	ADP
cblr-14254	311	62	regard	regard	NOUN
cblr-14254	311	63	to	to	ADP
cblr-14254	311	64	enacting	enact	VERB
cblr-14254	311	65	a	a	DET
cblr-14254	311	66	mandatory	mandatory	ADJ
cblr-14254	311	67	notice	notice	NOUN
cblr-14254	311	68	period	period	NOUN
cblr-14254	311	69	,	,	PUNCT
cblr-14254	311	70	treating	treat	VERB
cblr-14254	311	71	the	the	DET
cblr-14254	311	72	private	private	ADJ
cblr-14254	311	73	company	company	NOUN
cblr-14254	311	74	as	as	ADP
cblr-14254	311	75	a	a	DET
cblr-14254	311	76	co	co	NOUN
cblr-14254	311	77	-	-	NOUN
cblr-14254	311	78	registrant	registrant	ADJ
cblr-14254	311	79	,	,	PUNCT
cblr-14254	311	80	and	and	CCONJ
cblr-14254	311	81	explicitly	explicitly	ADV
cblr-14254	311	82	incorporating	incorporate	VERB
cblr-14254	311	83	underwriters	underwriter	NOUN
cblr-14254	311	84	into	into	ADP
cblr-14254	311	85	applicable	applicable	ADJ
cblr-14254	311	86	liability	liability	NOUN
cblr-14254	311	87	regimes.95	regimes.95	NOUN
cblr-14254	311	88	the	the	DET
cblr-14254	311	89	greatest	great	ADJ
cblr-14254	311	90	hit	hit	NOUN
cblr-14254	311	91	to	to	ADP
cblr-14254	311	92	the	the	DET
cblr-14254	311	93	spac	spac	PROPN
cblr-14254	311	94	scheme	scheme	NOUN
cblr-14254	311	95	is	be	AUX
cblr-14254	311	96	the	the	DET
cblr-14254	311	97	explicit	explicit	ADJ
cblr-14254	311	98	nullification	nullification	NOUN
cblr-14254	311	99	of	of	ADP
cblr-14254	311	100	the	the	DET
cblr-14254	311	101	pslra	pslra	ADV
cblr-14254	311	102	safe	safe	ADJ
cblr-14254	311	103	harbor	harbor	NOUN
cblr-14254	311	104	for	for	ADP
cblr-14254	311	105	forward	forward	ADV
cblr-14254	311	106	-	-	PUNCT
cblr-14254	311	107	looking	look	VERB
cblr-14254	311	108	statements	statement	NOUN
cblr-14254	311	109	.	.	PUNCT
cblr-14254	312	1	by	by	ADP
cblr-14254	312	2	amending	amend	VERB
cblr-14254	312	3	the	the	DET
cblr-14254	312	4	definition	definition	NOUN
cblr-14254	312	5	of	of	ADP
cblr-14254	312	6	“	"	PUNCT
cblr-14254	312	7	blank	blank	ADJ
cblr-14254	312	8	check	check	NOUN
cblr-14254	312	9	company	company	NOUN
cblr-14254	312	10	”	"	PUNCT
cblr-14254	312	11	to	to	PART
cblr-14254	312	12	now	now	ADV
cblr-14254	312	13	encompass	encompass	VERB
cblr-14254	312	14	spacs	spac	NOUN
cblr-14254	312	15	,	,	PUNCT
cblr-14254	312	16	they	they	PRON
cblr-14254	312	17	will	will	AUX
cblr-14254	312	18	no	no	ADV
cblr-14254	312	19	longer	long	ADV
cblr-14254	312	20	be	be	AUX
cblr-14254	312	21	able	able	ADJ
cblr-14254	312	22	to	to	PART
cblr-14254	312	23	claim	claim	VERB
cblr-14254	312	24	the	the	DET
cblr-14254	312	25	previously	previously	ADV
cblr-14254	312	26	afforded	afford	VERB
cblr-14254	312	27	protection.96	protection.96	NOUN
cblr-14254	312	28	this	this	PRON
cblr-14254	312	29	is	be	AUX
cblr-14254	312	30	particularly	particularly	ADV
cblr-14254	312	31	relevant	relevant	ADJ
cblr-14254	312	32	for	for	ADP
cblr-14254	312	33	the	the	DET
cblr-14254	312	34	statements	statement	NOUN
cblr-14254	312	35	of	of	ADP
cblr-14254	312	36	private	private	ADJ
cblr-14254	312	37	companies	company	NOUN
cblr-14254	312	38	,	,	PUNCT
cblr-14254	312	39	whose	whose	DET
cblr-14254	312	40	preor	preor	NOUN
cblr-14254	312	41	low	low	ADJ
cblr-14254	312	42	-	-	PUNCT
cblr-14254	312	43	revenue	revenue	NOUN
cblr-14254	312	44	status	status	NOUN
cblr-14254	312	45	required	require	VERB
cblr-14254	312	46	great	great	ADJ
cblr-14254	312	47	reliance	reliance	NOUN
cblr-14254	312	48	on	on	ADP
cblr-14254	312	49	the	the	DET
cblr-14254	312	50	implicit	implicit	ADJ
cblr-14254	312	51	safe	safe	ADJ
cblr-14254	312	52	harbor	harbor	NOUN
cblr-14254	312	53	to	to	PART
cblr-14254	312	54	attract	attract	VERB
cblr-14254	312	55	investor	investor	NOUN
cblr-14254	312	56	attention	attention	NOUN
cblr-14254	312	57	and	and	CCONJ
cblr-14254	312	58	confidence.97	confidence.97	PROPN
cblr-14254	312	59	now	now	ADV
cblr-14254	312	60	,	,	PUNCT
cblr-14254	312	61	these	these	DET
cblr-14254	312	62	companies	company	NOUN
cblr-14254	312	63	must	must	AUX
cblr-14254	312	64	exercise	exercise	VERB
cblr-14254	312	65	a	a	DET
cblr-14254	312	66	greater	great	ADJ
cblr-14254	312	67	level	level	NOUN
cblr-14254	312	68	of	of	ADP
cblr-14254	312	69	care	care	NOUN
cblr-14254	312	70	in	in	ADP
cblr-14254	312	71	volunteering	volunteer	VERB
cblr-14254	312	72	projections	projection	NOUN
cblr-14254	312	73	on	on	ADP
cblr-14254	312	74	future	future	ADJ
cblr-14254	312	75	revenues	revenue	NOUN
cblr-14254	312	76	,	,	PUNCT
cblr-14254	312	77	prospects	prospect	NOUN
cblr-14254	312	78	,	,	PUNCT
cblr-14254	312	79	and	and	CCONJ
cblr-14254	312	80	profitability	profitability	NOUN
cblr-14254	312	81	,	,	PUNCT
cblr-14254	312	82	and	and	CCONJ
cblr-14254	312	83	face	face	VERB
cblr-14254	312	84	liability	liability	NOUN
cblr-14254	312	85	for	for	ADP
cblr-14254	312	86	misstatements	misstatement	NOUN
cblr-14254	312	87	.	.	PUNCT
cblr-14254	313	1	potentially	potentially	ADV
cblr-14254	313	2	,	,	PUNCT
cblr-14254	313	3	the	the	DET
cblr-14254	313	4	proposal	proposal	NOUN
cblr-14254	313	5	also	also	ADV
cblr-14254	313	6	reflects	reflect	VERB
cblr-14254	313	7	the	the	DET
cblr-14254	313	8	sec	sec	PROPN
cblr-14254	313	9	’s	’s	PART
cblr-14254	313	10	ambivalence	ambivalence	NOUN
cblr-14254	313	11	toward	toward	ADP
cblr-14254	313	12	how	how	SCONJ
cblr-14254	313	13	to	to	PART
cblr-14254	313	14	most	most	ADV
cblr-14254	313	15	effectively	effectively	ADV
cblr-14254	313	16	regulate	regulate	VERB
cblr-14254	313	17	the	the	DET
cblr-14254	313	18	transaction	transaction	NOUN
cblr-14254	313	19	:	:	PUNCT
cblr-14254	313	20	it	it	PRON
cblr-14254	313	21	acknowledges	acknowledge	VERB
cblr-14254	313	22	the	the	DET
cblr-14254	313	23	potential	potential	ADJ
cblr-14254	313	24	applicability	applicability	NOUN
cblr-14254	313	25	of	of	ADP
cblr-14254	313	26	the	the	DET
cblr-14254	313	27	ica	ica	PROPN
cblr-14254	313	28	but	but	CCONJ
cblr-14254	313	29	charts	chart	VERB
cblr-14254	313	30	the	the	DET
cblr-14254	313	31	middle	middle	ADJ
cblr-14254	313	32	ground	ground	NOUN
cblr-14254	313	33	of	of	ADP
cblr-14254	313	34	creating	create	VERB
cblr-14254	313	35	a	a	DET
cblr-14254	313	36	statutory	statutory	ADJ
cblr-14254	313	37	safe	safe	ADJ
cblr-14254	313	38	93	93	NUM
cblr-14254	313	39	i	i	PRON
cblr-14254	313	40	d.	d.	PROPN
cblr-14254	313	41	at	at	ADP
cblr-14254	313	42	29467	29467	NUM
cblr-14254	313	43	.	.	PUNCT
cblr-14254	314	1	94	94	NUM
cblr-14254	315	1	i	i	PRON
cblr-14254	315	2	d.	d.	PROPN
cblr-14254	315	3	at	at	ADP
cblr-14254	315	4	24970	24970	NUM
cblr-14254	315	5	.	.	PUNCT
cblr-14254	316	1	95	95	NUM
cblr-14254	317	1	i	i	PRON
cblr-14254	317	2	d.	d.	NOUN
cblr-14254	317	3	at	at	ADP
cblr-14254	317	4	24976	24976	NUM
cblr-14254	317	5	.	.	PUNCT
cblr-14254	318	1	96	96	NUM
cblr-14254	319	1	i	i	PRON
cblr-14254	319	2	d.	d.	PROPN
cblr-14254	319	3	at	at	ADP
cblr-14254	319	4	29481–82	29481–82	NOUN
cblr-14254	319	5	.	.	PUNCT
cblr-14254	320	1	97	97	NUM
cblr-14254	320	2	brian	brian	PROPN
cblr-14254	320	3	v.	v.	PROPN
cblr-14254	320	4	beheny	beheny	PROPN
cblr-14254	320	5	et	et	PROPN
cblr-14254	320	6	al	al	PROPN
cblr-14254	320	7	.	.	PROPN
cblr-14254	320	8	,	,	PUNCT
cblr-14254	320	9	securities	security	NOUN
cblr-14254	320	10	and	and	CCONJ
cblr-14254	320	11	exchange	exchange	PROPN
cblr-14254	320	12	commission	commission	PROPN
cblr-14254	320	13	proposes	propose	VERB
cblr-14254	320	14	significant	significant	ADJ
cblr-14254	320	15	changes	change	NOUN
cblr-14254	320	16	to	to	ADP
cblr-14254	320	17	rules	rule	NOUN
cblr-14254	320	18	affecting	affect	VERB
cblr-14254	320	19	spacs	spac	NOUN
cblr-14254	320	20	,	,	PUNCT
cblr-14254	320	21	skadden	skadden	ADJ
cblr-14254	320	22	,	,	PUNCT
cblr-14254	320	23	arps	arp	NOUN
cblr-14254	320	24	,	,	PUNCT
cblr-14254	320	25	slate	slate	NOUN
cblr-14254	320	26	,	,	PUNCT
cblr-14254	320	27	meagher	meagher	PROPN
cblr-14254	320	28	&	&	CCONJ
cblr-14254	320	29	flom	flom	PROPN
cblr-14254	320	30	llp	llp	PROPN
cblr-14254	320	31	and	and	CCONJ
cblr-14254	320	32	affiliates	affiliate	NOUN
cblr-14254	320	33	(	(	PUNCT
cblr-14254	320	34	mar	mar	PROPN
cblr-14254	320	35	.	.	PROPN
cblr-14254	320	36	2022	2022	NUM
cblr-14254	320	37	)	)	PUNCT
cblr-14254	320	38	,	,	PUNCT
cblr-14254	320	39	https://www.skadden.com/insights/publications/2022/03/sec-proposes-significantchanges-to-rules-affecting-spacs	https://www.skadden.com/insights/publications/2022/03/sec-proposes-significantchanges-to-rules-affecting-spac	NOUN
cblr-14254	321	1	[	[	X
cblr-14254	321	2	https://perma.cc/tb3y-rmvj	https://perma.cc/tb3y-rmvj	PROPN
cblr-14254	321	3	]	]	PUNCT
cblr-14254	321	4	.	.	PUNCT
cblr-14254	322	1	472	472	NUM
cblr-14254	322	2	columbia	columbia	PROPN
cblr-14254	322	3	business	business	NOUN
cblr-14254	322	4	law	law	PROPN
cblr-14254	322	5	review	review	NOUN
cblr-14254	322	6	[	[	X
cblr-14254	322	7	vol	vol	NOUN
cblr-14254	322	8	.	.	PUNCT
cblr-14254	322	9	2025	2025	NUM
cblr-14254	322	10	harbor	harbor	NOUN
cblr-14254	322	11	.	.	PUNCT
cblr-14254	323	1	if	if	SCONJ
cblr-14254	323	2	the	the	DET
cblr-14254	323	3	spac	spac	PROPN
cblr-14254	323	4	(	(	PUNCT
cblr-14254	323	5	1	1	X
cblr-14254	323	6	)	)	PUNCT
cblr-14254	323	7	has	have	VERB
cblr-14254	323	8	assets	asset	NOUN
cblr-14254	323	9	solely	solely	ADV
cblr-14254	323	10	consisting	consist	VERB
cblr-14254	323	11	of	of	ADP
cblr-14254	323	12	government	government	NOUN
cblr-14254	323	13	monies	monie	NOUN
cblr-14254	323	14	,	,	PUNCT
cblr-14254	323	15	(	(	PUNCT
cblr-14254	323	16	2	2	X
cblr-14254	323	17	)	)	PUNCT
cblr-14254	323	18	is	be	AUX
cblr-14254	323	19	primarily	primarily	ADV
cblr-14254	323	20	engaged	engage	VERB
cblr-14254	323	21	in	in	ADP
cblr-14254	323	22	the	the	DET
cblr-14254	323	23	business	business	NOUN
cblr-14254	323	24	of	of	ADP
cblr-14254	323	25	the	the	DET
cblr-14254	323	26	target	target	NOUN
cblr-14254	323	27	company	company	NOUN
cblr-14254	323	28	,	,	PUNCT
cblr-14254	323	29	and	and	CCONJ
cblr-14254	323	30	(	(	PUNCT
cblr-14254	323	31	3	3	X
cblr-14254	323	32	)	)	PUNCT
cblr-14254	323	33	abides	abide	VERB
cblr-14254	323	34	by	by	ADP
cblr-14254	323	35	the	the	DET
cblr-14254	323	36	eighteen	eighteen	NUM
cblr-14254	323	37	month	month	NOUN
cblr-14254	323	38	duration	duration	NOUN
cblr-14254	323	39	limitation	limitation	NOUN
cblr-14254	323	40	,	,	PUNCT
cblr-14254	323	41	the	the	DET
cblr-14254	323	42	spac	spac	NOUN
cblr-14254	323	43	will	will	AUX
cblr-14254	323	44	not	not	PART
cblr-14254	323	45	be	be	AUX
cblr-14254	323	46	regulated	regulate	VERB
cblr-14254	323	47	under	under	ADP
cblr-14254	323	48	the	the	DET
cblr-14254	323	49	ica.98	ica.98	NOUN
cblr-14254	323	50	this	this	DET
cblr-14254	323	51	approach	approach	NOUN
cblr-14254	323	52	suggests	suggest	VERB
cblr-14254	323	53	a	a	DET
cblr-14254	323	54	reluctance	reluctance	NOUN
cblr-14254	323	55	to	to	PART
cblr-14254	323	56	confront	confront	VERB
cblr-14254	323	57	the	the	DET
cblr-14254	323	58	core	core	ADJ
cblr-14254	323	59	regulatory	regulatory	ADJ
cblr-14254	323	60	challenges	challenge	NOUN
cblr-14254	323	61	of	of	ADP
cblr-14254	323	62	misaligned	misaligned	ADJ
cblr-14254	323	63	interests	interest	NOUN
cblr-14254	323	64	between	between	ADP
cblr-14254	323	65	the	the	DET
cblr-14254	323	66	managing	manage	VERB
cblr-14254	323	67	parties	party	NOUN
cblr-14254	323	68	’	'	PUNCT
cblr-14254	323	69	desire	desire	NOUN
cblr-14254	323	70	to	to	PART
cblr-14254	323	71	quickly	quickly	ADV
cblr-14254	323	72	complete	complete	VERB
cblr-14254	323	73	a	a	DET
cblr-14254	323	74	merger	merger	NOUN
cblr-14254	323	75	in	in	ADP
cblr-14254	323	76	order	order	NOUN
cblr-14254	323	77	to	to	PART
cblr-14254	323	78	receive	receive	VERB
cblr-14254	323	79	payment	payment	NOUN
cblr-14254	323	80	and	and	CCONJ
cblr-14254	323	81	exit	exit	NOUN
cblr-14254	323	82	,	,	PUNCT
cblr-14254	323	83	and	and	CCONJ
cblr-14254	323	84	the	the	DET
cblr-14254	323	85	non	non	ADJ
cblr-14254	323	86	-	-	ADJ
cblr-14254	323	87	redeeming	redeeming	ADJ
cblr-14254	323	88	shareholders	shareholder	NOUN
cblr-14254	323	89	’	'	PUNCT
cblr-14254	323	90	interests	interest	NOUN
cblr-14254	323	91	in	in	ADP
cblr-14254	323	92	the	the	DET
cblr-14254	323	93	long	long	ADJ
cblr-14254	323	94	term	term	NOUN
cblr-14254	323	95	success	success	NOUN
cblr-14254	323	96	of	of	ADP
cblr-14254	323	97	the	the	DET
cblr-14254	323	98	target	target	NOUN
cblr-14254	323	99	,	,	PUNCT
cblr-14254	323	100	highlighting	highlight	VERB
cblr-14254	323	101	a	a	DET
cblr-14254	323	102	missed	miss	VERB
cblr-14254	323	103	opportunity	opportunity	NOUN
cblr-14254	323	104	for	for	ADP
cblr-14254	323	105	more	more	ADV
cblr-14254	323	106	substantive	substantive	ADJ
cblr-14254	323	107	reforms	reform	NOUN
cblr-14254	323	108	.	.	PUNCT
cblr-14254	324	1	b.	b.	PROPN
cblr-14254	325	1	the	the	DET
cblr-14254	325	2	proposed	propose	VERB
cblr-14254	325	3	rules	rule	NOUN
cblr-14254	325	4	do	do	AUX
cblr-14254	325	5	not	not	PART
cblr-14254	325	6	re	re	VERB
cblr-14254	325	7	-	-	VERB
cblr-14254	325	8	align	align	ADJ
cblr-14254	325	9	incentives	incentive	NOUN
cblr-14254	325	10	while	while	SCONJ
cblr-14254	325	11	the	the	DET
cblr-14254	325	12	proposed	propose	VERB
cblr-14254	325	13	rules	rule	NOUN
cblr-14254	325	14	seem	seem	VERB
cblr-14254	325	15	comprehensive	comprehensive	ADJ
cblr-14254	325	16	,	,	PUNCT
cblr-14254	325	17	their	their	PRON
cblr-14254	325	18	impact	impact	NOUN
cblr-14254	325	19	may	may	AUX
cblr-14254	325	20	be	be	AUX
cblr-14254	325	21	limited	limit	VERB
cblr-14254	325	22	.	.	PUNCT
cblr-14254	326	1	the	the	DET
cblr-14254	326	2	emphasis	emphasis	NOUN
cblr-14254	326	3	on	on	ADP
cblr-14254	326	4	disclosure	disclosure	NOUN
cblr-14254	326	5	and	and	CCONJ
cblr-14254	326	6	increased	increase	VERB
cblr-14254	326	7	legal	legal	ADJ
cblr-14254	326	8	complexity	complexity	NOUN
cblr-14254	326	9	does	do	AUX
cblr-14254	326	10	not	not	PART
cblr-14254	326	11	address	address	VERB
cblr-14254	326	12	the	the	DET
cblr-14254	326	13	core	core	NOUN
cblr-14254	326	14	misaligned	misalign	VERB
cblr-14254	326	15	incentives	incentive	NOUN
cblr-14254	326	16	.	.	PUNCT
cblr-14254	327	1	many	many	ADJ
cblr-14254	327	2	now	now	ADV
cblr-14254	327	3	mandated	mandate	VERB
cblr-14254	327	4	disclosures	disclosure	NOUN
cblr-14254	327	5	,	,	PUNCT
cblr-14254	327	6	such	such	ADJ
cblr-14254	327	7	as	as	ADP
cblr-14254	327	8	sources	source	NOUN
cblr-14254	327	9	of	of	ADP
cblr-14254	327	10	dilution	dilution	NOUN
cblr-14254	327	11	and	and	CCONJ
cblr-14254	327	12	the	the	DET
cblr-14254	327	13	empty	empty	ADJ
cblr-14254	327	14	voting	voting	NOUN
cblr-14254	327	15	scheme	scheme	NOUN
cblr-14254	327	16	,	,	PUNCT
cblr-14254	327	17	are	be	AUX
cblr-14254	327	18	already	already	ADV
cblr-14254	327	19	voluntarily	voluntarily	ADV
cblr-14254	327	20	provided	provide	VERB
cblr-14254	327	21	by	by	ADP
cblr-14254	327	22	spacs	spac	NOUN
cblr-14254	327	23	.	.	PUNCT
cblr-14254	328	1	further	far	ADV
cblr-14254	328	2	,	,	PUNCT
cblr-14254	328	3	spacs	spac	NOUN
cblr-14254	328	4	often	often	ADV
cblr-14254	328	5	operate	operate	VERB
cblr-14254	328	6	within	within	ADP
cblr-14254	328	7	the	the	DET
cblr-14254	328	8	bounds	bound	NOUN
cblr-14254	328	9	of	of	ADP
cblr-14254	328	10	what	what	PRON
cblr-14254	328	11	is	be	AUX
cblr-14254	328	12	now	now	ADV
cblr-14254	328	13	formalized	formalize	VERB
cblr-14254	328	14	by	by	ADP
cblr-14254	328	15	the	the	DET
cblr-14254	328	16	ica	ica	PROPN
cblr-14254	328	17	safe	safe	PROPN
cblr-14254	328	18	harbor	harbor	NOUN
cblr-14254	328	19	.	.	PUNCT
cblr-14254	329	1	while	while	SCONJ
cblr-14254	329	2	these	these	DET
cblr-14254	329	3	clarifications	clarification	NOUN
cblr-14254	329	4	aid	aid	VERB
cblr-14254	329	5	legal	legal	ADJ
cblr-14254	329	6	compliance	compliance	NOUN
cblr-14254	329	7	,	,	PUNCT
cblr-14254	329	8	they	they	PRON
cblr-14254	329	9	fail	fail	VERB
cblr-14254	329	10	to	to	PART
cblr-14254	329	11	realign	realign	VERB
cblr-14254	329	12	fundamental	fundamental	ADJ
cblr-14254	329	13	incentives	incentive	NOUN
cblr-14254	329	14	and	and	CCONJ
cblr-14254	329	15	to	to	PART
cblr-14254	329	16	thoughtfully	thoughtfully	ADV
cblr-14254	329	17	consider	consider	VERB
cblr-14254	329	18	the	the	DET
cblr-14254	329	19	larger	large	ADJ
cblr-14254	329	20	policy	policy	NOUN
cblr-14254	329	21	questions	question	NOUN
cblr-14254	329	22	surrounding	surround	VERB
cblr-14254	329	23	the	the	DET
cblr-14254	329	24	transaction	transaction	NOUN
cblr-14254	329	25	.	.	PUNCT
cblr-14254	330	1	the	the	DET
cblr-14254	330	2	reliance	reliance	NOUN
cblr-14254	330	3	on	on	ADP
cblr-14254	330	4	disclosure	disclosure	NOUN
cblr-14254	330	5	also	also	ADV
cblr-14254	330	6	faces	face	VERB
cblr-14254	330	7	the	the	DET
cblr-14254	330	8	critique	critique	NOUN
cblr-14254	330	9	of	of	ADP
cblr-14254	330	10	the	the	DET
cblr-14254	330	11	actual	actual	ADJ
cblr-14254	330	12	efficacy	efficacy	NOUN
cblr-14254	330	13	of	of	ADP
cblr-14254	330	14	the	the	DET
cblr-14254	330	15	sec	sec	PROPN
cblr-14254	330	16	’s	’s	PART
cblr-14254	330	17	mightiest	mighty	ADJ
cblr-14254	330	18	tool	tool	NOUN
cblr-14254	330	19	.	.	PUNCT
cblr-14254	331	1	spacs	spac	NOUN
cblr-14254	331	2	are	be	AUX
cblr-14254	331	3	inherently	inherently	ADV
cblr-14254	331	4	complicated	complicated	ADJ
cblr-14254	331	5	transactions.99	transactions.99	NOUN
cblr-14254	331	6	the	the	DET
cblr-14254	331	7	existing	exist	VERB
cblr-14254	331	8	literature	literature	NOUN
cblr-14254	331	9	,	,	PUNCT
cblr-14254	331	10	although	although	SCONJ
cblr-14254	331	11	growing	grow	VERB
cblr-14254	331	12	,	,	PUNCT
cblr-14254	331	13	is	be	AUX
cblr-14254	331	14	piecemeal	piecemeal	ADJ
cblr-14254	331	15	and	and	CCONJ
cblr-14254	331	16	focuses	focus	VERB
cblr-14254	331	17	on	on	ADP
cblr-14254	331	18	various	various	ADJ
cblr-14254	331	19	crucial	crucial	ADJ
cblr-14254	331	20	aspects	aspect	NOUN
cblr-14254	331	21	of	of	ADP
cblr-14254	331	22	each	each	DET
cblr-14254	331	23	transaction	transaction	NOUN
cblr-14254	331	24	.	.	PUNCT
cblr-14254	332	1	as	as	SCONJ
cblr-14254	332	2	the	the	DET
cblr-14254	332	3	legal	legal	ADJ
cblr-14254	332	4	and	and	CCONJ
cblr-14254	332	5	academic	academic	ADJ
cblr-14254	332	6	worlds	world	NOUN
cblr-14254	332	7	work	work	VERB
cblr-14254	332	8	to	to	PART
cblr-14254	332	9	fully	fully	ADV
cblr-14254	332	10	understand	understand	VERB
cblr-14254	332	11	the	the	DET
cblr-14254	332	12	intricacies	intricacy	NOUN
cblr-14254	332	13	of	of	ADP
cblr-14254	332	14	spac	spac	PROPN
cblr-14254	333	1	transactions,100	transactions,100	INTJ
cblr-14254	333	2	it	it	PRON
cblr-14254	333	3	is	be	AUX
cblr-14254	333	4	fair	fair	ADJ
cblr-14254	333	5	to	to	PART
cblr-14254	333	6	ask	ask	VERB
cblr-14254	333	7	how	how	SCONJ
cblr-14254	333	8	productive	productive	ADJ
cblr-14254	333	9	disclosure	disclosure	NOUN
cblr-14254	333	10	will	will	AUX
cblr-14254	333	11	be	be	AUX
cblr-14254	333	12	to	to	ADP
cblr-14254	333	13	retail	retail	ADJ
cblr-14254	333	14	investors	investor	NOUN
cblr-14254	333	15	.	.	PUNCT
cblr-14254	334	1	disclosure	disclosure	NOUN
cblr-14254	334	2	adds	add	VERB
cblr-14254	334	3	to	to	ADP
cblr-14254	334	4	informational	informational	ADJ
cblr-14254	334	5	98	98	NUM
cblr-14254	334	6	special	special	ADJ
cblr-14254	334	7	purpose	purpose	NOUN
cblr-14254	334	8	acquisition	acquisition	NOUN
cblr-14254	334	9	companies	company	NOUN
cblr-14254	334	10	,	,	PUNCT
cblr-14254	334	11	shell	shell	ADJ
cblr-14254	334	12	companies	company	NOUN
cblr-14254	334	13	,	,	PUNCT
cblr-14254	334	14	and	and	CCONJ
cblr-14254	334	15	projections	projection	NOUN
cblr-14254	334	16	,	,	PUNCT
cblr-14254	334	17	87	87	NUM
cblr-14254	334	18	fed	fed	PROPN
cblr-14254	334	19	.	.	PUNCT
cblr-14254	335	1	reg	reg	PROPN
cblr-14254	335	2	.	.	PUNCT
cblr-14254	336	1	29458–98	29458–98	NUM
cblr-14254	336	2	(	(	PUNCT
cblr-14254	336	3	may	may	PROPN
cblr-14254	336	4	13	13	NUM
cblr-14254	336	5	,	,	PUNCT
cblr-14254	336	6	2022	2022	NUM
cblr-14254	336	7	)	)	PUNCT
cblr-14254	336	8	(	(	PUNCT
cblr-14254	336	9	to	to	PART
cblr-14254	336	10	be	be	AUX
cblr-14254	336	11	codified	codify	VERB
cblr-14254	336	12	at	at	ADP
cblr-14254	336	13	17	17	NUM
cblr-14254	336	14	c.f.r	c.f.r	NOUN
cblr-14254	336	15	.	.	PUNCT
cblr-14254	337	1	pts	pts	PROPN
cblr-14254	337	2	.	.	PROPN
cblr-14254	337	3	210	210	NUM
cblr-14254	337	4	,	,	PUNCT
cblr-14254	337	5	229	229	NUM
cblr-14254	337	6	,	,	PUNCT
cblr-14254	337	7	230	230	NUM
cblr-14254	337	8	,	,	PUNCT
cblr-14254	337	9	232	232	NUM
cblr-14254	337	10	,	,	PUNCT
cblr-14254	337	11	239	239	NUM
cblr-14254	337	12	,	,	PUNCT
cblr-14254	337	13	240	240	NUM
cblr-14254	337	14	,	,	PUNCT
cblr-14254	337	15	249	249	NUM
cblr-14254	337	16	,	,	PUNCT
cblr-14254	337	17	270	270	NUM
cblr-14254	337	18	)	)	PUNCT
cblr-14254	337	19	.	.	PUNCT
cblr-14254	338	1	99	99	NUM
cblr-14254	338	2	rodrigues	rodrigue	NOUN
cblr-14254	338	3	&	&	CCONJ
cblr-14254	338	4	stegemoller	stegemoller	PROPN
cblr-14254	338	5	,	,	PUNCT
cblr-14254	338	6	supra	supra	ADJ
cblr-14254	338	7	note	note	NOUN
cblr-14254	338	8	76	76	NUM
cblr-14254	338	9	,	,	PUNCT
cblr-14254	338	10	at	at	ADP
cblr-14254	338	11	37–39	37–39	NUM
cblr-14254	338	12	.	.	PUNCT
cblr-14254	339	1	100	100	NUM
cblr-14254	340	1	i	i	PRON
cblr-14254	340	2	d.	d.	PROPN
cblr-14254	340	3	at	at	ADP
cblr-14254	340	4	38	38	NUM
cblr-14254	340	5	.	.	PUNCT
cblr-14254	341	1	no	no	INTJ
cblr-14254	341	2	.	.	NOUN
cblr-14254	342	1	1	1	NUM
cblr-14254	342	2	]	]	PUNCT
cblr-14254	342	3	the	the	DET
cblr-14254	342	4	spac	spac	PROPN
cblr-14254	342	5	phenomenon	phenomenon	NOUN
cblr-14254	342	6	473	473	NUM
cblr-14254	342	7	overload	overload	NOUN
cblr-14254	342	8	and	and	CCONJ
cblr-14254	342	9	quickly	quickly	ADV
cblr-14254	342	10	faces	face	VERB
cblr-14254	342	11	diminishing	diminishing	NOUN
cblr-14254	342	12	returns	return	NOUN
cblr-14254	342	13	.	.	PUNCT
cblr-14254	343	1	it	it	PRON
cblr-14254	343	2	is	be	AUX
cblr-14254	343	3	not	not	PART
cblr-14254	343	4	news	news	NOUN
cblr-14254	343	5	that	that	SCONJ
cblr-14254	343	6	retail	retail	ADJ
cblr-14254	343	7	investors	investor	NOUN
cblr-14254	343	8	do	do	AUX
cblr-14254	343	9	not	not	PART
cblr-14254	343	10	pay	pay	VERB
cblr-14254	343	11	thorough	thorough	ADJ
cblr-14254	343	12	attention	attention	NOUN
cblr-14254	343	13	to	to	ADP
cblr-14254	343	14	disclosure	disclosure	NOUN
cblr-14254	343	15	,	,	PUNCT
cblr-14254	343	16	especially	especially	ADV
cblr-14254	343	17	if	if	SCONJ
cblr-14254	343	18	celebrity	celebrity	NOUN
cblr-14254	343	19	involvement	involvement	NOUN
cblr-14254	343	20	and	and	CCONJ
cblr-14254	343	21	promotion	promotion	NOUN
cblr-14254	343	22	of	of	ADP
cblr-14254	343	23	these	these	DET
cblr-14254	343	24	investments	investment	NOUN
cblr-14254	343	25	continue	continue	VERB
cblr-14254	343	26	to	to	PART
cblr-14254	343	27	provide	provide	VERB
cblr-14254	343	28	an	an	DET
cblr-14254	343	29	easy	easy	ADJ
cblr-14254	343	30	source	source	NOUN
cblr-14254	343	31	of	of	ADP
cblr-14254	343	32	reliance	reliance	NOUN
cblr-14254	343	33	.	.	PUNCT
cblr-14254	344	1	contrarily	contrarily	ADV
cblr-14254	344	2	,	,	PUNCT
cblr-14254	344	3	institutional	institutional	ADJ
cblr-14254	344	4	investors	investor	NOUN
cblr-14254	344	5	are	be	AUX
cblr-14254	344	6	positioned	position	VERB
cblr-14254	344	7	to	to	PART
cblr-14254	344	8	benefit	benefit	VERB
cblr-14254	344	9	most	most	ADV
cblr-14254	344	10	from	from	ADP
cblr-14254	344	11	disclosure	disclosure	NOUN
cblr-14254	344	12	,	,	PUNCT
cblr-14254	344	13	to	to	PART
cblr-14254	344	14	extract	extract	VERB
cblr-14254	344	15	valuable	valuable	ADJ
cblr-14254	344	16	insight	insight	NOUN
cblr-14254	344	17	and	and	CCONJ
cblr-14254	344	18	enhance	enhance	VERB
cblr-14254	344	19	hedging	hedging	NOUN
cblr-14254	344	20	strategy	strategy	NOUN
cblr-14254	344	21	.	.	PUNCT
cblr-14254	345	1	ultimately	ultimately	ADV
cblr-14254	345	2	,	,	PUNCT
cblr-14254	345	3	as	as	SCONJ
cblr-14254	345	4	the	the	DET
cblr-14254	345	5	sec	sec	PROPN
cblr-14254	345	6	proposal	proposal	NOUN
cblr-14254	345	7	acknowledges	acknowledge	VERB
cblr-14254	345	8	,	,	PUNCT
cblr-14254	345	9	the	the	DET
cblr-14254	345	10	challenges	challenge	NOUN
cblr-14254	345	11	with	with	ADP
cblr-14254	345	12	spac	spac	NOUN
cblr-14254	345	13	transactions	transaction	NOUN
cblr-14254	345	14	are	be	AUX
cblr-14254	345	15	structural.101	structural.101	NOUN
cblr-14254	345	16	yet	yet	ADV
cblr-14254	345	17	,	,	PUNCT
cblr-14254	345	18	they	they	PRON
cblr-14254	345	19	urge	urge	VERB
cblr-14254	345	20	that	that	SCONJ
cblr-14254	345	21	their	their	PRON
cblr-14254	345	22	enhanced	enhanced	ADJ
cblr-14254	345	23	disclosure	disclosure	NOUN
cblr-14254	345	24	and	and	CCONJ
cblr-14254	345	25	liability	liability	NOUN
cblr-14254	345	26	scheme	scheme	NOUN
cblr-14254	345	27	will	will	AUX
cblr-14254	345	28	sufficiently	sufficiently	ADV
cblr-14254	345	29	address	address	VERB
cblr-14254	345	30	these	these	DET
cblr-14254	345	31	concerns.102	concerns.102	NOUN
cblr-14254	345	32	while	while	SCONJ
cblr-14254	345	33	disclosure	disclosure	NOUN
cblr-14254	345	34	-	-	PUNCT
cblr-14254	345	35	based	base	VERB
cblr-14254	345	36	regulation	regulation	NOUN
cblr-14254	345	37	does	do	AUX
cblr-14254	345	38	create	create	VERB
cblr-14254	345	39	incentives	incentive	NOUN
cblr-14254	345	40	by	by	ADP
cblr-14254	345	41	welcoming	welcome	VERB
cblr-14254	345	42	public	public	ADJ
cblr-14254	345	43	scrutiny	scrutiny	NOUN
cblr-14254	345	44	of	of	ADP
cblr-14254	345	45	transaction	transaction	NOUN
cblr-14254	345	46	details	detail	NOUN
cblr-14254	345	47	,	,	PUNCT
cblr-14254	345	48	this	this	DET
cblr-14254	345	49	consistent	consistent	ADJ
cblr-14254	345	50	perspective	perspective	NOUN
cblr-14254	345	51	is	be	AUX
cblr-14254	345	52	premised	premise	VERB
cblr-14254	345	53	on	on	ADP
cblr-14254	345	54	allowing	allow	VERB
cblr-14254	345	55	investors	investor	NOUN
cblr-14254	345	56	to	to	PART
cblr-14254	345	57	make	make	VERB
cblr-14254	345	58	their	their	PRON
cblr-14254	345	59	own	own	ADJ
cblr-14254	345	60	informed	inform	VERB
cblr-14254	345	61	decisions	decision	NOUN
cblr-14254	345	62	.	.	PUNCT
cblr-14254	346	1	there	there	PRON
cblr-14254	346	2	is	be	VERB
cblr-14254	346	3	a	a	DET
cblr-14254	346	4	crucial	crucial	ADJ
cblr-14254	346	5	nuance	nuance	NOUN
cblr-14254	346	6	here	here	ADV
cblr-14254	346	7	between	between	ADP
cblr-14254	346	8	the	the	DET
cblr-14254	346	9	purported	purport	VERB
cblr-14254	346	10	goal	goal	NOUN
cblr-14254	346	11	of	of	ADP
cblr-14254	346	12	well	well	ADV
cblr-14254	346	13	-	-	PUNCT
cblr-14254	346	14	informed	inform	VERB
cblr-14254	346	15	investors	investor	NOUN
cblr-14254	346	16	,	,	PUNCT
cblr-14254	346	17	and	and	CCONJ
cblr-14254	346	18	actual	actual	ADJ
cblr-14254	346	19	tangible	tangible	ADJ
cblr-14254	346	20	regulation	regulation	NOUN
cblr-14254	346	21	that	that	PRON
cblr-14254	346	22	addresses	address	VERB
cblr-14254	346	23	the	the	DET
cblr-14254	346	24	structural	structural	ADJ
cblr-14254	346	25	inequities	inequity	NOUN
cblr-14254	346	26	at	at	ADP
cblr-14254	346	27	play	play	NOUN
cblr-14254	346	28	.	.	PUNCT
cblr-14254	347	1	c.	c.	NOUN
cblr-14254	347	2	framing	framing	NOUN
cblr-14254	347	3	impact	impact	NOUN
cblr-14254	347	4	on	on	ADP
cblr-14254	347	5	investors	investor	NOUN
cblr-14254	347	6	with	with	ADP
cblr-14254	347	7	the	the	DET
cblr-14254	347	8	goal	goal	NOUN
cblr-14254	347	9	to	to	PART
cblr-14254	347	10	“	"	PUNCT
cblr-14254	347	11	improve	improve	VERB
cblr-14254	347	12	the	the	DET
cblr-14254	347	13	usefulness	usefulness	NOUN
cblr-14254	347	14	and	and	CCONJ
cblr-14254	347	15	clarity	clarity	NOUN
cblr-14254	347	16	of	of	ADP
cblr-14254	347	17	the	the	DET
cblr-14254	347	18	information	information	NOUN
cblr-14254	347	19	provided	provide	VERB
cblr-14254	347	20	to	to	ADP
cblr-14254	347	21	investors	investor	NOUN
cblr-14254	347	22	so	so	SCONJ
cblr-14254	347	23	that	that	SCONJ
cblr-14254	347	24	they	they	PRON
cblr-14254	347	25	can	can	AUX
cblr-14254	347	26	make	make	VERB
cblr-14254	347	27	better	well	ADV
cblr-14254	347	28	informed	informed	ADJ
cblr-14254	347	29	decisions,”103	decisions,”103	NOUN
cblr-14254	347	30	it	it	PRON
cblr-14254	347	31	is	be	AUX
cblr-14254	347	32	crucial	crucial	ADJ
cblr-14254	347	33	to	to	PART
cblr-14254	347	34	keep	keep	VERB
cblr-14254	347	35	in	in	ADP
cblr-14254	347	36	mind	mind	NOUN
cblr-14254	347	37	who	who	PRON
cblr-14254	347	38	the	the	DET
cblr-14254	347	39	investors	investor	NOUN
cblr-14254	347	40	are	be	AUX
cblr-14254	347	41	.	.	PUNCT
cblr-14254	348	1	spac	spac	PROPN
cblr-14254	348	2	investors	investor	NOUN
cblr-14254	348	3	are	be	AUX
cblr-14254	348	4	largely	largely	ADV
cblr-14254	348	5	institutional	institutional	ADJ
cblr-14254	348	6	:	:	PUNCT
cblr-14254	348	7	retail	retail	ADJ
cblr-14254	348	8	investors	investor	NOUN
cblr-14254	348	9	make	make	VERB
cblr-14254	348	10	up	up	ADP
cblr-14254	348	11	about	about	ADV
cblr-14254	348	12	15	15	NUM
cblr-14254	348	13	%	%	NOUN
cblr-14254	348	14	of	of	ADP
cblr-14254	348	15	the	the	DET
cblr-14254	348	16	investor	investor	NOUN
cblr-14254	348	17	population	population	NOUN
cblr-14254	348	18	with	with	ADP
cblr-14254	348	19	very	very	ADV
cblr-14254	348	20	little	little	ADJ
cblr-14254	348	21	pre	pre	ADJ
cblr-14254	348	22	-	-	ADJ
cblr-14254	348	23	merger	merger	ADJ
cblr-14254	348	24	trading	trading	NOUN
cblr-14254	348	25	volume.104	volume.104	NOUN
cblr-14254	348	26	yet	yet	ADV
cblr-14254	348	27	,	,	PUNCT
cblr-14254	348	28	because	because	SCONJ
cblr-14254	348	29	sponsors	sponsor	NOUN
cblr-14254	348	30	,	,	PUNCT
cblr-14254	348	31	directors	director	NOUN
cblr-14254	348	32	,	,	PUNCT
cblr-14254	348	33	and	and	CCONJ
cblr-14254	348	34	redeeming	redeem	VERB
cblr-14254	348	35	shareholders	shareholder	NOUN
cblr-14254	348	36	generally	generally	ADV
cblr-14254	348	37	exit	exit	VERB
cblr-14254	348	38	immediately	immediately	ADV
cblr-14254	348	39	post	post	ADJ
cblr-14254	348	40	-	-	NOUN
cblr-14254	348	41	merger	merger	NOUN
cblr-14254	348	42	,	,	PUNCT
cblr-14254	348	43	these	these	DET
cblr-14254	348	44	retail	retail	ADJ
cblr-14254	348	45	investors	investor	NOUN
cblr-14254	348	46	ultimately	ultimately	ADV
cblr-14254	348	47	bear	bear	VERB
cblr-14254	348	48	the	the	DET
cblr-14254	348	49	majority	majority	NOUN
cblr-14254	348	50	of	of	ADP
cblr-14254	348	51	the	the	DET
cblr-14254	348	52	losses	loss	NOUN
cblr-14254	348	53	when	when	SCONJ
cblr-14254	348	54	the	the	DET
cblr-14254	348	55	postmerger	postmerger	NOUN
cblr-14254	348	56	company	company	NOUN
cblr-14254	348	57	fails	fail	VERB
cblr-14254	348	58	to	to	PART
cblr-14254	348	59	meet	meet	VERB
cblr-14254	348	60	performance	performance	NOUN
cblr-14254	348	61	expectations	expectation	NOUN
cblr-14254	348	62	and	and	CCONJ
cblr-14254	348	63	stock	stock	NOUN
cblr-14254	348	64	price	price	NOUN
cblr-14254	348	65	subsequently	subsequently	ADV
cblr-14254	348	66	declines	decline	VERB
cblr-14254	348	67	.	.	PUNCT
cblr-14254	349	1	although	although	SCONJ
cblr-14254	349	2	a	a	DET
cblr-14254	349	3	minority	minority	NOUN
cblr-14254	349	4	,	,	PUNCT
cblr-14254	349	5	it	it	PRON
cblr-14254	349	6	is	be	AUX
cblr-14254	349	7	not	not	PART
cblr-14254	349	8	an	an	DET
cblr-14254	349	9	insignificant	insignificant	ADJ
cblr-14254	349	10	number	number	NOUN
cblr-14254	349	11	per	per	ADP
cblr-14254	349	12	se	se	ADV
cblr-14254	349	13	—	—	PUNCT
cblr-14254	349	14	there	there	PRON
cblr-14254	349	15	still	still	ADV
cblr-14254	349	16	exists	exist	VERB
cblr-14254	349	17	a	a	DET
cblr-14254	349	18	101	101	NUM
cblr-14254	349	19	special	special	ADJ
cblr-14254	349	20	purpose	purpose	NOUN
cblr-14254	349	21	acquisition	acquisition	NOUN
cblr-14254	349	22	companies	company	NOUN
cblr-14254	349	23	,	,	PUNCT
cblr-14254	349	24	shell	shell	ADJ
cblr-14254	349	25	companies	company	NOUN
cblr-14254	349	26	,	,	PUNCT
cblr-14254	349	27	and	and	CCONJ
cblr-14254	349	28	projections	projection	NOUN
cblr-14254	349	29	,	,	PUNCT
cblr-14254	349	30	87	87	NUM
cblr-14254	349	31	fed	fed	PROPN
cblr-14254	349	32	.	.	PUNCT
cblr-14254	350	1	reg	reg	PROPN
cblr-14254	350	2	.	.	PUNCT
cblr-14254	351	1	29458	29458	NUM
cblr-14254	351	2	,	,	PUNCT
cblr-14254	351	3	29505–42	29505–42	NUM
cblr-14254	351	4	(	(	PUNCT
cblr-14254	351	5	may	may	PROPN
cblr-14254	351	6	13	13	NUM
cblr-14254	351	7	,	,	PUNCT
cblr-14254	351	8	2022	2022	NUM
cblr-14254	351	9	)	)	PUNCT
cblr-14254	351	10	(	(	PUNCT
cblr-14254	351	11	to	to	PART
cblr-14254	351	12	be	be	AUX
cblr-14254	351	13	codified	codify	VERB
cblr-14254	351	14	at	at	ADP
cblr-14254	351	15	17	17	NUM
cblr-14254	351	16	c.f.r	c.f.r	NOUN
cblr-14254	351	17	.	.	PUNCT
cblr-14254	352	1	pts	pts	PROPN
cblr-14254	352	2	.	.	PROPN
cblr-14254	352	3	210	210	NUM
cblr-14254	352	4	,	,	PUNCT
cblr-14254	352	5	229	229	NUM
cblr-14254	352	6	,	,	PUNCT
cblr-14254	352	7	230	230	NUM
cblr-14254	352	8	,	,	PUNCT
cblr-14254	352	9	232	232	NUM
cblr-14254	352	10	,	,	PUNCT
cblr-14254	352	11	239	239	NUM
cblr-14254	352	12	,	,	PUNCT
cblr-14254	352	13	240	240	NUM
cblr-14254	352	14	,	,	PUNCT
cblr-14254	352	15	249	249	NUM
cblr-14254	352	16	,	,	PUNCT
cblr-14254	352	17	270	270	NUM
cblr-14254	352	18	)	)	PUNCT
cblr-14254	352	19	.	.	PUNCT
cblr-14254	353	1	102	102	NUM
cblr-14254	354	1	i	i	PROPN
cblr-14254	354	2	d.	d.	PROPN
cblr-14254	354	3	103	103	NUM
cblr-14254	355	1	i	i	PRON
cblr-14254	355	2	d.	d.	PROPN
cblr-14254	355	3	at	at	ADP
cblr-14254	355	4	29463	29463	NUM
cblr-14254	355	5	.	.	PUNCT
cblr-14254	356	1	104	104	NUM
cblr-14254	356	2	comm	comm	NOUN
cblr-14254	356	3	.	.	PUNCT
cblr-14254	357	1	on	on	ADP
cblr-14254	357	2	cap	cap	NOUN
cblr-14254	357	3	.	.	PUNCT
cblr-14254	358	1	mkts	mkts	NOUN
cblr-14254	358	2	.	.	PUNCT
cblr-14254	359	1	regul	regul	NOUN
cblr-14254	359	2	.	.	PUNCT
cblr-14254	360	1	,	,	PUNCT
cblr-14254	360	2	supra	supra	PROPN
cblr-14254	360	3	note	note	PROPN
cblr-14254	360	4	63	63	NUM
cblr-14254	360	5	,	,	PUNCT
cblr-14254	360	6	at	at	ADP
cblr-14254	360	7	2–3	2–3	NOUN
cblr-14254	360	8	.	.	NOUN
cblr-14254	360	9	474	474	NUM
cblr-14254	360	10	columbia	columbia	PROPN
cblr-14254	360	11	business	business	PROPN
cblr-14254	360	12	law	law	PROPN
cblr-14254	360	13	review	review	NOUN
cblr-14254	361	1	[	[	X
cblr-14254	361	2	vol	vol	NOUN
cblr-14254	361	3	.	.	PUNCT
cblr-14254	361	4	2025	2025	NUM
cblr-14254	361	5	substantial	substantial	ADJ
cblr-14254	361	6	number	number	NOUN
cblr-14254	361	7	of	of	ADP
cblr-14254	361	8	non	non	ADJ
cblr-14254	361	9	-	-	ADJ
cblr-14254	361	10	professional	professional	ADJ
cblr-14254	361	11	investors	investor	NOUN
cblr-14254	361	12	dealing	deal	VERB
cblr-14254	361	13	with	with	ADP
cblr-14254	361	14	a	a	DET
cblr-14254	361	15	complex	complex	ADJ
cblr-14254	361	16	transaction	transaction	NOUN
cblr-14254	361	17	against	against	ADP
cblr-14254	361	18	a	a	DET
cblr-14254	361	19	body	body	NOUN
cblr-14254	361	20	of	of	ADP
cblr-14254	361	21	sophisticated	sophisticated	ADJ
cblr-14254	361	22	institutional	institutional	ADJ
cblr-14254	361	23	investors	investor	NOUN
cblr-14254	361	24	.	.	PUNCT
cblr-14254	362	1	thus	thus	ADV
cblr-14254	362	2	,	,	PUNCT
cblr-14254	362	3	the	the	DET
cblr-14254	362	4	analysis	analysis	NOUN
cblr-14254	362	5	of	of	ADP
cblr-14254	362	6	whether	whether	SCONJ
cblr-14254	362	7	the	the	DET
cblr-14254	362	8	sec	sec	PROPN
cblr-14254	362	9	’s	’s	PART
cblr-14254	362	10	proposed	propose	VERB
cblr-14254	362	11	rules	rule	NOUN
cblr-14254	362	12	offer	offer	VERB
cblr-14254	362	13	sufficient	sufficient	ADJ
cblr-14254	362	14	protection	protection	NOUN
cblr-14254	362	15	turns	turn	VERB
cblr-14254	362	16	on	on	ADP
cblr-14254	362	17	the	the	DET
cblr-14254	362	18	perspective	perspective	NOUN
cblr-14254	362	19	of	of	ADP
cblr-14254	362	20	how	how	SCONJ
cblr-14254	362	21	to	to	PART
cblr-14254	362	22	treat	treat	VERB
cblr-14254	362	23	these	these	DET
cblr-14254	362	24	groups	group	NOUN
cblr-14254	362	25	of	of	ADP
cblr-14254	362	26	investors	investor	NOUN
cblr-14254	362	27	.	.	PUNCT
cblr-14254	363	1	if	if	SCONJ
cblr-14254	363	2	the	the	DET
cblr-14254	363	3	focus	focus	NOUN
cblr-14254	363	4	is	be	AUX
cblr-14254	363	5	on	on	ADP
cblr-14254	363	6	the	the	DET
cblr-14254	363	7	significance	significance	NOUN
cblr-14254	363	8	of	of	ADP
cblr-14254	363	9	percentage	percentage	NOUN
cblr-14254	363	10	of	of	ADP
cblr-14254	363	11	retailed	retailed	ADJ
cblr-14254	363	12	investors	investor	NOUN
cblr-14254	363	13	—	—	PUNCT
cblr-14254	363	14	so	so	SCONJ
cblr-14254	363	15	that	that	SCONJ
cblr-14254	363	16	regulation	regulation	NOUN
cblr-14254	363	17	should	should	AUX
cblr-14254	363	18	effectively	effectively	ADV
cblr-14254	363	19	protect	protect	VERB
cblr-14254	363	20	them	they	PRON
cblr-14254	363	21	—	—	PUNCT
cblr-14254	363	22	then	then	ADV
cblr-14254	363	23	a	a	DET
cblr-14254	363	24	disclosure	disclosure	NOUN
cblr-14254	363	25	-	-	PUNCT
cblr-14254	363	26	based	base	VERB
cblr-14254	363	27	regime	regime	NOUN
cblr-14254	363	28	is	be	AUX
cblr-14254	363	29	insufficient	insufficient	ADJ
cblr-14254	363	30	.	.	PUNCT
cblr-14254	364	1	transparency	transparency	NOUN
cblr-14254	364	2	alone	alone	ADV
cblr-14254	364	3	fails	fail	VERB
cblr-14254	364	4	because	because	SCONJ
cblr-14254	364	5	the	the	DET
cblr-14254	364	6	nuances	nuance	NOUN
cblr-14254	364	7	of	of	ADP
cblr-14254	364	8	the	the	DET
cblr-14254	364	9	transaction	transaction	NOUN
cblr-14254	364	10	can	can	AUX
cblr-14254	364	11	obscure	obscure	VERB
cblr-14254	364	12	the	the	DET
cblr-14254	364	13	real	real	ADJ
cblr-14254	364	14	risks	risk	NOUN
cblr-14254	364	15	and	and	CCONJ
cblr-14254	364	16	valuations	valuation	NOUN
cblr-14254	364	17	from	from	ADP
cblr-14254	364	18	retail	retail	ADJ
cblr-14254	364	19	investors	investor	NOUN
cblr-14254	364	20	.	.	PUNCT
cblr-14254	365	1	such	such	DET
cblr-14254	365	2	a	a	DET
cblr-14254	365	3	scheme	scheme	NOUN
cblr-14254	365	4	necessitates	necessitate	VERB
cblr-14254	365	5	an	an	DET
cblr-14254	365	6	approach	approach	NOUN
cblr-14254	365	7	that	that	PRON
cblr-14254	365	8	actively	actively	ADV
cblr-14254	365	9	works	work	VERB
cblr-14254	365	10	toward	toward	ADP
cblr-14254	365	11	incentive	incentive	NOUN
cblr-14254	365	12	realignment	realignment	NOUN
cblr-14254	365	13	.	.	PUNCT
cblr-14254	366	1	such	such	ADJ
cblr-14254	366	2	realignment	realignment	NOUN
cblr-14254	366	3	,	,	PUNCT
cblr-14254	366	4	in	in	ADP
cblr-14254	366	5	turn	turn	NOUN
cblr-14254	366	6	,	,	PUNCT
cblr-14254	366	7	could	could	AUX
cblr-14254	366	8	be	be	AUX
cblr-14254	366	9	achieved	achieve	VERB
cblr-14254	366	10	through	through	ADP
cblr-14254	366	11	several	several	ADJ
cblr-14254	366	12	mechanisms	mechanism	NOUN
cblr-14254	366	13	.	.	PUNCT
cblr-14254	367	1	for	for	ADP
cblr-14254	367	2	example	example	NOUN
cblr-14254	367	3	,	,	PUNCT
cblr-14254	367	4	sponsor	sponsor	NOUN
cblr-14254	367	5	compensation	compensation	NOUN
cblr-14254	367	6	could	could	AUX
cblr-14254	367	7	be	be	AUX
cblr-14254	367	8	modified	modify	VERB
cblr-14254	367	9	to	to	PART
cblr-14254	367	10	be	be	AUX
cblr-14254	367	11	performance	performance	NOUN
cblr-14254	367	12	-	-	PUNCT
cblr-14254	367	13	based	base	VERB
cblr-14254	367	14	or	or	CCONJ
cblr-14254	367	15	tied	tie	VERB
cblr-14254	367	16	to	to	ADP
cblr-14254	367	17	post	post	ADJ
cblr-14254	367	18	-	-	ADJ
cblr-14254	367	19	merger	merger	ADJ
cblr-14254	367	20	performance	performance	NOUN
cblr-14254	367	21	.	.	PUNCT
cblr-14254	368	1	pegging	peg	VERB
cblr-14254	368	2	compensation	compensation	NOUN
cblr-14254	368	3	to	to	ADP
cblr-14254	368	4	a	a	DET
cblr-14254	368	5	longer	long	ADJ
cblr-14254	368	6	temporal	temporal	ADJ
cblr-14254	368	7	framework	framework	NOUN
cblr-14254	368	8	would	would	AUX
cblr-14254	368	9	address	address	VERB
cblr-14254	368	10	the	the	DET
cblr-14254	368	11	immediate	immediate	ADJ
cblr-14254	368	12	20	20	NUM
cblr-14254	368	13	%	%	NOUN
cblr-14254	368	14	dilution	dilution	NOUN
cblr-14254	368	15	and	and	CCONJ
cblr-14254	368	16	eliminate	eliminate	VERB
cblr-14254	368	17	guaranteed	guarantee	VERB
cblr-14254	368	18	payment	payment	NOUN
cblr-14254	368	19	simply	simply	ADV
cblr-14254	368	20	upon	upon	SCONJ
cblr-14254	368	21	merger	merger	NOUN
cblr-14254	368	22	consummation	consummation	NOUN
cblr-14254	368	23	.	.	PUNCT
cblr-14254	369	1	for	for	ADP
cblr-14254	369	2	example	example	NOUN
cblr-14254	369	3	,	,	PUNCT
cblr-14254	369	4	compensation	compensation	NOUN
cblr-14254	369	5	contingent	contingent	NOUN
cblr-14254	369	6	on	on	ADP
cblr-14254	369	7	performance	performance	NOUN
cblr-14254	369	8	,	,	PUNCT
cblr-14254	369	9	such	such	ADJ
cblr-14254	369	10	as	as	ADP
cblr-14254	369	11	the	the	DET
cblr-14254	369	12	ability	ability	NOUN
cblr-14254	369	13	to	to	PART
cblr-14254	369	14	meet	meet	VERB
cblr-14254	369	15	financial	financial	ADJ
cblr-14254	369	16	milestones	milestone	NOUN
cblr-14254	369	17	or	or	CCONJ
cblr-14254	369	18	stock	stock	NOUN
cblr-14254	369	19	performance	performance	NOUN
cblr-14254	369	20	,	,	PUNCT
cblr-14254	369	21	would	would	AUX
cblr-14254	369	22	encourage	encourage	VERB
cblr-14254	369	23	more	more	ADJ
cblr-14254	369	24	prudent	prudent	ADJ
cblr-14254	369	25	decision	decision	NOUN
cblr-14254	369	26	-	-	PUNCT
cblr-14254	369	27	making	make	VERB
cblr-14254	369	28	and	and	CCONJ
cblr-14254	369	29	target	target	VERB
cblr-14254	369	30	allocation	allocation	NOUN
cblr-14254	369	31	.	.	PUNCT
cblr-14254	370	1	alternatively	alternatively	ADV
cblr-14254	370	2	,	,	PUNCT
cblr-14254	370	3	compensation	compensation	NOUN
cblr-14254	370	4	could	could	AUX
cblr-14254	370	5	be	be	AUX
cblr-14254	370	6	tied	tie	VERB
cblr-14254	370	7	specifically	specifically	ADV
cblr-14254	370	8	to	to	ADP
cblr-14254	370	9	post	post	ADJ
cblr-14254	370	10	-	-	ADJ
cblr-14254	370	11	merger	merger	ADJ
cblr-14254	370	12	performance	performance	NOUN
cblr-14254	370	13	,	,	PUNCT
cblr-14254	370	14	where	where	SCONJ
cblr-14254	370	15	sponsors	sponsor	NOUN
cblr-14254	370	16	would	would	AUX
cblr-14254	370	17	only	only	ADV
cblr-14254	370	18	benefit	benefit	VERB
cblr-14254	370	19	if	if	SCONJ
cblr-14254	370	20	the	the	DET
cblr-14254	370	21	merged	merged	ADJ
cblr-14254	370	22	entity	entity	NOUN
cblr-14254	370	23	achieved	achieve	VERB
cblr-14254	370	24	long	long	ADJ
cblr-14254	370	25	-	-	PUNCT
cblr-14254	370	26	term	term	NOUN
cblr-14254	370	27	success	success	NOUN
cblr-14254	370	28	,	,	PUNCT
cblr-14254	370	29	such	such	ADJ
cblr-14254	370	30	as	as	ADP
cblr-14254	370	31	sustained	sustain	VERB
cblr-14254	370	32	revenue	revenue	NOUN
cblr-14254	370	33	growth	growth	NOUN
cblr-14254	370	34	or	or	CCONJ
cblr-14254	370	35	improved	improve	VERB
cblr-14254	370	36	stock	stock	NOUN
cblr-14254	370	37	performance	performance	NOUN
cblr-14254	370	38	.	.	PUNCT
cblr-14254	371	1	the	the	DET
cblr-14254	371	2	adjustment	adjustment	NOUN
cblr-14254	371	3	thus	thus	ADV
cblr-14254	371	4	realigns	realign	VERB
cblr-14254	371	5	the	the	DET
cblr-14254	371	6	interests	interest	NOUN
cblr-14254	371	7	of	of	ADP
cblr-14254	371	8	sponsors	sponsor	NOUN
cblr-14254	371	9	and	and	CCONJ
cblr-14254	371	10	directors	director	NOUN
cblr-14254	371	11	with	with	ADP
cblr-14254	371	12	those	those	PRON
cblr-14254	371	13	of	of	ADP
cblr-14254	371	14	shareholders	shareholder	NOUN
cblr-14254	371	15	in	in	ADP
cblr-14254	371	16	merging	merge	VERB
cblr-14254	371	17	with	with	ADP
cblr-14254	371	18	a	a	DET
cblr-14254	371	19	high	high	ADJ
cblr-14254	371	20	-	-	PUNCT
cblr-14254	371	21	quality	quality	NOUN
cblr-14254	371	22	target	target	NOUN
cblr-14254	371	23	.	.	PUNCT
cblr-14254	372	1	further	far	ADV
cblr-14254	372	2	,	,	PUNCT
cblr-14254	372	3	the	the	DET
cblr-14254	372	4	conflict	conflict	NOUN
cblr-14254	372	5	within	within	ADP
cblr-14254	372	6	the	the	DET
cblr-14254	372	7	shareholder	shareholder	NOUN
cblr-14254	372	8	pool	pool	NOUN
cblr-14254	372	9	could	could	AUX
cblr-14254	372	10	be	be	AUX
cblr-14254	372	11	a	a	DET
cblr-14254	372	12	space	space	NOUN
cblr-14254	372	13	for	for	ADP
cblr-14254	372	14	regulation	regulation	NOUN
cblr-14254	372	15	.	.	PUNCT
cblr-14254	373	1	the	the	DET
cblr-14254	373	2	crux	crux	NOUN
cblr-14254	373	3	of	of	ADP
cblr-14254	373	4	this	this	DET
cblr-14254	373	5	tension	tension	NOUN
cblr-14254	373	6	—	—	PUNCT
cblr-14254	373	7	the	the	DET
cblr-14254	373	8	empty	empty	ADJ
cblr-14254	373	9	voting	voting	NOUN
cblr-14254	373	10	scheme	scheme	NOUN
cblr-14254	373	11	—	—	PUNCT
cblr-14254	373	12	has	have	AUX
cblr-14254	373	13	historically	historically	ADV
cblr-14254	373	14	evaded	evade	VERB
cblr-14254	373	15	public	public	ADJ
cblr-14254	373	16	visibility	visibility	NOUN
cblr-14254	373	17	and	and	CCONJ
cblr-14254	373	18	regulation.105	regulation.105	NOUN
cblr-14254	373	19	while	while	SCONJ
cblr-14254	373	20	the	the	DET
cblr-14254	373	21	sec	sec	PROPN
cblr-14254	373	22	attempts	attempt	VERB
cblr-14254	373	23	to	to	PART
cblr-14254	373	24	address	address	VERB
cblr-14254	373	25	this	this	PRON
cblr-14254	373	26	through	through	ADP
cblr-14254	373	27	dilution	dilution	NOUN
cblr-14254	373	28	disclosure	disclosure	NOUN
cblr-14254	373	29	,	,	PUNCT
cblr-14254	373	30	direct	direct	ADJ
cblr-14254	373	31	prohibition	prohibition	NOUN
cblr-14254	373	32	of	of	ADP
cblr-14254	373	33	empty	empty	ADJ
cblr-14254	373	34	voting	voting	NOUN
cblr-14254	373	35	would	would	AUX
cblr-14254	373	36	both	both	CCONJ
cblr-14254	373	37	realign	realign	VERB
cblr-14254	373	38	incentives106	incentives106	PROPN
cblr-14254	373	39	and	and	CCONJ
cblr-14254	373	40	simplify	simplify	VERB
cblr-14254	373	41	the	the	DET
cblr-14254	373	42	transaction	transaction	NOUN
cblr-14254	373	43	.	.	PUNCT
cblr-14254	374	1	if	if	SCONJ
cblr-14254	374	2	105	105	NUM
cblr-14254	374	3	henry	henry	PROPN
cblr-14254	374	4	t.c	t.c	PROPN
cblr-14254	374	5	.	.	PROPN
cblr-14254	374	6	hu	hu	PROPN
cblr-14254	374	7	&	&	CCONJ
cblr-14254	374	8	bernard	bernard	PROPN
cblr-14254	374	9	black	black	PROPN
cblr-14254	374	10	,	,	PUNCT
cblr-14254	374	11	empty	empty	ADJ
cblr-14254	374	12	voting	voting	NOUN
cblr-14254	374	13	and	and	CCONJ
cblr-14254	374	14	hidden	hide	VERB
cblr-14254	374	15	(	(	PUNCT
cblr-14254	374	16	morphable	morphable	NUM
cblr-14254	374	17	)	)	PUNCT
cblr-14254	374	18	ownership	ownership	NOUN
cblr-14254	374	19	:	:	PUNCT
cblr-14254	374	20	taxonomy	taxonomy	NOUN
cblr-14254	374	21	,	,	PUNCT
cblr-14254	374	22	implications	implication	NOUN
cblr-14254	374	23	,	,	PUNCT
cblr-14254	374	24	and	and	CCONJ
cblr-14254	374	25	reforms	reform	NOUN
cblr-14254	374	26	,	,	PUNCT
cblr-14254	374	27	61	61	NUM
cblr-14254	374	28	bus	bus	NOUN
cblr-14254	374	29	.	.	PUNCT
cblr-14254	374	30	law	law	NOUN
cblr-14254	374	31	.	.	PUNCT
cblr-14254	375	1	1011	1011	NUM
cblr-14254	375	2	,	,	PUNCT
cblr-14254	375	3	1016–1017	1016–1017	NUM
cblr-14254	375	4	(	(	PUNCT
cblr-14254	375	5	2006	2006	NUM
cblr-14254	375	6	)	)	PUNCT
cblr-14254	375	7	.	.	PUNCT
cblr-14254	376	1	106	106	NUM
cblr-14254	376	2	rodrigues	rodrigue	NOUN
cblr-14254	376	3	&	&	CCONJ
cblr-14254	376	4	stegemoller	stegemoller	PROPN
cblr-14254	376	5	,	,	PUNCT
cblr-14254	376	6	supra	supra	ADJ
cblr-14254	376	7	note	note	NOUN
cblr-14254	376	8	76	76	NUM
cblr-14254	376	9	,	,	PUNCT
cblr-14254	376	10	at	at	ADP
cblr-14254	376	11	42–43	42–43	NUM
cblr-14254	376	12	.	.	PUNCT
cblr-14254	377	1	no	no	INTJ
cblr-14254	377	2	.	.	NOUN
cblr-14254	378	1	1	1	NUM
cblr-14254	378	2	]	]	PUNCT
cblr-14254	378	3	the	the	DET
cblr-14254	378	4	spac	spac	PROPN
cblr-14254	378	5	phenomenon	phenomenon	NOUN
cblr-14254	378	6	475	475	NUM
cblr-14254	378	7	investors	investor	NOUN
cblr-14254	378	8	who	who	PRON
cblr-14254	378	9	redeem	redeem	VERB
cblr-14254	378	10	must	must	AUX
cblr-14254	378	11	also	also	ADV
cblr-14254	378	12	vote	vote	VERB
cblr-14254	378	13	“	"	PUNCT
cblr-14254	378	14	no	no	INTJ
cblr-14254	378	15	,	,	PUNCT
cblr-14254	378	16	”	"	PUNCT
cblr-14254	378	17	their	their	PRON
cblr-14254	378	18	vote	vote	NOUN
cblr-14254	378	19	meaningfully	meaningfully	ADV
cblr-14254	378	20	reflects	reflect	VERB
cblr-14254	378	21	their	their	PRON
cblr-14254	378	22	evaluation	evaluation	NOUN
cblr-14254	378	23	of	of	ADP
cblr-14254	378	24	investment	investment	NOUN
cblr-14254	378	25	quality	quality	NOUN
cblr-14254	378	26	and	and	CCONJ
cblr-14254	378	27	the	the	DET
cblr-14254	378	28	efforts	effort	NOUN
cblr-14254	378	29	of	of	ADP
cblr-14254	378	30	the	the	DET
cblr-14254	378	31	management	management	NOUN
cblr-14254	378	32	team	team	NOUN
cblr-14254	378	33	.	.	PUNCT
cblr-14254	379	1	investors	investor	NOUN
cblr-14254	379	2	who	who	PRON
cblr-14254	379	3	do	do	AUX
cblr-14254	379	4	not	not	PART
cblr-14254	379	5	redeem	redeem	VERB
cblr-14254	379	6	(	(	PUNCT
cblr-14254	379	7	typically	typically	ADV
cblr-14254	379	8	retail	retail	ADJ
cblr-14254	379	9	investors	investor	NOUN
cblr-14254	379	10	)	)	PUNCT
cblr-14254	379	11	face	face	VERB
cblr-14254	379	12	a	a	DET
cblr-14254	379	13	smaller	small	ADJ
cblr-14254	379	14	risk	risk	NOUN
cblr-14254	379	15	of	of	ADP
cblr-14254	379	16	being	be	AUX
cblr-14254	379	17	sidelined	sideline	VERB
cblr-14254	379	18	by	by	ADP
cblr-14254	379	19	the	the	DET
cblr-14254	379	20	strategic	strategic	ADJ
cblr-14254	379	21	moves	move	NOUN
cblr-14254	379	22	of	of	ADP
cblr-14254	379	23	institutional	institutional	ADJ
cblr-14254	379	24	investors	investor	NOUN
cblr-14254	379	25	or	or	CCONJ
cblr-14254	379	26	short	short	ADJ
cblr-14254	379	27	-	-	PUNCT
cblr-14254	379	28	term	term	NOUN
cblr-14254	379	29	financial	financial	ADJ
cblr-14254	379	30	engineering	engineering	NOUN
cblr-14254	379	31	.	.	PUNCT
cblr-14254	380	1	if	if	SCONJ
cblr-14254	380	2	the	the	DET
cblr-14254	380	3	focus	focus	NOUN
cblr-14254	380	4	is	be	AUX
cblr-14254	380	5	on	on	ADP
cblr-14254	380	6	the	the	DET
cblr-14254	380	7	majority	majority	NOUN
cblr-14254	380	8	institutional	institutional	ADJ
cblr-14254	380	9	investors	investor	NOUN
cblr-14254	380	10	and	and	CCONJ
cblr-14254	380	11	the	the	DET
cblr-14254	380	12	15	15	NUM
cblr-14254	380	13	%	%	NOUN
cblr-14254	380	14	as	as	ADP
cblr-14254	380	15	“	"	PUNCT
cblr-14254	380	16	merely	merely	ADV
cblr-14254	380	17	15	15	NUM
cblr-14254	380	18	%	%	NOUN
cblr-14254	380	19	,	,	PUNCT
cblr-14254	380	20	”	"	PUNCT
cblr-14254	380	21	a	a	DET
cblr-14254	380	22	disclosure	disclosure	NOUN
cblr-14254	380	23	-	-	PUNCT
cblr-14254	380	24	based	base	VERB
cblr-14254	380	25	regime	regime	NOUN
cblr-14254	380	26	may	may	AUX
cblr-14254	380	27	bolster	bolster	VERB
cblr-14254	380	28	access	access	NOUN
cblr-14254	380	29	to	to	ADP
cblr-14254	380	30	the	the	DET
cblr-14254	380	31	information	information	NOUN
cblr-14254	380	32	required	require	VERB
cblr-14254	380	33	for	for	SCONJ
cblr-14254	380	34	these	these	DET
cblr-14254	380	35	institutional	institutional	ADJ
cblr-14254	380	36	investors	investor	NOUN
cblr-14254	380	37	to	to	PART
cblr-14254	380	38	make	make	VERB
cblr-14254	380	39	informed	informed	ADJ
cblr-14254	380	40	decisions	decision	NOUN
cblr-14254	380	41	.	.	PUNCT
cblr-14254	381	1	specifically	specifically	ADV
cblr-14254	381	2	,	,	PUNCT
cblr-14254	381	3	this	this	PRON
cblr-14254	381	4	may	may	AUX
cblr-14254	381	5	inform	inform	VERB
cblr-14254	381	6	their	their	PRON
cblr-14254	381	7	decision	decision	NOUN
cblr-14254	381	8	to	to	PART
cblr-14254	381	9	hold	hold	VERB
cblr-14254	381	10	or	or	CCONJ
cblr-14254	381	11	redeem	redeem	VERB
cblr-14254	381	12	.	.	PUNCT
cblr-14254	382	1	currently	currently	ADV
cblr-14254	382	2	,	,	PUNCT
cblr-14254	382	3	one	one	NUM
cblr-14254	382	4	in	in	ADP
cblr-14254	382	5	four	four	NUM
cblr-14254	382	6	de	de	ADJ
cblr-14254	382	7	-	-	ADJ
cblr-14254	382	8	spac	spac	NOUN
cblr-14254	382	9	transactions	transaction	NOUN
cblr-14254	382	10	face	face	VERB
cblr-14254	382	11	redemption	redemption	NOUN
cblr-14254	382	12	rates	rate	NOUN
cblr-14254	382	13	of	of	ADP
cblr-14254	382	14	95	95	NUM
cblr-14254	382	15	%	%	NOUN
cblr-14254	382	16	or	or	CCONJ
cblr-14254	382	17	more.107	more.107	NOUN
cblr-14254	382	18	if	if	SCONJ
cblr-14254	382	19	institutional	institutional	ADJ
cblr-14254	382	20	investors	investor	NOUN
cblr-14254	382	21	continue	continue	VERB
cblr-14254	382	22	to	to	PART
cblr-14254	382	23	redeem	redeem	VERB
cblr-14254	382	24	at	at	ADP
cblr-14254	382	25	these	these	DET
cblr-14254	382	26	high	high	ADJ
cblr-14254	382	27	rates	rate	NOUN
cblr-14254	382	28	,	,	PUNCT
cblr-14254	382	29	or	or	CCONJ
cblr-14254	382	30	potentially	potentially	ADV
cblr-14254	382	31	even	even	ADV
cblr-14254	382	32	higher	high	ADJ
cblr-14254	382	33	rates	rate	NOUN
cblr-14254	382	34	,	,	PUNCT
cblr-14254	382	35	based	base	VERB
cblr-14254	382	36	on	on	ADP
cblr-14254	382	37	the	the	DET
cblr-14254	382	38	new	new	ADJ
cblr-14254	382	39	disclosure	disclosure	NOUN
cblr-14254	382	40	regime	regime	NOUN
cblr-14254	382	41	,	,	PUNCT
cblr-14254	382	42	will	will	AUX
cblr-14254	382	43	this	this	PRON
cblr-14254	382	44	signal	signal	VERB
cblr-14254	382	45	the	the	DET
cblr-14254	382	46	death	death	NOUN
cblr-14254	382	47	of	of	ADP
cblr-14254	382	48	the	the	DET
cblr-14254	382	49	transaction	transaction	NOUN
cblr-14254	382	50	?	?	PUNCT
cblr-14254	383	1	higher	high	ADJ
cblr-14254	383	2	redemption	redemption	NOUN
cblr-14254	383	3	rates	rate	NOUN
cblr-14254	383	4	would	would	AUX
cblr-14254	383	5	require	require	VERB
cblr-14254	383	6	higher	high	ADJ
cblr-14254	383	7	pipe	pipe	NOUN
cblr-14254	383	8	participation	participation	NOUN
cblr-14254	383	9	to	to	PART
cblr-14254	383	10	fill	fill	VERB
cblr-14254	383	11	in	in	ADP
cblr-14254	383	12	the	the	DET
cblr-14254	383	13	gap	gap	NOUN
cblr-14254	383	14	,	,	PUNCT
cblr-14254	383	15	but	but	CCONJ
cblr-14254	383	16	conversely	conversely	ADV
cblr-14254	383	17	,	,	PUNCT
cblr-14254	383	18	high	high	ADJ
cblr-14254	383	19	redemption	redemption	NOUN
cblr-14254	383	20	rates	rate	NOUN
cblr-14254	383	21	signal	signal	VERB
cblr-14254	383	22	lack	lack	NOUN
cblr-14254	383	23	of	of	ADP
cblr-14254	383	24	investor	investor	NOUN
cblr-14254	383	25	confidence	confidence	NOUN
cblr-14254	383	26	that	that	PRON
cblr-14254	383	27	would	would	AUX
cblr-14254	383	28	deter	deter	VERB
cblr-14254	383	29	pipe	pipe	NOUN
cblr-14254	383	30	investors	investor	NOUN
cblr-14254	383	31	.	.	PUNCT
cblr-14254	384	1	this	this	PRON
cblr-14254	384	2	would	would	AUX
cblr-14254	384	3	require	require	VERB
cblr-14254	384	4	even	even	ADV
cblr-14254	384	5	more	more	ADV
cblr-14254	384	6	favorable	favorable	ADJ
cblr-14254	384	7	terms	term	NOUN
cblr-14254	384	8	to	to	PART
cblr-14254	384	9	attract	attract	VERB
cblr-14254	384	10	investment	investment	NOUN
cblr-14254	384	11	and	and	CCONJ
cblr-14254	384	12	thus	thus	ADV
cblr-14254	384	13	lead	lead	VERB
cblr-14254	384	14	to	to	ADP
cblr-14254	384	15	less	less	ADV
cblr-14254	384	16	favorable	favorable	ADJ
cblr-14254	384	17	outcomes	outcome	NOUN
cblr-14254	384	18	to	to	ADP
cblr-14254	384	19	remaining	remain	VERB
cblr-14254	384	20	investors	investor	NOUN
cblr-14254	384	21	.	.	PUNCT
cblr-14254	385	1	the	the	DET
cblr-14254	385	2	process	process	NOUN
cblr-14254	385	3	becomes	become	VERB
cblr-14254	385	4	cyclical	cyclical	ADJ
cblr-14254	385	5	,	,	PUNCT
cblr-14254	385	6	where	where	SCONJ
cblr-14254	385	7	the	the	DET
cblr-14254	385	8	necessity	necessity	NOUN
cblr-14254	385	9	to	to	PART
cblr-14254	385	10	offer	offer	VERB
cblr-14254	385	11	increasingly	increasingly	ADV
cblr-14254	385	12	attractive	attractive	ADJ
cblr-14254	385	13	terms	term	NOUN
cblr-14254	385	14	further	far	ADV
cblr-14254	385	15	erodes	erode	VERB
cblr-14254	385	16	the	the	DET
cblr-14254	385	17	transaction	transaction	NOUN
cblr-14254	385	18	’s	’s	PART
cblr-14254	385	19	appeal	appeal	NOUN
cblr-14254	385	20	to	to	ADP
cblr-14254	385	21	both	both	CCONJ
cblr-14254	385	22	existing	exist	VERB
cblr-14254	385	23	and	and	CCONJ
cblr-14254	385	24	potential	potential	ADJ
cblr-14254	385	25	investors	investor	NOUN
cblr-14254	385	26	.	.	PUNCT
cblr-14254	386	1	this	this	DET
cblr-14254	386	2	cycle	cycle	NOUN
cblr-14254	386	3	may	may	AUX
cblr-14254	386	4	ultimately	ultimately	ADV
cblr-14254	386	5	undermine	undermine	VERB
cblr-14254	386	6	the	the	DET
cblr-14254	386	7	transactions	transaction	NOUN
cblr-14254	386	8	viability	viability	NOUN
cblr-14254	386	9	,	,	PUNCT
cblr-14254	386	10	signaling	signal	VERB
cblr-14254	386	11	a	a	DET
cblr-14254	386	12	critical	critical	ADJ
cblr-14254	386	13	juncture	juncture	NOUN
cblr-14254	386	14	for	for	ADP
cblr-14254	386	15	the	the	DET
cblr-14254	386	16	sustainability	sustainability	NOUN
cblr-14254	386	17	of	of	ADP
cblr-14254	386	18	spacs	spac	NOUN
cblr-14254	386	19	in	in	ADP
cblr-14254	386	20	the	the	DET
cblr-14254	386	21	financial	financial	ADJ
cblr-14254	386	22	landscape	landscape	NOUN
cblr-14254	386	23	.	.	PUNCT
cblr-14254	387	1	perhaps	perhaps	ADV
cblr-14254	387	2	this	this	DET
cblr-14254	387	3	cycle	cycle	NOUN
cblr-14254	387	4	that	that	PRON
cblr-14254	387	5	ends	end	VERB
cblr-14254	387	6	in	in	ADP
cblr-14254	387	7	a	a	DET
cblr-14254	387	8	potential	potential	ADJ
cblr-14254	387	9	death	death	NOUN
cblr-14254	387	10	of	of	ADP
cblr-14254	387	11	the	the	DET
cblr-14254	387	12	spac	spac	NOUN
cblr-14254	387	13	is	be	AUX
cblr-14254	387	14	the	the	DET
cblr-14254	387	15	policy	policy	NOUN
cblr-14254	387	16	outcome	outcome	NOUN
cblr-14254	387	17	the	the	DET
cblr-14254	387	18	sec	sec	PROPN
cblr-14254	387	19	anticipates	anticipate	VERB
cblr-14254	387	20	.	.	PUNCT
cblr-14254	388	1	if	if	SCONJ
cblr-14254	388	2	so	so	ADV
cblr-14254	388	3	,	,	PUNCT
cblr-14254	388	4	regulating	regulate	VERB
cblr-14254	388	5	in	in	ADP
cblr-14254	388	6	this	this	DET
cblr-14254	388	7	roundabout	roundabout	ADJ
cblr-14254	388	8	way	way	NOUN
cblr-14254	388	9	undermines	undermine	VERB
cblr-14254	388	10	transparency	transparency	NOUN
cblr-14254	388	11	in	in	ADP
cblr-14254	388	12	policymaking	policymake	VERB
cblr-14254	388	13	and	and	CCONJ
cblr-14254	388	14	leaves	leave	VERB
cblr-14254	388	15	unclear	unclear	ADJ
cblr-14254	388	16	why	why	SCONJ
cblr-14254	388	17	the	the	DET
cblr-14254	388	18	sec	sec	PROPN
cblr-14254	388	19	avoids	avoid	VERB
cblr-14254	388	20	a	a	DET
cblr-14254	388	21	more	more	ADV
cblr-14254	388	22	direct	direct	ADJ
cblr-14254	388	23	prohibition	prohibition	NOUN
cblr-14254	388	24	.	.	PUNCT
cblr-14254	389	1	further	far	ADV
cblr-14254	389	2	,	,	PUNCT
cblr-14254	389	3	this	this	PRON
cblr-14254	389	4	leaves	leave	VERB
cblr-14254	389	5	open	open	VERB
cblr-14254	389	6	the	the	DET
cblr-14254	389	7	potential	potential	ADJ
cblr-14254	389	8	shift	shift	NOUN
cblr-14254	389	9	toward	toward	ADP
cblr-14254	389	10	even	even	ADV
cblr-14254	389	11	greater	great	ADJ
cblr-14254	389	12	retail	retail	ADJ
cblr-14254	389	13	investor	investor	NOUN
cblr-14254	389	14	involvement	involvement	NOUN
cblr-14254	389	15	,	,	PUNCT
cblr-14254	389	16	incentivized	incentivize	VERB
cblr-14254	389	17	by	by	ADP
cblr-14254	389	18	the	the	DET
cblr-14254	389	19	illusion	illusion	NOUN
cblr-14254	389	20	of	of	ADP
cblr-14254	389	21	regulatory	regulatory	ADJ
cblr-14254	389	22	oversight	oversight	NOUN
cblr-14254	389	23	.	.	PUNCT
cblr-14254	390	1	disclosure	disclosure	NOUN
cblr-14254	390	2	requirements	requirement	NOUN
cblr-14254	390	3	that	that	PRON
cblr-14254	390	4	appear	appear	VERB
cblr-14254	390	5	robust	robust	ADJ
cblr-14254	390	6	but	but	CCONJ
cblr-14254	390	7	fail	fail	VERB
cblr-14254	390	8	to	to	PART
cblr-14254	390	9	address	address	VERB
cblr-14254	390	10	structural	structural	ADJ
cblr-14254	390	11	risks	risk	NOUN
cblr-14254	390	12	may	may	AUX
cblr-14254	390	13	reassure	reassure	VERB
cblr-14254	390	14	retail	retail	ADJ
cblr-14254	390	15	investors	investor	NOUN
cblr-14254	390	16	;	;	PUNCT
cblr-14254	390	17	but	but	CCONJ
cblr-14254	390	18	in	in	ADP
cblr-14254	390	19	reality	reality	NOUN
cblr-14254	390	20	,	,	PUNCT
cblr-14254	390	21	they	they	PRON
cblr-14254	390	22	do	do	VERB
cblr-14254	390	23	little	little	ADJ
cblr-14254	390	24	to	to	ADP
cblr-14254	390	25	107	107	NUM
cblr-14254	390	26	comm	comm	NOUN
cblr-14254	390	27	.	.	PUNCT
cblr-14254	391	1	on	on	ADP
cblr-14254	391	2	cap	cap	NOUN
cblr-14254	391	3	.	.	PUNCT
cblr-14254	392	1	mkts	mkts	NOUN
cblr-14254	392	2	.	.	PUNCT
cblr-14254	393	1	regul	regul	NOUN
cblr-14254	393	2	.	.	PUNCT
cblr-14254	394	1	,	,	PUNCT
cblr-14254	394	2	supra	supra	PROPN
cblr-14254	394	3	note	note	PROPN
cblr-14254	394	4	63	63	NUM
cblr-14254	394	5	.	.	PUNCT
cblr-14254	395	1	476	476	NUM
cblr-14254	395	2	columbia	columbia	PROPN
cblr-14254	395	3	business	business	NOUN
cblr-14254	395	4	law	law	PROPN
cblr-14254	395	5	review	review	NOUN
cblr-14254	395	6	[	[	X
cblr-14254	395	7	vol	vol	NOUN
cblr-14254	395	8	.	.	PUNCT
cblr-14254	395	9	2025	2025	NUM
cblr-14254	395	10	mitigate	mitigate	VERB
cblr-14254	395	11	the	the	DET
cblr-14254	395	12	underlying	underlying	ADJ
cblr-14254	395	13	misaligned	misaligned	ADJ
cblr-14254	395	14	incentives	incentive	NOUN
cblr-14254	395	15	and	and	CCONJ
cblr-14254	395	16	dilution	dilution	NOUN
cblr-14254	395	17	,	,	PUNCT
cblr-14254	395	18	exacerbating	exacerbate	VERB
cblr-14254	395	19	risks	risk	NOUN
cblr-14254	395	20	for	for	ADP
cblr-14254	395	21	this	this	DET
cblr-14254	395	22	group	group	NOUN
cblr-14254	395	23	.	.	PUNCT
cblr-14254	396	1	d.	d.	PROPN
cblr-14254	396	2	is	be	AUX
cblr-14254	396	3	the	the	DET
cblr-14254	396	4	spac	spac	PROPN
cblr-14254	396	5	just	just	ADV
cblr-14254	396	6	a	a	DET
cblr-14254	396	7	vehicle	vehicle	NOUN
cblr-14254	396	8	for	for	ADP
cblr-14254	396	9	minting	mint	VERB
cblr-14254	396	10	capital	capital	NOUN
cblr-14254	396	11	?	?	PUNCT
cblr-14254	397	1	this	this	DET
cblr-14254	397	2	cycle	cycle	NOUN
cblr-14254	397	3	also	also	ADV
cblr-14254	397	4	reveals	reveal	VERB
cblr-14254	397	5	what	what	PRON
cblr-14254	397	6	the	the	DET
cblr-14254	397	7	current	current	ADJ
cblr-14254	397	8	incentive	incentive	NOUN
cblr-14254	397	9	structure	structure	NOUN
cblr-14254	397	10	seems	seem	VERB
cblr-14254	397	11	to	to	PART
cblr-14254	397	12	suggest	suggest	VERB
cblr-14254	397	13	:	:	PUNCT
cblr-14254	397	14	that	that	SCONJ
cblr-14254	397	15	spacs	spac	NOUN
cblr-14254	397	16	are	be	AUX
cblr-14254	397	17	mechanisms	mechanism	NOUN
cblr-14254	397	18	primarily	primarily	ADV
cblr-14254	397	19	focused	focus	VERB
cblr-14254	397	20	on	on	ADP
cblr-14254	397	21	capital	capital	NOUN
cblr-14254	397	22	generation	generation	NOUN
cblr-14254	397	23	for	for	ADP
cblr-14254	397	24	insiders	insider	NOUN
cblr-14254	397	25	and	and	CCONJ
cblr-14254	397	26	early	early	ADJ
cblr-14254	397	27	investors	investor	NOUN
cblr-14254	397	28	,	,	PUNCT
cblr-14254	397	29	at	at	ADP
cblr-14254	397	30	the	the	DET
cblr-14254	397	31	expense	expense	NOUN
cblr-14254	397	32	of	of	ADP
cblr-14254	397	33	broader	broad	ADJ
cblr-14254	397	34	investor	investor	NOUN
cblr-14254	397	35	value	value	NOUN
cblr-14254	397	36	and	and	CCONJ
cblr-14254	397	37	market	market	NOUN
cblr-14254	397	38	integrity	integrity	NOUN
cblr-14254	397	39	.	.	PUNCT
cblr-14254	398	1	as	as	SCONJ
cblr-14254	398	2	it	it	PRON
cblr-14254	398	3	stands	stand	VERB
cblr-14254	398	4	,	,	PUNCT
cblr-14254	398	5	the	the	DET
cblr-14254	398	6	primary	primary	ADJ
cblr-14254	398	7	winners	winner	NOUN
cblr-14254	398	8	in	in	ADP
cblr-14254	398	9	both	both	CCONJ
cblr-14254	398	10	the	the	DET
cblr-14254	398	11	preand	preand	NOUN
cblr-14254	398	12	postregulation	postregulation	NOUN
cblr-14254	398	13	scenarios	scenario	NOUN
cblr-14254	398	14	remain	remain	VERB
cblr-14254	398	15	the	the	DET
cblr-14254	398	16	sponsors	sponsor	NOUN
cblr-14254	398	17	,	,	PUNCT
cblr-14254	398	18	directors	director	NOUN
cblr-14254	398	19	,	,	PUNCT
cblr-14254	398	20	and	and	CCONJ
cblr-14254	398	21	institutional	institutional	ADJ
cblr-14254	398	22	investors	investor	NOUN
cblr-14254	398	23	.	.	PUNCT
cblr-14254	399	1	while	while	SCONJ
cblr-14254	399	2	these	these	DET
cblr-14254	399	3	regulations	regulation	NOUN
cblr-14254	399	4	purport	purport	VERB
cblr-14254	399	5	to	to	PART
cblr-14254	399	6	safeguard	safeguard	VERB
cblr-14254	399	7	the	the	DET
cblr-14254	399	8	market	market	NOUN
cblr-14254	399	9	’s	’s	PART
cblr-14254	399	10	integrity	integrity	NOUN
cblr-14254	399	11	and	and	CCONJ
cblr-14254	399	12	protect	protect	VERB
cblr-14254	399	13	individual	individual	ADJ
cblr-14254	399	14	investors	investor	NOUN
cblr-14254	399	15	,	,	PUNCT
cblr-14254	399	16	the	the	DET
cblr-14254	399	17	practical	practical	ADJ
cblr-14254	399	18	outcome	outcome	NOUN
cblr-14254	399	19	perpetuates	perpetuate	VERB
cblr-14254	399	20	the	the	DET
cblr-14254	399	21	status	status	NOUN
cblr-14254	399	22	quo	quo	NOUN
cblr-14254	399	23	.	.	PUNCT
cblr-14254	400	1	the	the	DET
cblr-14254	400	2	sec	sec	PROPN
cblr-14254	400	3	’s	’s	PART
cblr-14254	400	4	current	current	ADJ
cblr-14254	400	5	regulatory	regulatory	ADJ
cblr-14254	400	6	approach	approach	NOUN
cblr-14254	400	7	repeats	repeat	VERB
cblr-14254	400	8	the	the	DET
cblr-14254	400	9	cycle	cycle	NOUN
cblr-14254	400	10	that	that	PRON
cblr-14254	400	11	started	start	VERB
cblr-14254	400	12	with	with	ADP
cblr-14254	400	13	the	the	DET
cblr-14254	400	14	promulgation	promulgation	NOUN
cblr-14254	400	15	of	of	ADP
cblr-14254	400	16	the	the	DET
cblr-14254	400	17	psra	psra	ADJ
cblr-14254	400	18	and	and	CCONJ
cblr-14254	400	19	rule	rule	VERB
cblr-14254	400	20	419	419	NUM
cblr-14254	400	21	in	in	ADP
cblr-14254	400	22	the	the	DET
cblr-14254	400	23	1990s	1990s	NUM
cblr-14254	400	24	.	.	PUNCT
cblr-14254	401	1	again	again	ADV
cblr-14254	401	2	,	,	PUNCT
cblr-14254	401	3	they	they	PRON
cblr-14254	401	4	chart	chart	VERB
cblr-14254	401	5	the	the	DET
cblr-14254	401	6	middle	middle	ADJ
cblr-14254	401	7	path	path	NOUN
cblr-14254	401	8	by	by	ADP
cblr-14254	401	9	providing	provide	VERB
cblr-14254	401	10	guidelines	guideline	NOUN
cblr-14254	401	11	to	to	PART
cblr-14254	401	12	operate	operate	VERB
cblr-14254	401	13	within	within	ADP
cblr-14254	401	14	,	,	PUNCT
cblr-14254	401	15	without	without	ADP
cblr-14254	401	16	material	material	NOUN
cblr-14254	401	17	regulation	regulation	NOUN
cblr-14254	401	18	of	of	ADP
cblr-14254	401	19	the	the	DET
cblr-14254	401	20	embedded	embed	VERB
cblr-14254	401	21	misalignments	misalignment	NOUN
cblr-14254	401	22	and	and	CCONJ
cblr-14254	401	23	institutionalized	institutionalize	VERB
cblr-14254	401	24	conflicts	conflict	NOUN
cblr-14254	401	25	.	.	PUNCT
cblr-14254	402	1	the	the	DET
cblr-14254	402	2	embedded	embed	VERB
cblr-14254	402	3	misalignments	misalignment	NOUN
cblr-14254	402	4	,	,	PUNCT
cblr-14254	402	5	such	such	ADJ
cblr-14254	402	6	as	as	ADP
cblr-14254	402	7	the	the	DET
cblr-14254	402	8	sponsor	sponsor	NOUN
cblr-14254	402	9	compensation	compensation	NOUN
cblr-14254	402	10	structure	structure	NOUN
cblr-14254	402	11	prioritizing	prioritize	VERB
cblr-14254	402	12	merger	merger	NOUN
cblr-14254	402	13	completion	completion	NOUN
cblr-14254	402	14	over	over	ADP
cblr-14254	402	15	long	long	ADJ
cblr-14254	402	16	-	-	PUNCT
cblr-14254	402	17	term	term	NOUN
cblr-14254	402	18	performance	performance	NOUN
cblr-14254	402	19	,	,	PUNCT
cblr-14254	402	20	are	be	AUX
cblr-14254	402	21	not	not	PART
cblr-14254	402	22	solved	solve	VERB
cblr-14254	402	23	by	by	ADP
cblr-14254	402	24	disclosure	disclosure	NOUN
cblr-14254	402	25	because	because	SCONJ
cblr-14254	402	26	transparency	transparency	NOUN
cblr-14254	402	27	alone	alone	ADV
cblr-14254	402	28	does	do	AUX
cblr-14254	402	29	not	not	PART
cblr-14254	402	30	create	create	VERB
cblr-14254	402	31	accountability	accountability	NOUN
cblr-14254	402	32	.	.	PUNCT
cblr-14254	403	1	the	the	DET
cblr-14254	403	2	institutionalized	institutionalize	VERB
cblr-14254	403	3	conflicts	conflict	NOUN
cblr-14254	403	4	at	at	ADP
cblr-14254	403	5	the	the	DET
cblr-14254	403	6	heart	heart	NOUN
cblr-14254	403	7	of	of	ADP
cblr-14254	403	8	the	the	DET
cblr-14254	403	9	transaction	transaction	NOUN
cblr-14254	403	10	,	,	PUNCT
cblr-14254	403	11	designed	design	VERB
cblr-14254	403	12	to	to	PART
cblr-14254	403	13	extract	extract	VERB
cblr-14254	403	14	value	value	NOUN
cblr-14254	403	15	and	and	CCONJ
cblr-14254	403	16	leaving	leave	VERB
cblr-14254	403	17	left	left	ADJ
cblr-14254	403	18	-	-	PUNCT
cblr-14254	403	19	behind	behind	ADP
cblr-14254	403	20	investors	investor	NOUN
cblr-14254	403	21	at	at	ADP
cblr-14254	403	22	risk	risk	NOUN
cblr-14254	403	23	,	,	PUNCT
cblr-14254	403	24	are	be	AUX
cblr-14254	403	25	not	not	PART
cblr-14254	403	26	solved	solve	VERB
cblr-14254	403	27	by	by	ADP
cblr-14254	403	28	disclosure	disclosure	NOUN
cblr-14254	403	29	because	because	SCONJ
cblr-14254	403	30	the	the	DET
cblr-14254	403	31	complexity	complexity	NOUN
cblr-14254	403	32	of	of	ADP
cblr-14254	403	33	the	the	DET
cblr-14254	403	34	spac	spac	NOUN
cblr-14254	403	35	obscures	obscure	VERB
cblr-14254	403	36	these	these	DET
cblr-14254	403	37	conflicts	conflict	NOUN
cblr-14254	403	38	.	.	PUNCT
cblr-14254	404	1	here	here	ADV
cblr-14254	404	2	,	,	PUNCT
cblr-14254	404	3	increased	increase	VERB
cblr-14254	404	4	disclosure	disclosure	NOUN
cblr-14254	404	5	only	only	ADV
cblr-14254	404	6	adds	add	VERB
cblr-14254	404	7	informational	informational	ADJ
cblr-14254	404	8	noise	noise	NOUN
cblr-14254	404	9	that	that	PRON
cblr-14254	404	10	further	far	ADV
cblr-14254	404	11	conceals	conceal	VERB
cblr-14254	404	12	these	these	DET
cblr-14254	404	13	flaws	flaw	NOUN
cblr-14254	404	14	.	.	PUNCT
cblr-14254	405	1	the	the	DET
cblr-14254	405	2	agency	agency	NOUN
cblr-14254	405	3	perpetuates	perpetuate	VERB
cblr-14254	405	4	a	a	DET
cblr-14254	405	5	regulatory	regulatory	ADJ
cblr-14254	405	6	environment	environment	NOUN
cblr-14254	405	7	that	that	PRON
cblr-14254	405	8	appears	appear	VERB
cblr-14254	405	9	to	to	PART
cblr-14254	405	10	regulate	regulate	VERB
cblr-14254	405	11	yet	yet	ADV
cblr-14254	405	12	fails	fail	VERB
cblr-14254	405	13	to	to	PART
cblr-14254	405	14	confront	confront	VERB
cblr-14254	405	15	the	the	DET
cblr-14254	405	16	core	core	NOUN
cblr-14254	405	17	issues	issue	NOUN
cblr-14254	405	18	.	.	PUNCT
cblr-14254	406	1	the	the	DET
cblr-14254	406	2	stove	stove	NOUN
cblr-14254	406	3	is	be	AUX
cblr-14254	406	4	on	on	ADV
cblr-14254	406	5	,	,	PUNCT
cblr-14254	406	6	but	but	CCONJ
cblr-14254	406	7	nothing	nothing	PRON
cblr-14254	406	8	is	be	AUX
cblr-14254	406	9	boiling	boil	VERB
cblr-14254	406	10	.	.	PUNCT
cblr-14254	407	1	a	a	DET
cblr-14254	407	2	review	review	NOUN
cblr-14254	407	3	of	of	ADP
cblr-14254	407	4	the	the	DET
cblr-14254	407	5	composition	composition	NOUN
cblr-14254	407	6	of	of	ADP
cblr-14254	407	7	commenters	commenter	NOUN
cblr-14254	407	8	on	on	ADP
cblr-14254	407	9	the	the	DET
cblr-14254	407	10	proposed	propose	VERB
cblr-14254	407	11	regulations	regulation	NOUN
cblr-14254	407	12	reflects	reflect	VERB
cblr-14254	407	13	a	a	DET
cblr-14254	407	14	predictable	predictable	ADJ
cblr-14254	407	15	divide	divide	NOUN
cblr-14254	407	16	in	in	ADP
cblr-14254	407	17	perspectives.108	perspectives.108	ADP
cblr-14254	407	18	academics	academic	NOUN
cblr-14254	407	19	who	who	PRON
cblr-14254	407	20	have	have	AUX
cblr-14254	407	21	extensively	extensively	ADV
cblr-14254	407	22	studied	study	VERB
cblr-14254	407	23	the	the	DET
cblr-14254	407	24	transaction	transaction	NOUN
cblr-14254	407	25	focus	focus	NOUN
cblr-14254	407	26	on	on	ADP
cblr-14254	407	27	the	the	DET
cblr-14254	407	28	structural	structural	ADJ
cblr-14254	407	29	issues	issue	NOUN
cblr-14254	407	30	and	and	CCONJ
cblr-14254	407	31	criticize	criticize	VERB
cblr-14254	407	32	the	the	DET
cblr-14254	407	33	disclosure	disclosure	NOUN
cblr-14254	407	34	-	-	PUNCT
cblr-14254	407	35	based	base	VERB
cblr-14254	407	36	108	108	NUM
cblr-14254	407	37	comments	comment	NOUN
cblr-14254	407	38	on	on	ADP
cblr-14254	407	39	special	special	ADJ
cblr-14254	407	40	purpose	purpose	NOUN
cblr-14254	407	41	acquisition	acquisition	NOUN
cblr-14254	407	42	companies	company	NOUN
cblr-14254	407	43	,	,	PUNCT
cblr-14254	407	44	shell	shell	ADJ
cblr-14254	407	45	companies	company	NOUN
cblr-14254	407	46	,	,	PUNCT
cblr-14254	407	47	and	and	CCONJ
cblr-14254	407	48	projections	projection	NOUN
cblr-14254	407	49	,	,	PUNCT
cblr-14254	407	50	exchange	exchange	NOUN
cblr-14254	407	51	act	act	NOUN
cblr-14254	407	52	release	release	VERB
cblr-14254	407	53	no	no	NOUN
cblr-14254	407	54	.	.	NOUN
cblr-14254	407	55	33	33	NUM
cblr-14254	407	56	-	-	SYM
cblr-14254	407	57	11048	11048	NUM
cblr-14254	407	58	;	;	PUNCT
cblr-14254	407	59	34	34	NUM
cblr-14254	407	60	-	-	SYM
cblr-14254	407	61	94546	94546	NUM
cblr-14254	407	62	;	;	PUNCT
cblr-14254	407	63	file	file	VERB
cblr-14254	407	64	no	no	PRON
cblr-14254	407	65	.	.	PUNCT
cblr-14254	408	1	s7	s7	VERB
cblr-14254	408	2	-	-	PUNCT
cblr-14254	408	3	13	13	NUM
cblr-14254	408	4	-	-	SYM
cblr-14254	408	5	22	22	NUM
cblr-14254	408	6	,	,	PUNCT
cblr-14254	408	7	https://www.sec.gov/comments/s7-13-22/s71322.htm	https://www.sec.gov/comments/s7-13-22/s71322.htm	PROPN
cblr-14254	408	8	(	(	PUNCT
cblr-14254	408	9	last	last	ADV
cblr-14254	408	10	visited	visit	VERB
cblr-14254	408	11	jan	jan	PROPN
cblr-14254	408	12	.	.	PROPN
cblr-14254	408	13	16	16	NUM
cblr-14254	408	14	,	,	PUNCT
cblr-14254	408	15	2025	2025	NUM
cblr-14254	408	16	)	)	PUNCT
cblr-14254	408	17	.	.	PUNCT
cblr-14254	409	1	no	no	INTJ
cblr-14254	409	2	.	.	NOUN
cblr-14254	410	1	1	1	NUM
cblr-14254	410	2	]	]	PUNCT
cblr-14254	410	3	the	the	DET
cblr-14254	410	4	spac	spac	PROPN
cblr-14254	410	5	phenomenon	phenomenon	NOUN
cblr-14254	410	6	477	477	NUM
cblr-14254	410	7	regime	regime	NOUN
cblr-14254	410	8	as	as	ADP
cblr-14254	410	9	inadequately	inadequately	ADV
cblr-14254	410	10	responsive	responsive	ADJ
cblr-14254	410	11	.	.	PUNCT
cblr-14254	411	1	these	these	DET
cblr-14254	411	2	stakeholders	stakeholder	NOUN
cblr-14254	411	3	emphasize	emphasize	VERB
cblr-14254	411	4	the	the	DET
cblr-14254	411	5	need	need	NOUN
cblr-14254	411	6	for	for	ADP
cblr-14254	411	7	substantive	substantive	ADJ
cblr-14254	411	8	reforms	reform	NOUN
cblr-14254	411	9	to	to	PART
cblr-14254	411	10	address	address	VERB
cblr-14254	411	11	systemic	systemic	ADJ
cblr-14254	411	12	flaws.109	flaws.109	NOUN
cblr-14254	411	13	conversely	conversely	ADV
cblr-14254	411	14	,	,	PUNCT
cblr-14254	411	15	institutions	institution	NOUN
cblr-14254	411	16	that	that	PRON
cblr-14254	411	17	stand	stand	VERB
cblr-14254	411	18	to	to	PART
cblr-14254	411	19	benefit	benefit	VERB
cblr-14254	411	20	from	from	ADP
cblr-14254	411	21	the	the	DET
cblr-14254	411	22	existing	exist	VERB
cblr-14254	411	23	spac	spac	NOUN
cblr-14254	411	24	framework	framework	NOUN
cblr-14254	411	25	—	—	PUNCT
cblr-14254	411	26	such	such	ADJ
cblr-14254	411	27	as	as	ADP
cblr-14254	411	28	law	law	NOUN
cblr-14254	411	29	109	109	NUM
cblr-14254	411	30	see	see	NOUN
cblr-14254	411	31	,	,	PUNCT
cblr-14254	411	32	e.g.	e.g.	ADV
cblr-14254	411	33	,	,	PUNCT
cblr-14254	411	34	yuchi	yuchi	PROPN
cblr-14254	411	35	yao	yao	PROPN
cblr-14254	411	36	,	,	PUNCT
cblr-14254	411	37	learning	learn	VERB
cblr-14254	411	38	from	from	ADP
cblr-14254	411	39	the	the	DET
cblr-14254	411	40	market	market	NOUN
cblr-14254	411	41	:	:	PUNCT
cblr-14254	411	42	the	the	DET
cblr-14254	411	43	choice	choice	NOUN
cblr-14254	411	44	between	between	ADP
cblr-14254	411	45	ipos	ipos	PROPN
cblr-14254	411	46	and	and	CCONJ
cblr-14254	411	47	spac	spac	PROPN
cblr-14254	411	48	mergers	merger	NOUN
cblr-14254	411	49	,	,	PUNCT
cblr-14254	411	50	submission	submission	NOUN
cblr-14254	411	51	in	in	ADP
cblr-14254	411	52	response	response	NOUN
cblr-14254	411	53	to	to	ADP
cblr-14254	411	54	proposed	propose	VERB
cblr-14254	411	55	rule	rule	NOUN
cblr-14254	411	56	:	:	PUNCT
cblr-14254	411	57	special	special	ADJ
cblr-14254	411	58	purpose	purpose	NOUN
cblr-14254	411	59	acquisition	acquisition	NOUN
cblr-14254	411	60	companies	company	NOUN
cblr-14254	411	61	,	,	PUNCT
cblr-14254	411	62	shell	shell	ADJ
cblr-14254	411	63	companies	company	NOUN
cblr-14254	411	64	,	,	PUNCT
cblr-14254	411	65	and	and	CCONJ
cblr-14254	411	66	projections	projection	NOUN
cblr-14254	411	67	,	,	PUNCT
cblr-14254	411	68	file	file	VERB
cblr-14254	411	69	no	no	PRON
cblr-14254	411	70	.	.	PUNCT
cblr-14254	412	1	s7	s7	VERB
cblr-14254	412	2	-	-	PUNCT
cblr-14254	412	3	13	13	NUM
cblr-14254	412	4	-	-	SYM
cblr-14254	412	5	22	22	NUM
cblr-14254	412	6	,	,	PUNCT
cblr-14254	412	7	to	to	ADP
cblr-14254	412	8	the	the	DET
cblr-14254	412	9	u.s	u.s	PROPN
cblr-14254	412	10	.	.	PROPN
cblr-14254	412	11	sec	sec	PROPN
cblr-14254	412	12	.	.	PROPN
cblr-14254	412	13	&	&	CCONJ
cblr-14254	412	14	exch	exch	PROPN
cblr-14254	412	15	.	.	PUNCT
cblr-14254	413	1	comm’n	comm’n	PROPN
cblr-14254	413	2	(	(	PUNCT
cblr-14254	413	3	dec	dec	PROPN
cblr-14254	413	4	.	.	PROPN
cblr-14254	413	5	10	10	NUM
cblr-14254	413	6	,	,	PUNCT
cblr-14254	413	7	2023	2023	NUM
cblr-14254	413	8	)	)	PUNCT
cblr-14254	413	9	,	,	PUNCT
cblr-14254	413	10	https://www.sec.gov/comments/s713-22/s71322-314859-820425.pdf	https://www.sec.gov/comments/s713-22/s71322-314859-820425.pdf	NOUN
cblr-14254	414	1	[	[	X
cblr-14254	414	2	https://perma.cc/ut5h-sjlc	https://perma.cc/ut5h-sjlc	X
cblr-14254	414	3	]	]	X
cblr-14254	414	4	;	;	PUNCT
cblr-14254	414	5	alexander	alexander	PROPN
cblr-14254	414	6	groh	groh	PROPN
cblr-14254	414	7	,	,	PUNCT
cblr-14254	414	8	et	et	PROPN
cblr-14254	414	9	al	al	PROPN
cblr-14254	414	10	.	.	PROPN
cblr-14254	414	11	,	,	PUNCT
cblr-14254	414	12	leave	leave	VERB
cblr-14254	414	13	no	no	DET
cblr-14254	414	14	money	money	NOUN
cblr-14254	414	15	on	on	ADP
cblr-14254	414	16	the	the	DET
cblr-14254	414	17	table	table	NOUN
cblr-14254	414	18	:	:	PUNCT
cblr-14254	414	19	venture	venture	NOUN
cblr-14254	414	20	capitalists	capitalist	NOUN
cblr-14254	414	21	’	'	PUNCT
cblr-14254	414	22	spac	spac	PROPN
cblr-14254	414	23	exits	exits	PROPN
cblr-14254	414	24	,	,	PUNCT
cblr-14254	414	25	submission	submission	NOUN
cblr-14254	414	26	in	in	ADP
cblr-14254	414	27	response	response	NOUN
cblr-14254	414	28	to	to	ADP
cblr-14254	414	29	proposed	propose	VERB
cblr-14254	414	30	rule	rule	NOUN
cblr-14254	414	31	:	:	PUNCT
cblr-14254	414	32	special	special	ADJ
cblr-14254	414	33	purpose	purpose	NOUN
cblr-14254	414	34	acquisition	acquisition	NOUN
cblr-14254	414	35	companies	company	NOUN
cblr-14254	414	36	,	,	PUNCT
cblr-14254	414	37	shell	shell	ADJ
cblr-14254	414	38	companies	company	NOUN
cblr-14254	414	39	,	,	PUNCT
cblr-14254	414	40	and	and	CCONJ
cblr-14254	414	41	projections	projection	NOUN
cblr-14254	414	42	,	,	PUNCT
cblr-14254	414	43	file	file	VERB
cblr-14254	414	44	no	no	PRON
cblr-14254	414	45	.	.	PUNCT
cblr-14254	415	1	s7	s7	VERB
cblr-14254	415	2	-	-	PUNCT
cblr-14254	415	3	13	13	NUM
cblr-14254	415	4	-	-	SYM
cblr-14254	415	5	22	22	NUM
cblr-14254	415	6	,	,	PUNCT
cblr-14254	415	7	to	to	ADP
cblr-14254	415	8	the	the	DET
cblr-14254	415	9	u.s	u.s	PROPN
cblr-14254	415	10	.	.	PROPN
cblr-14254	415	11	sec	sec	PROPN
cblr-14254	415	12	.	.	PROPN
cblr-14254	415	13	&	&	CCONJ
cblr-14254	415	14	exch	exch	PROPN
cblr-14254	415	15	.	.	PUNCT
cblr-14254	416	1	comm’n	comm’n	PROPN
cblr-14254	416	2	(	(	PUNCT
cblr-14254	416	3	dec	dec	PROPN
cblr-14254	416	4	.	.	PROPN
cblr-14254	416	5	5	5	NUM
cblr-14254	416	6	,	,	PUNCT
cblr-14254	416	7	2022	2022	NUM
cblr-14254	416	8	)	)	PUNCT
cblr-14254	416	9	,	,	PUNCT
cblr-14254	416	10	https://www.sec.gov/comments/s7-13-22/s7132220152273-320245.pdf	https://www.sec.gov/comments/s7-13-22/s7132220152273-320245.pdf	X
cblr-14254	417	1	[	[	X
cblr-14254	417	2	https://perma.cc/c57s-j39	https://perma.cc/c57s-j39	NOUN
cblr-14254	417	3	g	g	NOUN
cblr-14254	417	4	]	]	PUNCT
cblr-14254	417	5	;	;	PUNCT
cblr-14254	417	6	michael	michael	PROPN
cblr-14254	417	7	gofman	gofman	PROPN
cblr-14254	417	8	&	&	CCONJ
cblr-14254	417	9	yuchi	yuchi	PROPN
cblr-14254	417	10	yao	yao	PROPN
cblr-14254	417	11	,	,	PUNCT
cblr-14254	417	12	spacs	spac	NOUN
cblr-14254	417	13	’	'	PUNCT
cblr-14254	417	14	directors	director	NOUN
cblr-14254	417	15	network	network	NOUN
cblr-14254	417	16	:	:	PUNCT
cblr-14254	417	17	conflicts	conflict	NOUN
cblr-14254	417	18	of	of	ADP
cblr-14254	417	19	interest	interest	NOUN
cblr-14254	417	20	,	,	PUNCT
cblr-14254	417	21	compensation	compensation	NOUN
cblr-14254	417	22	,	,	PUNCT
cblr-14254	417	23	and	and	CCONJ
cblr-14254	417	24	competition	competition	NOUN
cblr-14254	417	25	,	,	PUNCT
cblr-14254	417	26	submission	submission	NOUN
cblr-14254	417	27	in	in	ADP
cblr-14254	417	28	response	response	NOUN
cblr-14254	417	29	to	to	ADP
cblr-14254	417	30	proposed	propose	VERB
cblr-14254	417	31	rule	rule	NOUN
cblr-14254	417	32	:	:	PUNCT
cblr-14254	417	33	special	special	ADJ
cblr-14254	417	34	purpose	purpose	NOUN
cblr-14254	417	35	acquisition	acquisition	NOUN
cblr-14254	417	36	companies	company	NOUN
cblr-14254	417	37	,	,	PUNCT
cblr-14254	417	38	shell	shell	ADJ
cblr-14254	417	39	companies	company	NOUN
cblr-14254	417	40	,	,	PUNCT
cblr-14254	417	41	and	and	CCONJ
cblr-14254	417	42	projections	projection	NOUN
cblr-14254	417	43	,	,	PUNCT
cblr-14254	417	44	file	file	VERB
cblr-14254	417	45	no	no	PRON
cblr-14254	417	46	.	.	PUNCT
cblr-14254	418	1	s7	s7	VERB
cblr-14254	418	2	-	-	PUNCT
cblr-14254	418	3	13	13	NUM
cblr-14254	418	4	-	-	SYM
cblr-14254	418	5	22	22	NUM
cblr-14254	418	6	,	,	PUNCT
cblr-14254	418	7	to	to	ADP
cblr-14254	418	8	the	the	DET
cblr-14254	418	9	u.s	u.s	PROPN
cblr-14254	418	10	.	.	PROPN
cblr-14254	418	11	sec	sec	PROPN
cblr-14254	418	12	.	.	PROPN
cblr-14254	418	13	&	&	CCONJ
cblr-14254	418	14	exch	exch	PROPN
cblr-14254	418	15	.	.	PUNCT
cblr-14254	419	1	comm’n	comm’n	PROPN
cblr-14254	419	2	(	(	PUNCT
cblr-14254	419	3	dec	dec	PROPN
cblr-14254	419	4	.	.	PROPN
cblr-14254	419	5	31	31	NUM
cblr-14254	419	6	,	,	PUNCT
cblr-14254	419	7	2022	2022	NUM
cblr-14254	419	8	)	)	PUNCT
cblr-14254	419	9	,	,	PUNCT
cblr-14254	419	10	https://www.sec.gov/comments/s713-22/s71322-20154239-322479.pdf	https://www.sec.gov/comments/s713-22/s71322-20154239-322479.pdf	NOUN
cblr-14254	420	1	[	[	X
cblr-14254	420	2	https://perma.cc/3vt8-3gm4	https://perma.cc/3vt8-3gm4	NOUN
cblr-14254	420	3	]	]	X
cblr-14254	420	4	;	;	PUNCT
cblr-14254	420	5	felix	felix	PROPN
cblr-14254	420	6	feng	feng	PROPN
cblr-14254	420	7	et	et	PROPN
cblr-14254	420	8	al	al	PROPN
cblr-14254	420	9	.	.	PROPN
cblr-14254	420	10	,	,	PUNCT
cblr-14254	420	11	the	the	DET
cblr-14254	420	12	incentives	incentive	NOUN
cblr-14254	420	13	of	of	ADP
cblr-14254	420	14	spac	spac	PROPN
cblr-14254	420	15	sponsors	sponsor	NOUN
cblr-14254	420	16	,	,	PUNCT
cblr-14254	420	17	submission	submission	NOUN
cblr-14254	420	18	in	in	ADP
cblr-14254	420	19	response	response	NOUN
cblr-14254	420	20	to	to	ADP
cblr-14254	420	21	proposed	propose	VERB
cblr-14254	420	22	rule	rule	NOUN
cblr-14254	420	23	:	:	PUNCT
cblr-14254	420	24	special	special	ADJ
cblr-14254	420	25	purpose	purpose	NOUN
cblr-14254	420	26	acquisition	acquisition	NOUN
cblr-14254	420	27	companies	company	NOUN
cblr-14254	420	28	,	,	PUNCT
cblr-14254	420	29	shell	shell	ADJ
cblr-14254	420	30	companies	company	NOUN
cblr-14254	420	31	,	,	PUNCT
cblr-14254	420	32	and	and	CCONJ
cblr-14254	420	33	projections	projection	NOUN
cblr-14254	420	34	,	,	PUNCT
cblr-14254	420	35	file	file	VERB
cblr-14254	420	36	no	no	PRON
cblr-14254	420	37	.	.	PUNCT
cblr-14254	421	1	s7	s7	VERB
cblr-14254	421	2	-	-	PUNCT
cblr-14254	421	3	13	13	NUM
cblr-14254	421	4	-	-	SYM
cblr-14254	421	5	22	22	NUM
cblr-14254	421	6	,	,	PUNCT
cblr-14254	421	7	to	to	ADP
cblr-14254	421	8	the	the	DET
cblr-14254	421	9	u.s	u.s	PROPN
cblr-14254	421	10	.	.	PROPN
cblr-14254	421	11	sec	sec	PROPN
cblr-14254	421	12	.	.	PROPN
cblr-14254	421	13	&	&	CCONJ
cblr-14254	421	14	exch	exch	PROPN
cblr-14254	421	15	.	.	PUNCT
cblr-14254	422	1	comm’n	comm’n	PROPN
cblr-14254	422	2	(	(	PUNCT
cblr-14254	422	3	jan	jan	PROPN
cblr-14254	422	4	.	.	PROPN
cblr-14254	422	5	2023	2023	NUM
cblr-14254	422	6	)	)	PUNCT
cblr-14254	422	7	,	,	PUNCT
cblr-14254	422	8	https://www.sec.gov/comments/s7-13-22/s71322-20156792-324947.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20156792-324947.pdf	NOUN
cblr-14254	423	1	[	[	X
cblr-14254	423	2	https://perma.cc/tq3a-xr6n	https://perma.cc/tq3a-xr6n	NOUN
cblr-14254	423	3	]	]	PUNCT
cblr-14254	423	4	;	;	PUNCT
cblr-14254	423	5	michael	michael	PROPN
cblr-14254	423	6	klausner	klausner	PROPN
cblr-14254	423	7	,	,	PUNCT
cblr-14254	423	8	michael	michael	PROPN
cblr-14254	423	9	ohlrogge	ohlrogge	PROPN
cblr-14254	423	10	&	&	CCONJ
cblr-14254	423	11	emily	emily	PROPN
cblr-14254	423	12	ruan	ruan	PROPN
cblr-14254	423	13	,	,	PUNCT
cblr-14254	423	14	a	a	DET
cblr-14254	423	15	sober	sober	ADJ
cblr-14254	423	16	look	look	NOUN
cblr-14254	423	17	at	at	ADP
cblr-14254	423	18	spacs	spac	NOUN
cblr-14254	423	19	,	,	PUNCT
cblr-14254	423	20	submission	submission	NOUN
cblr-14254	423	21	in	in	ADP
cblr-14254	423	22	response	response	NOUN
cblr-14254	423	23	to	to	ADP
cblr-14254	423	24	proposed	propose	VERB
cblr-14254	423	25	rule	rule	NOUN
cblr-14254	423	26	:	:	PUNCT
cblr-14254	423	27	special	special	ADJ
cblr-14254	423	28	purpose	purpose	NOUN
cblr-14254	423	29	acquisition	acquisition	NOUN
cblr-14254	423	30	companies	company	NOUN
cblr-14254	423	31	,	,	PUNCT
cblr-14254	423	32	shell	shell	ADJ
cblr-14254	423	33	companies	company	NOUN
cblr-14254	423	34	,	,	PUNCT
cblr-14254	423	35	and	and	CCONJ
cblr-14254	423	36	projections	projection	NOUN
cblr-14254	423	37	,	,	PUNCT
cblr-14254	423	38	file	file	VERB
cblr-14254	423	39	no	no	NOUN
cblr-14254	423	40	.	.	PUNCT
cblr-14254	424	1	s713	s713	NUM
cblr-14254	424	2	-	-	PUNCT
cblr-14254	424	3	22	22	NUM
cblr-14254	424	4	,	,	PUNCT
cblr-14254	424	5	to	to	ADP
cblr-14254	424	6	the	the	DET
cblr-14254	424	7	u.s	u.s	PROPN
cblr-14254	424	8	.	.	PROPN
cblr-14254	424	9	sec	sec	PROPN
cblr-14254	424	10	.	.	PROPN
cblr-14254	424	11	&	&	CCONJ
cblr-14254	424	12	exch	exch	PROPN
cblr-14254	424	13	.	.	PUNCT
cblr-14254	425	1	comm’n	comm’n	PROPN
cblr-14254	425	2	(	(	PUNCT
cblr-14254	425	3	jan	jan	PROPN
cblr-14254	425	4	.	.	PROPN
cblr-14254	425	5	2022	2022	NUM
cblr-14254	425	6	)	)	PUNCT
cblr-14254	425	7	,	,	PUNCT
cblr-14254	425	8	https://www.sec.gov/comments/s7-13-22/s71322-20134162-303968.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20134162-303968.pdf	PROPN
cblr-14254	425	9	[	[	X
cblr-14254	425	10	https://perma.cc/skq6-nqk7	https://perma.cc/skq6-nqk7	X
cblr-14254	425	11	]	]	PUNCT
cblr-14254	425	12	;	;	PUNCT
cblr-14254	426	1	snehal	snehal	VERB
cblr-14254	426	2	banerjee	banerjee	PROPN
cblr-14254	426	3	&	&	CCONJ
cblr-14254	426	4	martin	martin	PROPN
cblr-14254	426	5	szydlowski	szydlowski	PROPN
cblr-14254	426	6	,	,	PUNCT
cblr-14254	426	7	harnessing	harness	VERB
cblr-14254	426	8	the	the	DET
cblr-14254	426	9	overconfidence	overconfidence	NOUN
cblr-14254	426	10	of	of	ADP
cblr-14254	426	11	the	the	DET
cblr-14254	426	12	crowd	crowd	NOUN
cblr-14254	426	13	:	:	PUNCT
cblr-14254	426	14	a	a	DET
cblr-14254	426	15	theory	theory	NOUN
cblr-14254	426	16	of	of	ADP
cblr-14254	426	17	spacs	spac	NOUN
cblr-14254	426	18	,	,	PUNCT
cblr-14254	426	19	submission	submission	NOUN
cblr-14254	426	20	in	in	ADP
cblr-14254	426	21	response	response	NOUN
cblr-14254	426	22	to	to	ADP
cblr-14254	426	23	proposed	propose	VERB
cblr-14254	426	24	rule	rule	NOUN
cblr-14254	426	25	:	:	PUNCT
cblr-14254	426	26	special	special	ADJ
cblr-14254	426	27	purpose	purpose	NOUN
cblr-14254	426	28	acquisition	acquisition	NOUN
cblr-14254	426	29	companies	company	NOUN
cblr-14254	426	30	,	,	PUNCT
cblr-14254	426	31	shell	shell	ADJ
cblr-14254	426	32	companies	company	NOUN
cblr-14254	426	33	,	,	PUNCT
cblr-14254	426	34	and	and	CCONJ
cblr-14254	426	35	projections	projection	NOUN
cblr-14254	426	36	,	,	PUNCT
cblr-14254	426	37	file	file	VERB
cblr-14254	426	38	no	no	PRON
cblr-14254	426	39	.	.	PUNCT
cblr-14254	427	1	s7	s7	VERB
cblr-14254	427	2	-	-	PUNCT
cblr-14254	427	3	13	13	NUM
cblr-14254	427	4	-	-	SYM
cblr-14254	427	5	22	22	NUM
cblr-14254	427	6	,	,	PUNCT
cblr-14254	427	7	to	to	ADP
cblr-14254	427	8	the	the	DET
cblr-14254	427	9	u.s	u.s	PROPN
cblr-14254	427	10	.	.	PROPN
cblr-14254	427	11	sec	sec	PROPN
cblr-14254	427	12	.	.	PROPN
cblr-14254	427	13	&	&	CCONJ
cblr-14254	427	14	exch	exch	PROPN
cblr-14254	427	15	.	.	PUNCT
cblr-14254	428	1	comm’n	comm’n	PROPN
cblr-14254	428	2	(	(	PUNCT
cblr-14254	428	3	apr	apr	NOUN
cblr-14254	428	4	.	.	NOUN
cblr-14254	428	5	1	1	NUM
cblr-14254	428	6	,	,	PUNCT
cblr-14254	428	7	2022	2022	NUM
cblr-14254	428	8	)	)	PUNCT
cblr-14254	428	9	,	,	PUNCT
cblr-14254	428	10	https://www.sec.gov/comments/s7-13-22/s71322-20122362-278393.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20122362-278393.pdf	NOUN
cblr-14254	429	1	[	[	X
cblr-14254	429	2	https://perma.cc/55z2-2slq	https://perma.cc/55z2-2slq	PROPN
cblr-14254	429	3	]	]	PUNCT
cblr-14254	429	4	.	.	PUNCT
cblr-14254	430	1	478	478	NUM
cblr-14254	430	2	columbia	columbia	PROPN
cblr-14254	430	3	business	business	NOUN
cblr-14254	430	4	law	law	PROPN
cblr-14254	430	5	review	review	NOUN
cblr-14254	430	6	[	[	X
cblr-14254	430	7	vol	vol	NOUN
cblr-14254	430	8	.	.	PUNCT
cblr-14254	430	9	2025	2025	NUM
cblr-14254	430	10	firms	firm	NOUN
cblr-14254	430	11	,	,	PUNCT
cblr-14254	430	12	110	110	NUM
cblr-14254	430	13	financial	financial	ADJ
cblr-14254	430	14	institutions,111	institutions,111	PROPN
cblr-14254	430	15	and	and	CCONJ
cblr-14254	430	16	trade	trade	PROPN
cblr-14254	430	17	associations112	associations112	PROPN
cblr-14254	430	18	—	—	PUNCT
cblr-14254	430	19	generally	generally	ADV
cblr-14254	430	20	argue	argue	VERB
cblr-14254	430	21	that	that	SCONJ
cblr-14254	430	22	the	the	DET
cblr-14254	430	23	current	current	ADJ
cblr-14254	430	24	disclosure	disclosure	NOUN
cblr-14254	430	25	requirements	requirement	NOUN
cblr-14254	430	26	are	be	AUX
cblr-14254	430	27	sufficient	sufficient	ADJ
cblr-14254	430	28	and	and	CCONJ
cblr-14254	430	29	often	often	ADV
cblr-14254	430	30	overreaching	overreach	VERB
cblr-14254	430	31	in	in	ADP
cblr-14254	430	32	scope	scope	NOUN
cblr-14254	430	33	.	.	PUNCT
cblr-14254	431	1	they	they	PRON
cblr-14254	431	2	caution	caution	VERB
cblr-14254	431	3	against	against	ADP
cblr-14254	431	4	overregulation	overregulation	NOUN
cblr-14254	431	5	,	,	PUNCT
cblr-14254	431	6	claiming	claim	VERB
cblr-14254	431	7	that	that	SCONJ
cblr-14254	431	8	stricter	strict	ADJ
cblr-14254	431	9	rules	rule	NOUN
cblr-14254	431	10	could	could	AUX
cblr-14254	431	11	stifle	stifle	VERB
cblr-14254	431	12	capital	capital	NOUN
cblr-14254	431	13	formation	formation	NOUN
cblr-14254	431	14	,	,	PUNCT
cblr-14254	431	15	limit	limit	VERB
cblr-14254	431	16	market	market	NOUN
cblr-14254	431	17	access	access	NOUN
cblr-14254	431	18	,	,	PUNCT
cblr-14254	431	19	and	and	CCONJ
cblr-14254	431	20	hinder	hinder	VERB
cblr-14254	431	21	financial	financial	ADJ
cblr-14254	431	22	innovation	innovation	NOUN
cblr-14254	431	23	.	.	PUNCT
cblr-14254	432	1	lawyers	lawyer	NOUN
cblr-14254	432	2	are	be	AUX
cblr-14254	432	3	earning	earn	VERB
cblr-14254	432	4	fees	fee	NOUN
cblr-14254	432	5	from	from	ADP
cblr-14254	432	6	drafting	draft	VERB
cblr-14254	432	7	complex	complex	ADJ
cblr-14254	432	8	spac	spac	NOUN
cblr-14254	432	9	deals	deal	NOUN
cblr-14254	432	10	and	and	CCONJ
cblr-14254	432	11	advising	advise	VERB
cblr-14254	432	12	on	on	ADP
cblr-14254	432	13	regulatory	regulatory	ADJ
cblr-14254	432	14	compliance	compliance	NOUN
cblr-14254	432	15	,	,	PUNCT
cblr-14254	432	16	while	while	SCONJ
cblr-14254	432	17	venture	venture	NOUN
cblr-14254	432	18	capitalists	capitalist	NOUN
cblr-14254	432	19	are	be	AUX
cblr-14254	432	20	leveraging	leverage	VERB
cblr-14254	432	21	the	the	DET
cblr-14254	432	22	spac	spac	NOUN
cblr-14254	432	23	structure	structure	NOUN
cblr-14254	432	24	to	to	PART
cblr-14254	432	25	secure	secure	VERB
cblr-14254	432	26	quick	quick	ADJ
cblr-14254	432	27	exits	exit	NOUN
cblr-14254	432	28	and	and	CCONJ
cblr-14254	432	29	significant	significant	ADJ
cblr-14254	432	30	returns	return	NOUN
cblr-14254	432	31	.	.	PUNCT
cblr-14254	433	1	despite	despite	SCONJ
cblr-14254	433	2	extensive	extensive	ADJ
cblr-14254	433	3	empirical	empirical	ADJ
cblr-14254	433	4	research	research	NOUN
cblr-14254	433	5	and	and	CCONJ
cblr-14254	433	6	input	input	NOUN
cblr-14254	433	7	from	from	ADP
cblr-14254	433	8	diverse	diverse	ADJ
cblr-14254	433	9	public	public	ADJ
cblr-14254	433	10	representatives	representative	NOUN
cblr-14254	433	11	,	,	PUNCT
cblr-14254	433	12	including	include	VERB
cblr-14254	433	13	academics	academic	NOUN
cblr-14254	433	14	and	and	CCONJ
cblr-14254	433	15	elected	elect	VERB
cblr-14254	433	16	officials	official	NOUN
cblr-14254	433	17	,	,	PUNCT
cblr-14254	433	18	the	the	DET
cblr-14254	433	19	sec	sec	PROPN
cblr-14254	433	20	still	still	ADV
cblr-14254	433	21	sidestepped	sidestep	VERB
cblr-14254	433	22	and	and	CCONJ
cblr-14254	433	23	opted	opt	VERB
cblr-14254	433	24	for	for	ADP
cblr-14254	433	25	a	a	DET
cblr-14254	433	26	disclosure	disclosure	NOUN
cblr-14254	433	27	-	-	PUNCT
cblr-14254	433	28	based	base	VERB
cblr-14254	433	29	approach	approach	NOUN
cblr-14254	433	30	.	.	PUNCT
cblr-14254	434	1	the	the	DET
cblr-14254	434	2	commission	commission	NOUN
cblr-14254	434	3	should	should	AUX
cblr-14254	434	4	have	have	VERB
cblr-14254	434	5	a	a	DET
cblr-14254	434	6	clear	clear	ADJ
cblr-14254	434	7	view	view	NOUN
cblr-14254	434	8	of	of	ADP
cblr-14254	434	9	this	this	DET
cblr-14254	434	10	cycle	cycle	NOUN
cblr-14254	434	11	:	:	PUNCT
cblr-14254	434	12	the	the	DET
cblr-14254	434	13	spac	spac	NOUN
cblr-14254	434	14	was	be	AUX
cblr-14254	434	15	born	bear	VERB
cblr-14254	434	16	as	as	ADP
cblr-14254	434	17	a	a	DET
cblr-14254	434	18	workaround	workaround	NOUN
cblr-14254	434	19	to	to	ADP
cblr-14254	434	20	an	an	DET
cblr-14254	434	21	incomprehensive	incomprehensive	ADJ
cblr-14254	434	22	110	110	NUM
cblr-14254	434	23	see	see	NOUN
cblr-14254	434	24	,	,	PUNCT
cblr-14254	434	25	e.g.	e.g.	ADV
cblr-14254	434	26	,	,	PUNCT
cblr-14254	434	27	white	white	PROPN
cblr-14254	434	28	&	&	CCONJ
cblr-14254	434	29	case	case	PROPN
cblr-14254	434	30	llp	llp	PROPN
cblr-14254	434	31	,	,	PUNCT
cblr-14254	434	32	comment	comment	NOUN
cblr-14254	434	33	letter	letter	NOUN
cblr-14254	434	34	on	on	ADP
cblr-14254	434	35	sec	sec	PROPN
cblr-14254	434	36	release	release	NOUN
cblr-14254	434	37	no	no	NOUN
cblr-14254	434	38	.	.	NOUN
cblr-14254	435	1	33	33	NUM
cblr-14254	435	2	-	-	SYM
cblr-14254	435	3	11099	11099	NUM
cblr-14254	435	4	(	(	PUNCT
cblr-14254	435	5	feb	feb	PROPN
cblr-14254	435	6	.	.	PROPN
cblr-14254	435	7	14	14	NUM
cblr-14254	435	8	,	,	PUNCT
cblr-14254	435	9	2023	2023	NUM
cblr-14254	435	10	)	)	PUNCT
cblr-14254	436	1	,	,	PUNCT
cblr-14254	436	2	https://www.sec.gov/comments/s7-13-22/s71322-20132359302926.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20132359302926.pdf	PUNCT
cblr-14254	437	1	[	[	X
cblr-14254	437	2	https://perma.cc/xlc5-utvd	https://perma.cc/xlc5-utvd	PROPN
cblr-14254	437	3	]	]	PUNCT
cblr-14254	437	4	;	;	PUNCT
cblr-14254	437	5	kirkland	kirkland	PROPN
cblr-14254	437	6	&	&	CCONJ
cblr-14254	437	7	ellis	ellis	PROPN
cblr-14254	437	8	llp	llp	PROPN
cblr-14254	437	9	,	,	PUNCT
cblr-14254	437	10	comment	comment	NOUN
cblr-14254	437	11	letter	letter	NOUN
cblr-14254	437	12	on	on	ADP
cblr-14254	437	13	sec	sec	PROPN
cblr-14254	437	14	release	release	NOUN
cblr-14254	437	15	no	no	NOUN
cblr-14254	437	16	.	.	NOUN
cblr-14254	437	17	33	33	NUM
cblr-14254	437	18	-	-	SYM
cblr-14254	437	19	11099	11099	NUM
cblr-14254	437	20	(	(	PUNCT
cblr-14254	437	21	feb	feb	PROPN
cblr-14254	437	22	.	.	PROPN
cblr-14254	437	23	14	14	NUM
cblr-14254	437	24	,	,	PUNCT
cblr-14254	437	25	2023	2023	NUM
cblr-14254	437	26	)	)	PUNCT
cblr-14254	437	27	,	,	PUNCT
cblr-14254	437	28	https://www.sec.gov/comments/s7-1322/s71322-20131385-301434.pdf	https://www.sec.gov/comments/s7-1322/s71322-20131385-301434.pdf	PROPN
cblr-14254	438	1	[	[	X
cblr-14254	438	2	https://perma.cc/g89t-xwc3	https://perma.cc/g89t-xwc3	PROPN
cblr-14254	438	3	]	]	PUNCT
cblr-14254	438	4	;	;	PUNCT
cblr-14254	438	5	goodwin	goodwin	PROPN
cblr-14254	438	6	procter	procter	PROPN
cblr-14254	438	7	llp	llp	PROPN
cblr-14254	438	8	,	,	PUNCT
cblr-14254	438	9	comment	comment	NOUN
cblr-14254	438	10	letter	letter	NOUN
cblr-14254	438	11	on	on	ADP
cblr-14254	438	12	sec	sec	PROPN
cblr-14254	438	13	release	release	NOUN
cblr-14254	438	14	no	no	NOUN
cblr-14254	438	15	.	.	NOUN
cblr-14254	438	16	33	33	NUM
cblr-14254	438	17	-	-	SYM
cblr-14254	438	18	11099	11099	NUM
cblr-14254	438	19	(	(	PUNCT
cblr-14254	438	20	feb	feb	PROPN
cblr-14254	438	21	.	.	PROPN
cblr-14254	438	22	14	14	NUM
cblr-14254	438	23	,	,	PUNCT
cblr-14254	438	24	2023	2023	NUM
cblr-14254	438	25	)	)	PUNCT
cblr-14254	438	26	,	,	PUNCT
cblr-14254	438	27	https://www.sec.gov/comments/s7-13-22/s71322-20131322-301503.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20131322-301503.pdf	PROPN
cblr-14254	438	28	[	[	X
cblr-14254	438	29	https://perma.cc/ndx5-79zc	https://perma.cc/ndx5-79zc	NOUN
cblr-14254	438	30	]	]	X
cblr-14254	438	31	;	;	PUNCT
cblr-14254	438	32	skadden	skadden	ADJ
cblr-14254	438	33	,	,	PUNCT
cblr-14254	438	34	arps	arp	NOUN
cblr-14254	438	35	,	,	PUNCT
cblr-14254	438	36	slate	slate	NOUN
cblr-14254	438	37	,	,	PUNCT
cblr-14254	438	38	meagher	meagher	PROPN
cblr-14254	438	39	&	&	CCONJ
cblr-14254	438	40	flom	flom	PROPN
cblr-14254	438	41	llp	llp	PROPN
cblr-14254	438	42	,	,	PUNCT
cblr-14254	438	43	comment	comment	NOUN
cblr-14254	438	44	letter	letter	NOUN
cblr-14254	438	45	on	on	ADP
cblr-14254	438	46	sec	sec	PROPN
cblr-14254	438	47	release	release	NOUN
cblr-14254	438	48	no	no	NOUN
cblr-14254	438	49	.	.	NOUN
cblr-14254	438	50	33	33	NUM
cblr-14254	438	51	-	-	SYM
cblr-14254	438	52	11099	11099	NUM
cblr-14254	438	53	(	(	PUNCT
cblr-14254	438	54	feb	feb	PROPN
cblr-14254	438	55	.	.	PROPN
cblr-14254	438	56	14	14	NUM
cblr-14254	438	57	,	,	PUNCT
cblr-14254	438	58	2023	2023	NUM
cblr-14254	438	59	)	)	PUNCT
cblr-14254	438	60	,	,	PUNCT
cblr-14254	438	61	https://www.sec.gov/comments/s7-13-22/s71322-20131124-301316.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20131124-301316.pdf	PROPN
cblr-14254	439	1	[	[	X
cblr-14254	439	2	https://perma.cc/sf7b-ahtm	https://perma.cc/sf7b-ahtm	X
cblr-14254	439	3	]	]	X
cblr-14254	439	4	.	.	PUNCT
cblr-14254	439	5	111	111	NUM
cblr-14254	439	6	see	see	NOUN
cblr-14254	439	7	,	,	PUNCT
cblr-14254	439	8	e.g.	e.g.	ADV
cblr-14254	439	9	,	,	PUNCT
cblr-14254	439	10	i	i	PROPN
cblr-14254	439	11	-	-	PUNCT
cblr-14254	439	12	bankers	banker	NOUN
cblr-14254	439	13	securities	securities	PROPN
cblr-14254	439	14	,	,	PUNCT
cblr-14254	439	15	inc	inc	PROPN
cblr-14254	439	16	.	.	PROPN
cblr-14254	439	17	,	,	PUNCT
cblr-14254	439	18	comment	comment	NOUN
cblr-14254	439	19	letter	letter	NOUN
cblr-14254	439	20	on	on	ADP
cblr-14254	439	21	sec	sec	PROPN
cblr-14254	439	22	release	release	NOUN
cblr-14254	439	23	no	no	NOUN
cblr-14254	439	24	.	.	NOUN
cblr-14254	439	25	3311099	3311099	NUM
cblr-14254	439	26	(	(	PUNCT
cblr-14254	439	27	feb	feb	PROPN
cblr-14254	439	28	.	.	PROPN
cblr-14254	439	29	14	14	NUM
cblr-14254	439	30	,	,	PUNCT
cblr-14254	439	31	2023	2023	NUM
cblr-14254	439	32	)	)	PUNCT
cblr-14254	439	33	,	,	PUNCT
cblr-14254	439	34	https://www.sec.gov/comments/s7-13-22/s71322-20132947303301.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20132947303301.pdf	PUNCT
cblr-14254	440	1	[	[	X
cblr-14254	440	2	https://perma.cc/f5mq-tre8	https://perma.cc/f5mq-tre8	X
cblr-14254	440	3	]	]	X
cblr-14254	440	4	;	;	PUNCT
cblr-14254	440	5	virtu	virtu	PROPN
cblr-14254	440	6	fin	fin	PROPN
cblr-14254	440	7	.	.	PROPN
cblr-14254	440	8	,	,	PUNCT
cblr-14254	440	9	inc	inc	PROPN
cblr-14254	440	10	.	.	PROPN
cblr-14254	440	11	,	,	PUNCT
cblr-14254	440	12	comment	comment	NOUN
cblr-14254	440	13	letter	letter	NOUN
cblr-14254	440	14	on	on	ADP
cblr-14254	440	15	sec	sec	PROPN
cblr-14254	440	16	release	release	NOUN
cblr-14254	440	17	no	no	NOUN
cblr-14254	440	18	.	.	NOUN
cblr-14254	440	19	33	33	NUM
cblr-14254	440	20	-	-	SYM
cblr-14254	440	21	11099	11099	NUM
cblr-14254	440	22	(	(	PUNCT
cblr-14254	440	23	feb	feb	PROPN
cblr-14254	440	24	.	.	PROPN
cblr-14254	440	25	14	14	NUM
cblr-14254	440	26	,	,	PUNCT
cblr-14254	440	27	2023	2023	NUM
cblr-14254	440	28	)	)	PUNCT
cblr-14254	440	29	,	,	PUNCT
cblr-14254	440	30	https://www.sec.gov/comments/s7-1322/s71322-20131097-301132.pdf	https://www.sec.gov/comments/s7-1322/s71322-20131097-301132.pdf	PROPN
cblr-14254	441	1	[	[	X
cblr-14254	441	2	https://perma.cc/65m3-ledh	https://perma.cc/65m3-ledh	X
cblr-14254	441	3	]	]	X
cblr-14254	441	4	;	;	PUNCT
cblr-14254	441	5	thomas	thomas	PROPN
cblr-14254	441	6	m.	m.	PROPN
cblr-14254	441	7	merritt	merritt	PROPN
cblr-14254	441	8	,	,	PUNCT
cblr-14254	441	9	deputy	deputy	PROPN
cblr-14254	441	10	gen	gen	PROPN
cblr-14254	441	11	.	.	PROPN
cblr-14254	441	12	couns	couns	PROPN
cblr-14254	441	13	.	.	PUNCT
cblr-14254	441	14	,	,	PUNCT
cblr-14254	441	15	&	&	CCONJ
cblr-14254	441	16	michael	michael	PROPN
cblr-14254	441	17	d.	d.	PROPN
cblr-14254	441	18	ryan	ryan	PROPN
cblr-14254	441	19	,	,	PUNCT
cblr-14254	441	20	chief	chief	ADJ
cblr-14254	441	21	exec	exec	NOUN
cblr-14254	441	22	.	.	PUNCT
cblr-14254	442	1	officer	officer	NOUN
cblr-14254	442	2	,	,	PUNCT
cblr-14254	442	3	bullet	bullet	NOUN
cblr-14254	442	4	point	point	NOUN
cblr-14254	442	5	network	network	NOUN
cblr-14254	442	6	,	,	PUNCT
cblr-14254	442	7	lp	lp	NOUN
cblr-14254	442	8	,	,	PUNCT
cblr-14254	442	9	comment	comment	NOUN
cblr-14254	442	10	letter	letter	NOUN
cblr-14254	442	11	on	on	ADP
cblr-14254	442	12	sec	sec	PROPN
cblr-14254	442	13	release	release	NOUN
cblr-14254	442	14	no	no	NOUN
cblr-14254	442	15	.	.	NOUN
cblr-14254	442	16	33	33	NUM
cblr-14254	442	17	-	-	SYM
cblr-14254	442	18	11099	11099	NUM
cblr-14254	442	19	(	(	PUNCT
cblr-14254	442	20	feb	feb	PROPN
cblr-14254	442	21	.	.	PROPN
cblr-14254	442	22	14	14	NUM
cblr-14254	442	23	,	,	PUNCT
cblr-14254	442	24	2023	2023	NUM
cblr-14254	442	25	)	)	PUNCT
cblr-14254	442	26	,	,	PUNCT
cblr-14254	442	27	https://www.sec.gov/comments/s7-13-22/s71322-20131125-301317.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20131125-301317.pdf	PROPN
cblr-14254	443	1	[	[	X
cblr-14254	443	2	https://perma.cc/p3av-pzqt	https://perma.cc/p3av-pzqt	X
cblr-14254	443	3	]	]	X
cblr-14254	443	4	.	.	PUNCT
cblr-14254	444	1	112	112	NUM
cblr-14254	444	2	see	see	VERB
cblr-14254	444	3	,	,	PUNCT
cblr-14254	444	4	e.g.	e.g.	ADV
cblr-14254	444	5	,	,	PUNCT
cblr-14254	444	6	nat’l	nat’l	NOUN
cblr-14254	444	7	venture	venture	NOUN
cblr-14254	444	8	cap	cap	NOUN
cblr-14254	444	9	.	.	PUNCT
cblr-14254	445	1	ass’n	ass’n	ADV
cblr-14254	445	2	,	,	PUNCT
cblr-14254	445	3	comment	comment	NOUN
cblr-14254	445	4	letter	letter	NOUN
cblr-14254	445	5	on	on	ADP
cblr-14254	445	6	sec	sec	PROPN
cblr-14254	445	7	release	release	NOUN
cblr-14254	445	8	no	no	NOUN
cblr-14254	445	9	.	.	NOUN
cblr-14254	445	10	3311099	3311099	NUM
cblr-14254	445	11	(	(	PUNCT
cblr-14254	445	12	feb	feb	PROPN
cblr-14254	445	13	.	.	PROPN
cblr-14254	445	14	14	14	NUM
cblr-14254	445	15	,	,	PUNCT
cblr-14254	445	16	2023	2023	NUM
cblr-14254	445	17	)	)	PUNCT
cblr-14254	445	18	,	,	PUNCT
cblr-14254	445	19	https://www.sec.gov/comments/s7-13-22/s71322-20131133301325.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20131133301325.pdf	PUNCT
cblr-14254	446	1	[	[	X
cblr-14254	446	2	https://perma.cc/sun3-xx8d	https://perma.cc/sun3-xx8d	NOUN
cblr-14254	446	3	]	]	X
cblr-14254	446	4	;	;	PUNCT
cblr-14254	446	5	comm	comm	NOUN
cblr-14254	446	6	.	.	PUNCT
cblr-14254	447	1	on	on	ADP
cblr-14254	447	2	cap	cap	NOUN
cblr-14254	447	3	.	.	PUNCT
cblr-14254	448	1	mkts	mkts	NOUN
cblr-14254	448	2	.	.	PUNCT
cblr-14254	449	1	regul	regul	NOUN
cblr-14254	449	2	.	.	PUNCT
cblr-14254	449	3	,	,	PUNCT
cblr-14254	449	4	comment	comment	NOUN
cblr-14254	449	5	letter	letter	NOUN
cblr-14254	449	6	on	on	ADP
cblr-14254	449	7	sec	sec	PROPN
cblr-14254	449	8	release	release	NOUN
cblr-14254	449	9	no	no	NOUN
cblr-14254	449	10	.	.	NOUN
cblr-14254	450	1	33	33	NUM
cblr-14254	450	2	-	-	SYM
cblr-14254	450	3	11099	11099	NUM
cblr-14254	450	4	(	(	PUNCT
cblr-14254	450	5	feb	feb	PROPN
cblr-14254	450	6	.	.	PROPN
cblr-14254	450	7	14	14	NUM
cblr-14254	450	8	,	,	PUNCT
cblr-14254	450	9	2023	2023	NUM
cblr-14254	450	10	)	)	PUNCT
cblr-14254	450	11	,	,	PUNCT
cblr-14254	451	1	https://www.sec.gov/comments/s7-13-22/s71322-20131114-301236.pdf	https://www.sec.gov/comments/s7-13-22/s71322-20131114-301236.pdf	PROPN
cblr-14254	451	2	[	[	X
cblr-14254	451	3	https://perma.cc/wb3q-93us	https://perma.cc/wb3q-93us	NOUN
cblr-14254	451	4	]	]	X
cblr-14254	451	5	.	.	PUNCT
cblr-14254	452	1	no	no	INTJ
cblr-14254	452	2	.	.	NOUN
cblr-14254	453	1	1	1	NUM
cblr-14254	453	2	]	]	PUNCT
cblr-14254	453	3	the	the	DET
cblr-14254	453	4	spac	spac	PROPN
cblr-14254	453	5	phenomenon	phenomenon	NOUN
cblr-14254	453	6	479	479	NUM
cblr-14254	453	7	regulatory	regulatory	ADJ
cblr-14254	453	8	scheme	scheme	NOUN
cblr-14254	453	9	of	of	ADP
cblr-14254	453	10	a	a	DET
cblr-14254	453	11	financial	financial	ADJ
cblr-14254	453	12	scam	scam	NOUN
cblr-14254	453	13	.	.	PUNCT
cblr-14254	454	1	now	now	ADV
cblr-14254	454	2	,	,	PUNCT
cblr-14254	454	3	the	the	DET
cblr-14254	454	4	realities	reality	NOUN
cblr-14254	454	5	of	of	ADP
cblr-14254	454	6	the	the	DET
cblr-14254	454	7	spac	spac	PROPN
cblr-14254	454	8	scheme	scheme	NOUN
cblr-14254	454	9	again	again	ADV
cblr-14254	454	10	reveal	reveal	VERB
cblr-14254	454	11	it	it	PRON
cblr-14254	454	12	as	as	ADP
cblr-14254	454	13	another	another	DET
cblr-14254	454	14	maneuver	maneuver	NOUN
cblr-14254	454	15	that	that	PRON
cblr-14254	454	16	prioritizes	prioritize	VERB
cblr-14254	454	17	insiders	insider	NOUN
cblr-14254	454	18	and	and	CCONJ
cblr-14254	454	19	institutional	institutional	ADJ
cblr-14254	454	20	investors	investor	NOUN
cblr-14254	454	21	.	.	PUNCT
cblr-14254	455	1	the	the	DET
cblr-14254	455	2	disclosure	disclosure	NOUN
cblr-14254	455	3	-	-	PUNCT
cblr-14254	455	4	based	base	VERB
cblr-14254	455	5	regime	regime	NOUN
cblr-14254	455	6	is	be	AUX
cblr-14254	455	7	another	another	DET
cblr-14254	455	8	band	band	NOUN
cblr-14254	455	9	-	-	PUNCT
cblr-14254	455	10	aid	aid	NOUN
cblr-14254	455	11	fix	fix	NOUN
cblr-14254	455	12	that	that	PRON
cblr-14254	455	13	creates	create	VERB
cblr-14254	455	14	an	an	DET
cblr-14254	455	15	illusion	illusion	NOUN
cblr-14254	455	16	of	of	ADP
cblr-14254	455	17	control	control	NOUN
cblr-14254	455	18	and	and	CCONJ
cblr-14254	455	19	safety	safety	NOUN
cblr-14254	455	20	while	while	SCONJ
cblr-14254	455	21	keeping	keep	VERB
cblr-14254	455	22	open	open	ADJ
cblr-14254	455	23	regulatory	regulatory	ADJ
cblr-14254	455	24	holes	hole	NOUN
cblr-14254	455	25	for	for	ADP
cblr-14254	455	26	innovative	innovative	ADJ
cblr-14254	455	27	lawyers	lawyer	NOUN
cblr-14254	455	28	to	to	PART
cblr-14254	455	29	continue	continue	VERB
cblr-14254	455	30	developing	develop	VERB
cblr-14254	455	31	increasingly	increasingly	ADV
cblr-14254	455	32	sophisticated	sophisticated	ADJ
cblr-14254	455	33	workarounds	workaround	NOUN
cblr-14254	455	34	.	.	PUNCT
cblr-14254	456	1	thus	thus	ADV
cblr-14254	456	2	,	,	PUNCT
cblr-14254	456	3	the	the	DET
cblr-14254	456	4	sec	sec	PROPN
cblr-14254	456	5	is	be	AUX
cblr-14254	456	6	actively	actively	ADV
cblr-14254	456	7	adding	add	VERB
cblr-14254	456	8	to	to	ADP
cblr-14254	456	9	the	the	DET
cblr-14254	456	10	equation	equation	NOUN
cblr-14254	456	11	where	where	SCONJ
cblr-14254	456	12	they	they	PRON
cblr-14254	456	13	are	be	AUX
cblr-14254	456	14	enabling	enable	VERB
cblr-14254	456	15	the	the	PRON
cblr-14254	456	16	economically	economically	ADV
cblr-14254	456	17	privileged	privileged	ADJ
cblr-14254	456	18	to	to	PART
cblr-14254	456	19	continue	continue	VERB
cblr-14254	456	20	exploiting	exploit	VERB
cblr-14254	456	21	these	these	DET
cblr-14254	456	22	gaps	gap	NOUN
cblr-14254	456	23	by	by	ADP
cblr-14254	456	24	creating	create	VERB
cblr-14254	456	25	not	not	PART
cblr-14254	456	26	just	just	ADV
cblr-14254	456	27	permissive	permissive	ADJ
cblr-14254	456	28	,	,	PUNCT
cblr-14254	456	29	but	but	CCONJ
cblr-14254	456	30	instructive	instructive	ADJ
cblr-14254	456	31	legal	legal	ADJ
cblr-14254	456	32	structures	structure	NOUN
cblr-14254	456	33	to	to	PART
cblr-14254	456	34	navigate	navigate	VERB
cblr-14254	456	35	and	and	CCONJ
cblr-14254	456	36	manipulate	manipulate	VERB
cblr-14254	456	37	the	the	DET
cblr-14254	456	38	financial	financial	ADJ
cblr-14254	456	39	system	system	NOUN
cblr-14254	456	40	to	to	ADP
cblr-14254	456	41	their	their	PRON
cblr-14254	456	42	advantage	advantage	NOUN
cblr-14254	456	43	.	.	PUNCT
cblr-14254	457	1	those	those	PRON
cblr-14254	457	2	in	in	ADP
cblr-14254	457	3	favor	favor	NOUN
cblr-14254	457	4	of	of	ADP
cblr-14254	457	5	spacs	spac	NOUN
cblr-14254	457	6	cite	cite	VERB
cblr-14254	457	7	significant	significant	ADJ
cblr-14254	457	8	benefits	benefit	NOUN
cblr-14254	457	9	.	.	PUNCT
cblr-14254	458	1	arguments	argument	NOUN
cblr-14254	458	2	focus	focus	VERB
cblr-14254	458	3	on	on	ADP
cblr-14254	458	4	how	how	SCONJ
cblr-14254	458	5	these	these	DET
cblr-14254	458	6	vehicles	vehicle	NOUN
cblr-14254	458	7	offer	offer	VERB
cblr-14254	458	8	private	private	ADJ
cblr-14254	458	9	companies	company	NOUN
cblr-14254	458	10	the	the	DET
cblr-14254	458	11	opportunity	opportunity	NOUN
cblr-14254	458	12	to	to	PART
cblr-14254	458	13	grow	grow	VERB
cblr-14254	458	14	with	with	ADP
cblr-14254	458	15	cash	cash	NOUN
cblr-14254	458	16	rather	rather	ADV
cblr-14254	458	17	than	than	ADP
cblr-14254	458	18	debt	debt	NOUN
cblr-14254	458	19	,	,	PUNCT
cblr-14254	458	20	facilitate	facilitate	VERB
cblr-14254	458	21	job	job	NOUN
cblr-14254	458	22	growth	growth	NOUN
cblr-14254	458	23	,	,	PUNCT
cblr-14254	458	24	and	and	CCONJ
cblr-14254	458	25	democratize	democratize	VERB
cblr-14254	458	26	general	general	ADJ
cblr-14254	458	27	access	access	NOUN
cblr-14254	458	28	to	to	ADP
cblr-14254	458	29	investment	investment	NOUN
cblr-14254	458	30	opportunities.113	opportunities.113	NOUN
cblr-14254	458	31	if	if	SCONJ
cblr-14254	458	32	the	the	DET
cblr-14254	458	33	sec	sec	PROPN
cblr-14254	458	34	deems	deem	VERB
cblr-14254	458	35	the	the	DET
cblr-14254	458	36	financial	financial	ADJ
cblr-14254	458	37	opportunities	opportunity	NOUN
cblr-14254	458	38	provided	provide	VERB
cblr-14254	458	39	to	to	ADP
cblr-14254	458	40	private	private	ADJ
cblr-14254	458	41	companies	company	NOUN
cblr-14254	458	42	are	be	AUX
cblr-14254	458	43	worthy	worthy	ADJ
cblr-14254	458	44	of	of	ADP
cblr-14254	458	45	protection	protection	NOUN
cblr-14254	458	46	and	and	CCONJ
cblr-14254	458	47	maintenance	maintenance	NOUN
cblr-14254	458	48	,	,	PUNCT
cblr-14254	458	49	they	they	PRON
cblr-14254	458	50	must	must	AUX
cblr-14254	458	51	also	also	ADV
cblr-14254	458	52	thoughtfully	thoughtfully	ADV
cblr-14254	458	53	evaluate	evaluate	VERB
cblr-14254	458	54	if	if	SCONJ
cblr-14254	458	55	allowing	allow	VERB
cblr-14254	458	56	retail	retail	ADJ
cblr-14254	458	57	investment	investment	NOUN
cblr-14254	458	58	access	access	NOUN
cblr-14254	458	59	to	to	ADP
cblr-14254	458	60	such	such	ADJ
cblr-14254	458	61	mechanisms	mechanism	NOUN
cblr-14254	458	62	truly	truly	ADV
cblr-14254	458	63	serves	serve	VERB
cblr-14254	458	64	public	public	ADJ
cblr-14254	458	65	interest	interest	NOUN
cblr-14254	458	66	or	or	CCONJ
cblr-14254	458	67	merely	merely	ADV
cblr-14254	458	68	exposes	expose	VERB
cblr-14254	458	69	unsophisticated	unsophisticated	ADJ
cblr-14254	458	70	investors	investor	NOUN
cblr-14254	458	71	to	to	ADP
cblr-14254	458	72	undue	undue	ADJ
cblr-14254	458	73	risk	risk	NOUN
cblr-14254	458	74	.	.	PUNCT
cblr-14254	459	1	if	if	SCONJ
cblr-14254	459	2	the	the	DET
cblr-14254	459	3	sec	sec	PROPN
cblr-14254	459	4	concludes	conclude	VERB
cblr-14254	459	5	that	that	SCONJ
cblr-14254	459	6	this	this	DET
cblr-14254	459	7	transaction	transaction	NOUN
cblr-14254	459	8	does	do	AUX
cblr-14254	459	9	not	not	PART
cblr-14254	459	10	benefit	benefit	VERB
cblr-14254	459	11	retail	retail	ADJ
cblr-14254	459	12	investors	investor	NOUN
cblr-14254	459	13	,	,	PUNCT
cblr-14254	459	14	it	it	PRON
cblr-14254	459	15	must	must	AUX
cblr-14254	459	16	answer	answer	VERB
cblr-14254	459	17	so	so	ADV
cblr-14254	459	18	firmly	firmly	ADV
cblr-14254	459	19	.	.	PUNCT
cblr-14254	460	1	the	the	DET
cblr-14254	460	2	commission	commission	NOUN
cblr-14254	460	3	should	should	AUX
cblr-14254	460	4	not	not	PART
cblr-14254	460	5	fall	fall	VERB
cblr-14254	460	6	down	down	ADP
cblr-14254	460	7	its	its	PRON
cblr-14254	460	8	other	other	ADJ
cblr-14254	460	9	route	route	NOUN
cblr-14254	460	10	of	of	ADP
cblr-14254	460	11	half	half	ADJ
cblr-14254	460	12	-	-	PUNCT
cblr-14254	460	13	enforcement	enforcement	NOUN
cblr-14254	460	14	by	by	ADP
cblr-14254	460	15	sorting	sort	VERB
cblr-14254	460	16	spacs	spac	NOUN
cblr-14254	460	17	into	into	ADP
cblr-14254	460	18	the	the	DET
cblr-14254	460	19	category	category	NOUN
cblr-14254	460	20	of	of	ADP
cblr-14254	460	21	“	"	PUNCT
cblr-14254	460	22	sophisticated	sophisticated	ADJ
cblr-14254	460	23	”	"	PUNCT
cblr-14254	460	24	investment	investment	NOUN
cblr-14254	460	25	vehicles	vehicle	NOUN
cblr-14254	460	26	beyond	beyond	ADP
cblr-14254	460	27	the	the	DET
cblr-14254	460	28	reach	reach	NOUN
cblr-14254	460	29	of	of	ADP
cblr-14254	460	30	retail	retail	ADJ
cblr-14254	460	31	investors	investor	NOUN
cblr-14254	460	32	.	.	PUNCT
cblr-14254	461	1	such	such	ADJ
cblr-14254	461	2	investments	investment	NOUN
cblr-14254	461	3	are	be	AUX
cblr-14254	461	4	restricted	restrict	VERB
cblr-14254	461	5	according	accord	VERB
cblr-14254	461	6	to	to	ADP
cblr-14254	461	7	the	the	DET
cblr-14254	461	8	rationale	rationale	NOUN
cblr-14254	461	9	that	that	SCONJ
cblr-14254	461	10	they	they	PRON
cblr-14254	461	11	protect	protect	VERB
cblr-14254	461	12	investors	investor	NOUN
cblr-14254	461	13	from	from	ADP
cblr-14254	461	14	risks	risk	NOUN
cblr-14254	461	15	associated	associate	VERB
cblr-14254	461	16	with	with	ADP
cblr-14254	461	17	complex	complex	ADJ
cblr-14254	461	18	and	and	CCONJ
cblr-14254	461	19	less	less	ADV
cblr-14254	461	20	transparent	transparent	ADJ
cblr-14254	461	21	investments	investment	NOUN
cblr-14254	461	22	.	.	PUNCT
cblr-14254	462	1	this	this	PRON
cblr-14254	462	2	would	would	AUX
cblr-14254	462	3	reposition	reposition	VERB
cblr-14254	462	4	spacs	spac	NOUN
cblr-14254	462	5	alongside	alongside	ADP
cblr-14254	462	6	other	other	ADJ
cblr-14254	462	7	complex	complex	ADJ
cblr-14254	462	8	investment	investment	NOUN
cblr-14254	462	9	vehicles	vehicle	NOUN
cblr-14254	462	10	like	like	ADP
cblr-14254	462	11	over	over	ADP
cblr-14254	462	12	-	-	PUNCT
cblr-14254	462	13	the	the	DET
cblr-14254	462	14	-	-	PUNCT
cblr-14254	462	15	counter	counter	NOUN
cblr-14254	462	16	derivatives	derivative	NOUN
cblr-14254	462	17	,	,	PUNCT
cblr-14254	462	18	bank	bank	NOUN
cblr-14254	462	19	-	-	PUNCT
cblr-14254	462	20	owned	own	VERB
cblr-14254	462	21	or	or	CCONJ
cblr-14254	462	22	private	private	ADJ
cblr-14254	462	23	funds	fund	NOUN
cblr-14254	462	24	,	,	PUNCT
cblr-14254	462	25	venture	venture	NOUN
cblr-14254	462	26	capital	capital	NOUN
cblr-14254	462	27	limited	limit	VERB
cblr-14254	462	28	partnerships	partnership	NOUN
cblr-14254	462	29	,	,	PUNCT
cblr-14254	462	30	and	and	CCONJ
cblr-14254	462	31	notably	notably	ADV
cblr-14254	462	32	,	,	PUNCT
cblr-14254	462	33	investments	investment	NOUN
cblr-14254	462	34	in	in	ADP
cblr-14254	462	35	pre	pre	ADJ
cblr-14254	462	36	-	-	ADJ
cblr-14254	462	37	ipo	ipo	ADJ
cblr-14254	462	38	shares.114	shares.114	NOUN
cblr-14254	462	39	113	113	NUM
cblr-14254	462	40	castelli	castelli	NOUN
cblr-14254	462	41	,	,	PUNCT
cblr-14254	462	42	supra	supra	PROPN
cblr-14254	462	43	note	note	PROPN
cblr-14254	462	44	23	23	NUM
cblr-14254	462	45	,	,	PUNCT
cblr-14254	462	46	at	at	ADP
cblr-14254	462	47	271–74	271–74	NUM
cblr-14254	462	48	.	.	PUNCT
cblr-14254	463	1	114	114	NUM
cblr-14254	464	1	what	what	PRON
cblr-14254	464	2	’s	’	VERB
cblr-14254	464	3	the	the	DET
cblr-14254	464	4	difference	difference	NOUN
cblr-14254	464	5	between	between	ADP
cblr-14254	464	6	retail	retail	ADJ
cblr-14254	464	7	and	and	CCONJ
cblr-14254	464	8	institutional	institutional	ADJ
cblr-14254	464	9	investors	investor	NOUN
cblr-14254	464	10	?	?	PUNCT
cblr-14254	465	1	,	,	PUNCT
cblr-14254	465	2	yieldstreet	yieldstreet	INTJ
cblr-14254	465	3	(	(	PUNCT
cblr-14254	465	4	may	may	PROPN
cblr-14254	465	5	6	6	NUM
cblr-14254	465	6	,	,	PUNCT
cblr-14254	465	7	2024	2024	NUM
cblr-14254	465	8	)	)	PUNCT
cblr-14254	465	9	,	,	PUNCT
cblr-14254	465	10	https://www.yieldstreet.com/resources/article/retail-vs-institutionalinvestors/	https://www.yieldstreet.com/resources/article/retail-vs-institutionalinvestors/	PROPN
cblr-14254	466	1	[	[	X
cblr-14254	466	2	https://perma.cc/6y59-fryq	https://perma.cc/6y59-fryq	PROPN
cblr-14254	466	3	]	]	X
cblr-14254	466	4	;	;	PUNCT
cblr-14254	466	5	david	david	PROPN
cblr-14254	466	6	stein	stein	PROPN
cblr-14254	466	7	,	,	PUNCT
cblr-14254	466	8	a	a	DET
cblr-14254	466	9	complete	complete	ADJ
cblr-14254	466	10	guide	guide	NOUN
cblr-14254	466	11	to	to	ADP
cblr-14254	466	12	480	480	NUM
cblr-14254	466	13	columbia	columbia	PROPN
cblr-14254	466	14	business	business	PROPN
cblr-14254	466	15	law	law	PROPN
cblr-14254	466	16	review	review	NOUN
cblr-14254	467	1	[	[	X
cblr-14254	467	2	vol	vol	NOUN
cblr-14254	467	3	.	.	PUNCT
cblr-14254	467	4	2025	2025	NUM
cblr-14254	467	5	barring	bar	VERB
cblr-14254	467	6	retail	retail	ADJ
cblr-14254	467	7	participation	participation	NOUN
cblr-14254	467	8	in	in	ADP
cblr-14254	467	9	complex	complex	ADJ
cblr-14254	467	10	investments	investment	NOUN
cblr-14254	467	11	fairly	fairly	ADV
cblr-14254	467	12	raises	raise	VERB
cblr-14254	467	13	concerns	concern	NOUN
cblr-14254	467	14	of	of	ADP
cblr-14254	467	15	regulatory	regulatory	ADJ
cblr-14254	467	16	paternalism	paternalism	NOUN
cblr-14254	467	17	.	.	PUNCT
cblr-14254	468	1	however	however	ADV
cblr-14254	468	2	,	,	PUNCT
cblr-14254	468	3	the	the	DET
cblr-14254	468	4	issue	issue	NOUN
cblr-14254	468	5	at	at	ADP
cblr-14254	468	6	hand	hand	NOUN
cblr-14254	468	7	extends	extend	VERB
cblr-14254	468	8	beyond	beyond	ADP
cblr-14254	468	9	a	a	DET
cblr-14254	468	10	simplistic	simplistic	ADJ
cblr-14254	468	11	fear	fear	NOUN
cblr-14254	468	12	of	of	ADP
cblr-14254	468	13	potential	potential	ADJ
cblr-14254	468	14	financial	financial	ADJ
cblr-14254	468	15	loss	loss	NOUN
cblr-14254	468	16	.	.	PUNCT
cblr-14254	469	1	at	at	ADP
cblr-14254	469	2	its	its	PRON
cblr-14254	469	3	core	core	NOUN
cblr-14254	469	4	,	,	PUNCT
cblr-14254	469	5	the	the	DET
cblr-14254	469	6	vehicle	vehicle	NOUN
cblr-14254	469	7	is	be	AUX
cblr-14254	469	8	designed	design	VERB
cblr-14254	469	9	in	in	ADP
cblr-14254	469	10	a	a	DET
cblr-14254	469	11	manner	manner	NOUN
cblr-14254	469	12	where	where	SCONJ
cblr-14254	469	13	the	the	DET
cblr-14254	469	14	asymmetry	asymmetry	NOUN
cblr-14254	469	15	of	of	ADP
cblr-14254	469	16	information	information	NOUN
cblr-14254	469	17	and	and	CCONJ
cblr-14254	469	18	the	the	DET
cblr-14254	469	19	distribution	distribution	NOUN
cblr-14254	469	20	of	of	ADP
cblr-14254	469	21	financial	financial	ADJ
cblr-14254	469	22	outcomes	outcome	NOUN
cblr-14254	469	23	are	be	AUX
cblr-14254	469	24	skewed	skew	VERB
cblr-14254	469	25	in	in	ADP
cblr-14254	469	26	favor	favor	NOUN
cblr-14254	469	27	of	of	ADP
cblr-14254	469	28	a	a	DET
cblr-14254	469	29	select	select	ADJ
cblr-14254	469	30	few	few	ADJ
cblr-14254	469	31	.	.	PUNCT
cblr-14254	470	1	thus	thus	ADV
cblr-14254	470	2	,	,	PUNCT
cblr-14254	470	3	even	even	ADV
cblr-14254	470	4	the	the	DET
cblr-14254	470	5	permissive	permissive	ADJ
cblr-14254	470	6	shelving	shelving	NOUN
cblr-14254	470	7	of	of	ADP
cblr-14254	470	8	spacs	spac	NOUN
cblr-14254	470	9	into	into	ADP
cblr-14254	470	10	the	the	DET
cblr-14254	470	11	retail	retail	ADJ
cblr-14254	470	12	investor	investor	NOUN
cblr-14254	470	13	-	-	PUNCT
cblr-14254	470	14	barred	bar	VERB
cblr-14254	470	15	category	category	NOUN
cblr-14254	470	16	is	be	AUX
cblr-14254	470	17	a	a	DET
cblr-14254	470	18	band	band	NOUN
cblr-14254	470	19	-	-	PUNCT
cblr-14254	470	20	aid	aid	NOUN
cblr-14254	470	21	fix	fix	NOUN
cblr-14254	470	22	.	.	PUNCT
cblr-14254	471	1	the	the	DET
cblr-14254	471	2	challenge	challenge	NOUN
cblr-14254	471	3	for	for	ADP
cblr-14254	471	4	regulators	regulator	NOUN
cblr-14254	471	5	,	,	PUNCT
cblr-14254	471	6	and	and	CCONJ
cblr-14254	471	7	the	the	DET
cblr-14254	471	8	legal	legal	ADJ
cblr-14254	471	9	architects	architect	NOUN
cblr-14254	471	10	behind	behind	ADP
cblr-14254	471	11	these	these	DET
cblr-14254	471	12	financial	financial	ADJ
cblr-14254	471	13	instruments	instrument	NOUN
cblr-14254	471	14	,	,	PUNCT
cblr-14254	471	15	is	be	AUX
cblr-14254	471	16	to	to	PART
cblr-14254	471	17	critically	critically	ADV
cblr-14254	471	18	assess	assess	VERB
cblr-14254	471	19	the	the	DET
cblr-14254	471	20	broader	broad	ADJ
cblr-14254	471	21	implications	implication	NOUN
cblr-14254	471	22	of	of	ADP
cblr-14254	471	23	their	their	PRON
cblr-14254	471	24	creations	creation	NOUN
cblr-14254	471	25	.	.	PUNCT
cblr-14254	472	1	it	it	PRON
cblr-14254	472	2	is	be	AUX
cblr-14254	472	3	essential	essential	ADJ
cblr-14254	472	4	to	to	PART
cblr-14254	472	5	consider	consider	VERB
cblr-14254	472	6	not	not	PART
cblr-14254	472	7	only	only	ADV
cblr-14254	472	8	the	the	DET
cblr-14254	472	9	legal	legal	ADJ
cblr-14254	472	10	feasibility	feasibility	NOUN
cblr-14254	472	11	,	,	PUNCT
cblr-14254	472	12	but	but	CCONJ
cblr-14254	472	13	also	also	ADV
cblr-14254	472	14	their	their	PRON
cblr-14254	472	15	social	social	ADJ
cblr-14254	472	16	and	and	CCONJ
cblr-14254	472	17	economic	economic	ADJ
cblr-14254	472	18	utility	utility	NOUN
cblr-14254	472	19	.	.	PUNCT
cblr-14254	473	1	the	the	DET
cblr-14254	473	2	fundamental	fundamental	ADJ
cblr-14254	473	3	imbalance	imbalance	NOUN
cblr-14254	473	4	raises	raise	VERB
cblr-14254	473	5	questions	question	NOUN
cblr-14254	473	6	not	not	PART
cblr-14254	473	7	just	just	ADV
cblr-14254	473	8	about	about	ADP
cblr-14254	473	9	investor	investor	NOUN
cblr-14254	473	10	protection	protection	NOUN
cblr-14254	473	11	but	but	CCONJ
cblr-14254	473	12	about	about	ADP
cblr-14254	473	13	the	the	DET
cblr-14254	473	14	overall	overall	ADJ
cblr-14254	473	15	utility	utility	NOUN
cblr-14254	473	16	and	and	CCONJ
cblr-14254	473	17	fairness	fairness	NOUN
cblr-14254	473	18	of	of	ADP
cblr-14254	473	19	spacs	spac	NOUN
cblr-14254	473	20	in	in	ADP
cblr-14254	473	21	the	the	DET
cblr-14254	473	22	investment	investment	NOUN
cblr-14254	473	23	ecosystem	ecosystem	NOUN
cblr-14254	473	24	.	.	PUNCT
cblr-14254	474	1	are	be	AUX
cblr-14254	474	2	these	these	DET
cblr-14254	474	3	vehicles	vehicle	NOUN
cblr-14254	474	4	merely	merely	ADV
cblr-14254	474	5	exploiting	exploit	VERB
cblr-14254	474	6	legal	legal	ADJ
cblr-14254	474	7	and	and	CCONJ
cblr-14254	474	8	regulatory	regulatory	ADJ
cblr-14254	474	9	loopholes	loophole	NOUN
cblr-14254	474	10	for	for	ADP
cblr-14254	474	11	the	the	DET
cblr-14254	474	12	benefit	benefit	NOUN
cblr-14254	474	13	of	of	ADP
cblr-14254	474	14	a	a	DET
cblr-14254	474	15	few	few	ADJ
cblr-14254	474	16	,	,	PUNCT
cblr-14254	474	17	or	or	CCONJ
cblr-14254	474	18	do	do	AUX
cblr-14254	474	19	they	they	PRON
cblr-14254	474	20	offer	offer	VERB
cblr-14254	474	21	genuine	genuine	ADJ
cblr-14254	474	22	,	,	PUNCT
cblr-14254	474	23	equitable	equitable	ADJ
cblr-14254	474	24	opportunities	opportunity	NOUN
cblr-14254	474	25	for	for	ADP
cblr-14254	474	26	growth	growth	NOUN
cblr-14254	474	27	and	and	CCONJ
cblr-14254	474	28	investment	investment	NOUN
cblr-14254	474	29	across	across	ADP
cblr-14254	474	30	the	the	DET
cblr-14254	474	31	board	board	NOUN
cblr-14254	474	32	?	?	PUNCT
cblr-14254	475	1	from	from	ADP
cblr-14254	475	2	creation	creation	NOUN
cblr-14254	475	3	to	to	ADP
cblr-14254	475	4	regulation	regulation	NOUN
cblr-14254	475	5	,	,	PUNCT
cblr-14254	475	6	spacs	spac	NOUN
cblr-14254	475	7	exemplify	exemplify	VERB
cblr-14254	475	8	the	the	DET
cblr-14254	475	9	disconnect	disconnect	NOUN
cblr-14254	475	10	in	in	ADP
cblr-14254	475	11	the	the	DET
cblr-14254	475	12	contemporary	contemporary	ADJ
cblr-14254	475	13	market	market	NOUN
cblr-14254	475	14	where	where	SCONJ
cblr-14254	475	15	financial	financial	ADJ
cblr-14254	475	16	engineering	engineering	NOUN
cblr-14254	475	17	is	be	AUX
cblr-14254	475	18	prioritized	prioritize	VERB
cblr-14254	475	19	over	over	ADP
cblr-14254	475	20	genuine	genuine	ADJ
cblr-14254	475	21	value	value	NOUN
cblr-14254	475	22	creation	creation	NOUN
cblr-14254	475	23	.	.	PUNCT
cblr-14254	476	1	consequently	consequently	ADV
cblr-14254	476	2	,	,	PUNCT
cblr-14254	476	3	value	value	NOUN
cblr-14254	476	4	extraction	extraction	NOUN
cblr-14254	476	5	becomes	become	VERB
cblr-14254	476	6	a	a	DET
cblr-14254	476	7	cyclical	cyclical	ADJ
cblr-14254	476	8	process	process	NOUN
cblr-14254	476	9	,	,	PUNCT
cblr-14254	476	10	primarily	primarily	ADV
cblr-14254	476	11	enriching	enrich	VERB
cblr-14254	476	12	founders	founder	NOUN
cblr-14254	476	13	and	and	CCONJ
cblr-14254	476	14	insiders	insider	NOUN
cblr-14254	476	15	through	through	ADP
cblr-14254	476	16	various	various	ADJ
cblr-14254	476	17	lucrative	lucrative	ADJ
cblr-14254	476	18	paydays	payday	NOUN
cblr-14254	476	19	,	,	PUNCT
cblr-14254	476	20	at	at	ADP
cblr-14254	476	21	the	the	DET
cblr-14254	476	22	expense	expense	NOUN
cblr-14254	476	23	of	of	ADP
cblr-14254	476	24	genuine	genuine	ADJ
cblr-14254	476	25	market	market	NOUN
cblr-14254	476	26	value	value	NOUN
cblr-14254	476	27	and	and	CCONJ
cblr-14254	476	28	investor	investor	NOUN
cblr-14254	476	29	interests	interest	NOUN
cblr-14254	476	30	.	.	PUNCT
cblr-14254	477	1	increasingly	increasingly	ADV
cblr-14254	477	2	,	,	PUNCT
cblr-14254	477	3	financial	financial	ADJ
cblr-14254	477	4	motives	motive	NOUN
cblr-14254	477	5	,	,	PUNCT
cblr-14254	477	6	markets	market	NOUN
cblr-14254	477	7	,	,	PUNCT
cblr-14254	477	8	and	and	CCONJ
cblr-14254	477	9	institutions	institution	NOUN
cblr-14254	477	10	drive	drive	VERB
cblr-14254	477	11	economic	economic	ADJ
cblr-14254	477	12	outcomes	outcome	NOUN
cblr-14254	477	13	.	.	PUNCT
cblr-14254	478	1	spacs	spac	NOUN
cblr-14254	478	2	embody	embody	VERB
cblr-14254	478	3	this	this	DET
cblr-14254	478	4	phenomenon	phenomenon	NOUN
cblr-14254	478	5	in	in	ADP
cblr-14254	478	6	its	its	PRON
cblr-14254	478	7	channeling	channel	VERB
cblr-14254	478	8	resources	resource	NOUN
cblr-14254	478	9	and	and	CCONJ
cblr-14254	478	10	rewards	reward	NOUN
cblr-14254	478	11	toward	toward	ADP
cblr-14254	478	12	those	those	PRON
cblr-14254	478	13	who	who	PRON
cblr-14254	478	14	engineer	engineer	VERB
cblr-14254	478	15	the	the	DET
cblr-14254	478	16	transactions	transaction	NOUN
cblr-14254	478	17	,	,	PUNCT
cblr-14254	478	18	while	while	SCONJ
cblr-14254	478	19	sidelining	sideline	VERB
cblr-14254	478	20	the	the	DET
cblr-14254	478	21	productive	productive	ADJ
cblr-14254	478	22	investment	investment	NOUN
cblr-14254	478	23	and	and	CCONJ
cblr-14254	478	24	sustainable	sustainable	ADJ
cblr-14254	478	25	growth	growth	NOUN
cblr-14254	478	26	that	that	PRON
cblr-14254	478	27	should	should	AUX
cblr-14254	478	28	underpin	underpin	VERB
cblr-14254	478	29	public	public	ADJ
cblr-14254	478	30	markets	market	NOUN
cblr-14254	478	31	.	.	PUNCT
cblr-14254	479	1	the	the	DET
cblr-14254	479	2	result	result	NOUN
cblr-14254	479	3	is	be	AUX
cblr-14254	479	4	a	a	DET
cblr-14254	479	5	system	system	NOUN
cblr-14254	479	6	where	where	SCONJ
cblr-14254	479	7	financial	financial	ADJ
cblr-14254	479	8	engineering	engineering	NOUN
cblr-14254	479	9	serves	serve	VERB
cblr-14254	479	10	as	as	ADP
cblr-14254	479	11	an	an	DET
cblr-14254	479	12	end	end	NOUN
cblr-14254	479	13	in	in	ADP
cblr-14254	479	14	itself	itself	PRON
cblr-14254	479	15	.	.	PUNCT
cblr-14254	480	1	as	as	SCONJ
cblr-14254	480	2	the	the	DET
cblr-14254	480	3	financial	financial	ADJ
cblr-14254	480	4	landscape	landscape	NOUN
cblr-14254	480	5	evolves	evolve	VERB
cblr-14254	480	6	,	,	PUNCT
cblr-14254	480	7	it	it	PRON
cblr-14254	480	8	is	be	AUX
cblr-14254	480	9	crucial	crucial	ADJ
cblr-14254	480	10	for	for	SCONJ
cblr-14254	480	11	regulators	regulator	NOUN
cblr-14254	480	12	and	and	CCONJ
cblr-14254	480	13	lawyers	lawyer	NOUN
cblr-14254	480	14	to	to	PART
cblr-14254	480	15	collaborate	collaborate	VERB
cblr-14254	480	16	in	in	ADP
cblr-14254	480	17	prioritizing	prioritize	VERB
cblr-14254	480	18	design	design	NOUN
cblr-14254	480	19	investment	investment	NOUN
cblr-14254	480	20	vehicles	vehicle	NOUN
cblr-14254	480	21	,	,	PUNCT
cblr-14254	480	22	money	money	NOUN
cblr-14254	480	23	for	for	ADP
cblr-14254	480	24	the	the	DET
cblr-14254	480	25	rest	rest	NOUN
cblr-14254	480	26	of	of	ADP
cblr-14254	480	27	us	we	PRON
cblr-14254	480	28	(	(	PUNCT
cblr-14254	480	29	june	june	PROPN
cblr-14254	480	30	25	25	NUM
cblr-14254	480	31	,	,	PUNCT
cblr-14254	480	32	2024	2024	NUM
cblr-14254	480	33	)	)	PUNCT
cblr-14254	480	34	,	,	PUNCT
cblr-14254	480	35	https://moneyfortherestofus.com/investment-vehicles/	https://moneyfortherestofus.com/investment-vehicles/	PROPN
cblr-14254	481	1	[	[	X
cblr-14254	481	2	https://perma.cc/hl5e-yu86	https://perma.cc/hl5e-yu86	X
cblr-14254	481	3	]	]	X
cblr-14254	481	4	;	;	PUNCT
cblr-14254	481	5	pre	pre	ADJ
cblr-14254	481	6	-	-	ADJ
cblr-14254	481	7	ipo	ipo	NOUN
cblr-14254	481	8	investing	invest	VERB
cblr-14254	481	9	2023	2023	NUM
cblr-14254	481	10	–	–	PUNCT
cblr-14254	481	11	what	what	PRON
cblr-14254	481	12	it	it	PRON
cblr-14254	481	13	is	be	AUX
cblr-14254	481	14	,	,	PUNCT
cblr-14254	481	15	process	process	NOUN
cblr-14254	481	16	,	,	PUNCT
cblr-14254	481	17	examples	example	NOUN
cblr-14254	481	18	&	&	CCONJ
cblr-14254	481	19	risks	risk	NOUN
cblr-14254	481	20	,	,	PUNCT
cblr-14254	481	21	equifund	equifund	NOUN
cblr-14254	481	22	,	,	PUNCT
cblr-14254	481	23	https://equifund.com/blog/pre-ipo-investing/	https://equifund.com/blog/pre-ipo-investing/	VERB
cblr-14254	482	1	[	[	X
cblr-14254	482	2	https://perma.cc/273x-qklt	https://perma.cc/273x-qklt	PROPN
cblr-14254	482	3	]	]	PUNCT
cblr-14254	482	4	(	(	PUNCT
cblr-14254	482	5	last	last	ADV
cblr-14254	482	6	visited	visit	VERB
cblr-14254	482	7	jan	jan	PROPN
cblr-14254	482	8	.	.	PROPN
cblr-14254	482	9	25	25	NUM
cblr-14254	482	10	,	,	PUNCT
cblr-14254	482	11	2025	2025	NUM
cblr-14254	482	12	)	)	PUNCT
cblr-14254	482	13	.	.	PUNCT
cblr-14254	483	1	no	no	INTJ
cblr-14254	483	2	.	.	NOUN
cblr-14254	484	1	1	1	NUM
cblr-14254	484	2	]	]	PUNCT
cblr-14254	484	3	the	the	DET
cblr-14254	484	4	spac	spac	PROPN
cblr-14254	484	5	phenomenon	phenomenon	NOUN
cblr-14254	484	6	481	481	NUM
cblr-14254	484	7	that	that	PRON
cblr-14254	484	8	is	be	AUX
cblr-14254	484	9	fair	fair	ADJ
cblr-14254	484	10	,	,	PUNCT
cblr-14254	484	11	transparent	transparent	ADJ
cblr-14254	484	12	,	,	PUNCT
cblr-14254	484	13	and	and	CCONJ
cblr-14254	484	14	socially	socially	ADV
cblr-14254	484	15	valuable	valuable	ADJ
cblr-14254	484	16	.	.	PUNCT
cblr-14254	485	1	historically	historically	ADV
cblr-14254	485	2	,	,	PUNCT
cblr-14254	485	3	financial	financial	ADJ
cblr-14254	485	4	innovations	innovation	NOUN
cblr-14254	485	5	have	have	AUX
cblr-14254	485	6	often	often	ADV
cblr-14254	485	7	introduced	introduce	VERB
cblr-14254	485	8	novel	novel	ADJ
cblr-14254	485	9	investment	investment	NOUN
cblr-14254	485	10	structures	structure	NOUN
cblr-14254	485	11	that	that	PRON
cblr-14254	485	12	prey	prey	VERB
cblr-14254	485	13	on	on	ADP
cblr-14254	485	14	and	and	CCONJ
cblr-14254	485	15	marginalize	marginalize	VERB
cblr-14254	485	16	segments	segment	NOUN
cblr-14254	485	17	of	of	ADP
cblr-14254	485	18	the	the	DET
cblr-14254	485	19	investor	investor	NOUN
cblr-14254	485	20	population	population	NOUN
cblr-14254	485	21	.	.	PUNCT
cblr-14254	486	1	spacs	spacs	PROPN
cblr-14254	486	2	represent	represent	VERB
cblr-14254	486	3	the	the	DET
cblr-14254	486	4	latest	late	ADJ
cblr-14254	486	5	chapter	chapter	NOUN
cblr-14254	486	6	in	in	ADP
cblr-14254	486	7	this	this	DET
cblr-14254	486	8	ongoing	ongoing	ADJ
cblr-14254	486	9	story	story	NOUN
cblr-14254	486	10	.	.	PUNCT
cblr-14254	487	1	it	it	PRON
cblr-14254	487	2	is	be	AUX
cblr-14254	487	3	important	important	ADJ
cblr-14254	487	4	for	for	SCONJ
cblr-14254	487	5	all	all	DET
cblr-14254	487	6	parties	party	NOUN
cblr-14254	487	7	to	to	PART
cblr-14254	487	8	recognize	recognize	VERB
cblr-14254	487	9	these	these	DET
cblr-14254	487	10	recurring	recur	VERB
cblr-14254	487	11	patterns	pattern	NOUN
cblr-14254	487	12	and	and	CCONJ
cblr-14254	487	13	critically	critically	ADV
cblr-14254	487	14	assess	assess	VERB
cblr-14254	487	15	the	the	DET
cblr-14254	487	16	impact	impact	NOUN
cblr-14254	487	17	of	of	ADP
cblr-14254	487	18	their	their	PRON
cblr-14254	487	19	creations	creation	NOUN
cblr-14254	487	20	.	.	PUNCT
cblr-14254	488	1	they	they	PRON
cblr-14254	488	2	must	must	AUX
cblr-14254	488	3	answer	answer	VERB
cblr-14254	488	4	whether	whether	SCONJ
cblr-14254	488	5	their	their	PRON
cblr-14254	488	6	efforts	effort	NOUN
cblr-14254	488	7	are	be	AUX
cblr-14254	488	8	aimed	aim	VERB
cblr-14254	488	9	at	at	ADP
cblr-14254	488	10	building	build	VERB
cblr-14254	488	11	a	a	DET
cblr-14254	488	12	more	more	ADV
cblr-14254	488	13	equitable	equitable	ADJ
cblr-14254	488	14	financial	financial	ADJ
cblr-14254	488	15	market	market	NOUN
cblr-14254	488	16	or	or	CCONJ
cblr-14254	488	17	merely	merely	ADV
cblr-14254	488	18	perpetuate	perpetuate	VERB
cblr-14254	488	19	the	the	DET
cblr-14254	488	20	cycle	cycle	NOUN
cblr-14254	488	21	.	.	PUNCT
cblr-14254	489	1	v.	v.	ADP
cblr-14254	489	2	conclusion	conclusion	NOUN
cblr-14254	489	3	spacs	spac	NOUN
cblr-14254	489	4	emerged	emerge	VERB
cblr-14254	489	5	from	from	ADP
cblr-14254	489	6	sophisticated	sophisticated	ADJ
cblr-14254	489	7	legal	legal	ADJ
cblr-14254	489	8	structuring	structuring	NOUN
cblr-14254	489	9	to	to	PART
cblr-14254	489	10	navigate	navigate	VERB
cblr-14254	489	11	early	early	ADJ
cblr-14254	489	12	sec	sec	PROPN
cblr-14254	489	13	regulations	regulation	NOUN
cblr-14254	489	14	aimed	aim	VERB
cblr-14254	489	15	at	at	ADP
cblr-14254	489	16	preventing	prevent	VERB
cblr-14254	489	17	blank	blank	ADJ
cblr-14254	489	18	check	check	NOUN
cblr-14254	489	19	company	company	NOUN
cblr-14254	489	20	abuses	abuse	NOUN
cblr-14254	489	21	.	.	PUNCT
cblr-14254	490	1	these	these	DET
cblr-14254	490	2	entities	entity	NOUN
cblr-14254	490	3	undergo	undergo	VERB
cblr-14254	490	4	an	an	DET
cblr-14254	490	5	initial	initial	ADJ
cblr-14254	490	6	ipo	ipo	NOUN
cblr-14254	490	7	with	with	ADP
cblr-14254	490	8	broad	broad	ADJ
cblr-14254	490	9	business	business	NOUN
cblr-14254	490	10	purposes	purpose	NOUN
cblr-14254	490	11	,	,	PUNCT
cblr-14254	490	12	leverage	leverage	NOUN
cblr-14254	490	13	reputation	reputation	NOUN
cblr-14254	490	14	and	and	CCONJ
cblr-14254	490	15	name	name	NOUN
cblr-14254	490	16	power	power	NOUN
cblr-14254	490	17	of	of	ADP
cblr-14254	490	18	managerial	managerial	ADJ
cblr-14254	490	19	parties	party	NOUN
cblr-14254	490	20	,	,	PUNCT
cblr-14254	490	21	and	and	CCONJ
cblr-14254	490	22	work	work	VERB
cblr-14254	490	23	within	within	ADP
cblr-14254	490	24	a	a	DET
cblr-14254	490	25	timeframe	timeframe	NOUN
cblr-14254	490	26	up	up	ADP
cblr-14254	490	27	to	to	ADP
cblr-14254	490	28	two	two	NUM
cblr-14254	490	29	years	year	NOUN
cblr-14254	490	30	whereby	whereby	SCONJ
cblr-14254	490	31	they	they	PRON
cblr-14254	490	32	find	find	VERB
cblr-14254	490	33	and	and	CCONJ
cblr-14254	490	34	take	take	VERB
cblr-14254	490	35	a	a	DET
cblr-14254	490	36	private	private	ADJ
cblr-14254	490	37	company	company	NOUN
cblr-14254	490	38	public	public	ADJ
cblr-14254	490	39	via	via	ADP
cblr-14254	490	40	merger	merger	NOUN
cblr-14254	490	41	.	.	PUNCT
cblr-14254	491	1	close	close	VERB
cblr-14254	491	2	analysis	analysis	NOUN
cblr-14254	491	3	of	of	ADP
cblr-14254	491	4	the	the	DET
cblr-14254	491	5	various	various	ADJ
cblr-14254	491	6	dynamics	dynamic	NOUN
cblr-14254	491	7	involved	involve	VERB
cblr-14254	491	8	reveal	reveal	VERB
cblr-14254	491	9	a	a	DET
cblr-14254	491	10	contradictory	contradictory	ADJ
cblr-14254	491	11	incentive	incentive	NOUN
cblr-14254	491	12	structure	structure	NOUN
cblr-14254	491	13	.	.	PUNCT
cblr-14254	492	1	this	this	PRON
cblr-14254	492	2	is	be	AUX
cblr-14254	492	3	attributable	attributable	ADJ
cblr-14254	492	4	to	to	ADP
cblr-14254	492	5	the	the	DET
cblr-14254	492	6	compensation	compensation	NOUN
cblr-14254	492	7	scheme	scheme	NOUN
cblr-14254	492	8	of	of	ADP
cblr-14254	492	9	sponsors	sponsor	NOUN
cblr-14254	492	10	and	and	CCONJ
cblr-14254	492	11	directors	director	NOUN
cblr-14254	492	12	and	and	CCONJ
cblr-14254	492	13	an	an	DET
cblr-14254	492	14	empty	empty	ADJ
cblr-14254	492	15	voting	voting	NOUN
cblr-14254	492	16	structure	structure	NOUN
cblr-14254	492	17	.	.	PUNCT
cblr-14254	493	1	sponsors	sponsor	NOUN
cblr-14254	493	2	and	and	CCONJ
cblr-14254	493	3	directors	director	NOUN
cblr-14254	493	4	are	be	AUX
cblr-14254	493	5	the	the	DET
cblr-14254	493	6	primary	primary	ADJ
cblr-14254	493	7	beneficiaries	beneficiary	NOUN
cblr-14254	493	8	from	from	ADP
cblr-14254	493	9	the	the	DET
cblr-14254	493	10	transaction	transaction	NOUN
cblr-14254	493	11	,	,	PUNCT
cblr-14254	493	12	as	as	SCONJ
cblr-14254	493	13	they	they	PRON
cblr-14254	493	14	make	make	VERB
cblr-14254	493	15	a	a	DET
cblr-14254	493	16	nominal	nominal	ADJ
cblr-14254	493	17	investment	investment	NOUN
cblr-14254	493	18	and	and	CCONJ
cblr-14254	493	19	are	be	AUX
cblr-14254	493	20	guaranteed	guarantee	VERB
cblr-14254	493	21	payment	payment	NOUN
cblr-14254	493	22	upon	upon	SCONJ
cblr-14254	493	23	consummation	consummation	NOUN
cblr-14254	493	24	of	of	ADP
cblr-14254	493	25	a	a	DET
cblr-14254	493	26	merger	merger	NOUN
cblr-14254	493	27	,	,	PUNCT
cblr-14254	493	28	regardless	regardless	ADV
cblr-14254	493	29	of	of	ADP
cblr-14254	493	30	longterm	longterm	PROPN
cblr-14254	493	31	target	target	NOUN
cblr-14254	493	32	quality	quality	NOUN
cblr-14254	493	33	.	.	PUNCT
cblr-14254	494	1	institutional	institutional	ADJ
cblr-14254	494	2	investors	investor	NOUN
cblr-14254	494	3	may	may	AUX
cblr-14254	494	4	still	still	ADV
cblr-14254	494	5	benefit	benefit	VERB
cblr-14254	494	6	from	from	ADP
cblr-14254	494	7	risk	risk	NOUN
cblr-14254	494	8	-	-	PUNCT
cblr-14254	494	9	free	free	ADJ
cblr-14254	494	10	speculative	speculative	ADJ
cblr-14254	494	11	investment	investment	NOUN
cblr-14254	494	12	due	due	ADP
cblr-14254	494	13	to	to	ADP
cblr-14254	494	14	the	the	DET
cblr-14254	494	15	empty	empty	ADJ
cblr-14254	494	16	voting	voting	NOUN
cblr-14254	494	17	mechanism	mechanism	NOUN
cblr-14254	494	18	where	where	SCONJ
cblr-14254	494	19	economic	economic	ADJ
cblr-14254	494	20	interests	interest	NOUN
cblr-14254	494	21	are	be	AUX
cblr-14254	494	22	decoupled	decouple	VERB
cblr-14254	494	23	from	from	ADP
cblr-14254	494	24	voting	vote	VERB
cblr-14254	494	25	rights	right	NOUN
cblr-14254	494	26	,	,	PUNCT
cblr-14254	494	27	so	so	SCONJ
cblr-14254	494	28	that	that	SCONJ
cblr-14254	494	29	they	they	PRON
cblr-14254	494	30	might	might	AUX
cblr-14254	494	31	redeem	redeem	VERB
cblr-14254	494	32	their	their	PRON
cblr-14254	494	33	initial	initial	ADJ
cblr-14254	494	34	investment	investment	NOUN
cblr-14254	494	35	and	and	CCONJ
cblr-14254	494	36	opportunity	opportunity	NOUN
cblr-14254	494	37	to	to	PART
cblr-14254	494	38	exit	exit	VERB
cblr-14254	494	39	and	and	CCONJ
cblr-14254	494	40	re	re	VERB
cblr-14254	494	41	-	-	VERB
cblr-14254	494	42	enter	enter	VERB
cblr-14254	494	43	if	if	SCONJ
cblr-14254	494	44	the	the	DET
cblr-14254	494	45	target	target	NOUN
cblr-14254	494	46	performs	perform	VERB
cblr-14254	494	47	well	well	ADV
cblr-14254	494	48	.	.	PUNCT
cblr-14254	495	1	pipes	pipe	NOUN
cblr-14254	495	2	,	,	PUNCT
cblr-14254	495	3	brought	bring	VERB
cblr-14254	495	4	in	in	ADP
cblr-14254	495	5	to	to	PART
cblr-14254	495	6	fill	fill	VERB
cblr-14254	495	7	the	the	DET
cblr-14254	495	8	capital	capital	NOUN
cblr-14254	495	9	gap	gap	NOUN
cblr-14254	495	10	from	from	ADP
cblr-14254	495	11	redemptions	redemption	NOUN
cblr-14254	495	12	,	,	PUNCT
cblr-14254	495	13	may	may	AUX
cblr-14254	495	14	benefit	benefit	VERB
cblr-14254	495	15	from	from	ADP
cblr-14254	495	16	receiving	receive	VERB
cblr-14254	495	17	favorable	favorable	ADJ
cblr-14254	495	18	terms	term	NOUN
cblr-14254	495	19	.	.	PUNCT
cblr-14254	496	1	retail	retail	ADJ
cblr-14254	496	2	investors	investor	NOUN
cblr-14254	496	3	,	,	PUNCT
cblr-14254	496	4	however	however	ADV
cblr-14254	496	5	,	,	PUNCT
cblr-14254	496	6	typically	typically	ADV
cblr-14254	496	7	do	do	AUX
cblr-14254	496	8	not	not	PART
cblr-14254	496	9	redeem	redeem	VERB
cblr-14254	496	10	shares	share	NOUN
cblr-14254	496	11	,	,	PUNCT
cblr-14254	496	12	facing	face	VERB
cblr-14254	496	13	dilution	dilution	NOUN
cblr-14254	496	14	and	and	CCONJ
cblr-14254	496	15	relying	rely	VERB
cblr-14254	496	16	on	on	ADP
cblr-14254	496	17	the	the	DET
cblr-14254	496	18	long	long	ADJ
cblr-14254	496	19	-	-	PUNCT
cblr-14254	496	20	term	term	NOUN
cblr-14254	496	21	success	success	NOUN
cblr-14254	496	22	of	of	ADP
cblr-14254	496	23	the	the	DET
cblr-14254	496	24	target	target	NOUN
cblr-14254	496	25	.	.	PUNCT
cblr-14254	497	1	accordingly	accordingly	ADV
cblr-14254	497	2	,	,	PUNCT
cblr-14254	497	3	they	they	PRON
cblr-14254	497	4	suffer	suffer	VERB
cblr-14254	497	5	the	the	DET
cblr-14254	497	6	greatest	great	ADJ
cblr-14254	497	7	harm	harm	NOUN
cblr-14254	497	8	from	from	ADP
cblr-14254	497	9	various	various	ADJ
cblr-14254	497	10	sources	source	NOUN
cblr-14254	497	11	of	of	ADP
cblr-14254	497	12	dilution	dilution	NOUN
cblr-14254	497	13	and	and	CCONJ
cblr-14254	497	14	possible	possible	ADJ
cblr-14254	497	15	lack	lack	NOUN
cblr-14254	497	16	of	of	ADP
cblr-14254	497	17	expertise	expertise	NOUN
cblr-14254	497	18	on	on	ADP
cblr-14254	497	19	the	the	DET
cblr-14254	497	20	empty	empty	ADJ
cblr-14254	497	21	voting	voting	NOUN
cblr-14254	497	22	mechanism	mechanism	NOUN
cblr-14254	497	23	.	.	PUNCT
cblr-14254	498	1	482	482	NUM
cblr-14254	498	2	columbia	columbia	PROPN
cblr-14254	498	3	business	business	PROPN
cblr-14254	498	4	law	law	PROPN
cblr-14254	498	5	review	review	NOUN
cblr-14254	498	6	[	[	X
cblr-14254	498	7	vol	vol	NOUN
cblr-14254	498	8	.	.	PUNCT
cblr-14254	498	9	2025	2025	NUM
cblr-14254	498	10	recent	recent	ADJ
cblr-14254	498	11	sec	sec	PROPN
cblr-14254	498	12	proposed	propose	VERB
cblr-14254	498	13	regulation	regulation	NOUN
cblr-14254	498	14	relies	rely	VERB
cblr-14254	498	15	heavily	heavily	ADV
cblr-14254	498	16	on	on	ADP
cblr-14254	498	17	disclosure	disclosure	NOUN
cblr-14254	498	18	to	to	PART
cblr-14254	498	19	remedy	remedy	VERB
cblr-14254	498	20	market	market	NOUN
cblr-14254	498	21	volatility	volatility	NOUN
cblr-14254	498	22	from	from	ADP
cblr-14254	498	23	spac	spac	PROPN
cblr-14254	498	24	transactions	transaction	NOUN
cblr-14254	498	25	.	.	PUNCT
cblr-14254	499	1	however	however	ADV
cblr-14254	499	2	,	,	PUNCT
cblr-14254	499	3	the	the	DET
cblr-14254	499	4	disclosure	disclosure	NOUN
cblr-14254	499	5	-	-	PUNCT
cblr-14254	499	6	based	base	VERB
cblr-14254	499	7	regime	regime	NOUN
cblr-14254	499	8	is	be	AUX
cblr-14254	499	9	ultimately	ultimately	ADV
cblr-14254	499	10	unresponsive	unresponsive	ADJ
cblr-14254	499	11	to	to	ADP
cblr-14254	499	12	the	the	DET
cblr-14254	499	13	conflicting	conflicting	ADJ
cblr-14254	499	14	incentives	incentive	NOUN
cblr-14254	499	15	.	.	PUNCT
cblr-14254	500	1	the	the	DET
cblr-14254	500	2	sec	sec	PROPN
cblr-14254	500	3	must	must	AUX
cblr-14254	500	4	accordingly	accordingly	ADV
cblr-14254	500	5	make	make	VERB
cblr-14254	500	6	a	a	DET
cblr-14254	500	7	policy	policy	NOUN
cblr-14254	500	8	decision	decision	NOUN
cblr-14254	500	9	on	on	ADP
cblr-14254	500	10	who	who	PRON
cblr-14254	500	11	they	they	PRON
cblr-14254	500	12	want	want	VERB
cblr-14254	500	13	to	to	PART
cblr-14254	500	14	protect	protect	VERB
cblr-14254	500	15	and	and	CCONJ
cblr-14254	500	16	how	how	SCONJ
cblr-14254	500	17	—	—	PUNCT
cblr-14254	500	18	their	their	PRON
cblr-14254	500	19	disclosure	disclosure	NOUN
cblr-14254	500	20	-	-	PUNCT
cblr-14254	500	21	based	base	VERB
cblr-14254	500	22	regime	regime	NOUN
cblr-14254	500	23	primarily	primarily	ADV
cblr-14254	500	24	benefits	benefit	VERB
cblr-14254	500	25	institutional	institutional	ADJ
cblr-14254	500	26	and	and	CCONJ
cblr-14254	500	27	other	other	ADJ
cblr-14254	500	28	sophisticated	sophisticated	ADJ
cblr-14254	500	29	investors	investor	NOUN
cblr-14254	500	30	who	who	PRON
cblr-14254	500	31	can	can	AUX
cblr-14254	500	32	rely	rely	VERB
cblr-14254	500	33	on	on	ADP
cblr-14254	500	34	additional	additional	ADJ
cblr-14254	500	35	information	information	NOUN
cblr-14254	500	36	to	to	PART
cblr-14254	500	37	make	make	VERB
cblr-14254	500	38	more	more	ADV
cblr-14254	500	39	informed	informed	ADJ
cblr-14254	500	40	hedges	hedge	NOUN
cblr-14254	500	41	.	.	PUNCT
cblr-14254	501	1	if	if	SCONJ
cblr-14254	501	2	the	the	DET
cblr-14254	501	3	sec	sec	PROPN
cblr-14254	501	4	truly	truly	ADV
cblr-14254	501	5	wants	want	VERB
cblr-14254	501	6	to	to	PART
cblr-14254	501	7	protect	protect	VERB
cblr-14254	501	8	retail	retail	ADJ
cblr-14254	501	9	investors	investor	NOUN
cblr-14254	501	10	,	,	PUNCT
cblr-14254	501	11	it	it	PRON
cblr-14254	501	12	ought	ought	AUX
cblr-14254	501	13	to	to	PART
cblr-14254	501	14	pass	pass	VERB
cblr-14254	501	15	substantive	substantive	ADJ
cblr-14254	501	16	legislation	legislation	NOUN
cblr-14254	501	17	re	re	VERB
cblr-14254	501	18	-	-	VERB
cblr-14254	501	19	aligning	align	VERB
cblr-14254	501	20	incentives	incentive	NOUN
cblr-14254	501	21	or	or	CCONJ
cblr-14254	501	22	definitively	definitively	ADV
cblr-14254	501	23	condone	condone	VERB
cblr-14254	501	24	the	the	DET
cblr-14254	501	25	continuance	continuance	NOUN
cblr-14254	501	26	of	of	ADP
cblr-14254	501	27	these	these	DET
cblr-14254	501	28	vehicles	vehicle	NOUN
cblr-14254	501	29	.	.	PUNCT
cblr-14254	502	1	this	this	PRON
cblr-14254	502	2	calls	call	VERB
cblr-14254	502	3	for	for	ADP
cblr-14254	502	4	a	a	DET
cblr-14254	502	5	critical	critical	ADJ
cblr-14254	502	6	reevaluation	reevaluation	NOUN
cblr-14254	502	7	of	of	ADP
cblr-14254	502	8	whether	whether	SCONJ
cblr-14254	502	9	permitting	permit	VERB
cblr-14254	502	10	spacs	spac	NOUN
cblr-14254	502	11	to	to	PART
cblr-14254	502	12	continue	continue	VERB
cblr-14254	502	13	operating	operate	VERB
cblr-14254	502	14	amounts	amount	NOUN
cblr-14254	502	15	to	to	ADP
cblr-14254	502	16	an	an	DET
cblr-14254	502	17	enabling	enabling	NOUN
cblr-14254	502	18	of	of	ADP
cblr-14254	502	19	a	a	DET
cblr-14254	502	20	capital	capital	NOUN
cblr-14254	502	21	-	-	PUNCT
cblr-14254	502	22	mining	mining	NOUN
cblr-14254	502	23	scheme	scheme	NOUN
cblr-14254	502	24	that	that	PRON
cblr-14254	502	25	continues	continue	VERB
cblr-14254	502	26	to	to	PART
cblr-14254	502	27	benefit	benefit	VERB
cblr-14254	502	28	select	select	ADJ
cblr-14254	502	29	insiders	insider	NOUN
cblr-14254	502	30	without	without	ADP
cblr-14254	502	31	creating	create	VERB
cblr-14254	502	32	general	general	ADJ
cblr-14254	502	33	social	social	ADJ
cblr-14254	502	34	value	value	NOUN
cblr-14254	502	35	.	.	PUNCT
cblr-14254	503	1	regulators	regulator	NOUN
cblr-14254	503	2	and	and	CCONJ
cblr-14254	503	3	lawyers	lawyer	NOUN
cblr-14254	503	4	should	should	AUX
cblr-14254	503	5	reflect	reflect	VERB
cblr-14254	503	6	on	on	ADP
cblr-14254	503	7	the	the	DET
cblr-14254	503	8	cycle	cycle	NOUN
cblr-14254	503	9	of	of	ADP
cblr-14254	503	10	enabling	enable	VERB
cblr-14254	503	11	the	the	DET
cblr-14254	503	12	creation	creation	NOUN
cblr-14254	503	13	of	of	ADP
cblr-14254	503	14	speculative	speculative	ADJ
cblr-14254	503	15	investment	investment	NOUN
cblr-14254	503	16	vehicles	vehicle	NOUN
cblr-14254	503	17	and	and	CCONJ
cblr-14254	503	18	proceed	proceed	VERB
cblr-14254	503	19	thoughtfully	thoughtfully	ADV
cblr-14254	503	20	in	in	ADP
cblr-14254	503	21	financial	financial	ADJ
cblr-14254	503	22	and	and	CCONJ
cblr-14254	503	23	legal	legal	ADJ
cblr-14254	503	24	innovation	innovation	NOUN
cblr-14254	503	25	.	.	PUNCT