September 15, 2021
I am writing in support of SR-NYSE-2021-45. The proposed subscription warrant is a positive innovation to the industry, and will level the playing field for both retail and institutional investors. The subscription warrant removes significant opportunity costs found in traditional SPAC transactions, where investors need to lock up capital for a long time prior to a target being identified. With this new structure, investors can choose if they'd like to invest substantial capital only after a target has been identified. The longer investment timeline will give sponsors ample time to identify and execute an investor favorable transaction, rather than feeling rushed in a 2 year time horizon. Overall, the proposed subscription warrant is a fantastic new product for the capital markets, and will act as another vehicle for companies to access the public markets.