Aug. 26, 2021
To whom this may concern, I'm writing to comment and give support to SR-NYSE-2021-45. As a retail investor, a subscription warrant will allow access to investing in companies that we otherwise would not have access to - without tying up capital for excessive lengths of time. This model gives retail investors the ability to better vet and examine an investment before committing capital to a transaction. While the SPAC vehicle has given retail investors access to many early-stage high growth companies, many retail investors fell into the trap of speculation based on hype and promotion, leading to unrealistic valuations. Many times, a selloff took place shortly after a deal was announced, which led to losses for many retail investors. Approving SR-NYSE-2021-45 will alleviate this concern by allowing the investor the right to invest in a deal at NAV after having the opportunity to due diligence on such deal. This rule change will protect investors by aligning incentives between investors, SPAC sponsors and target companies. Sincerely, Justin Rafael