,,ii  #aagth ,,congress  #ast ,session  
,s4 #aejd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #bi1    
#bjba,mr4 ,kennedy introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to require the ,securities and 
,exchange ,commission to issue rules    
requiring enhanced disclosures for blank
 check companies during initial public  
offering and pre-merger stages1 and for 
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,sponsor       
,promote and ,compensation ,act4  #b4   
,enhanced disclosures for blank check   
companies during ,,ipo and pre-merger   
stages  7a7 ,definitions ,in this       
section-- 7#a7 the term blank check     
company has the meaning given the term  
in section #g7;b77#c7 of the ,securities
 ,act of #aicc 7#ae ,u4,s4,c4           
#gg;g7b77#c772 and  7#b7 the term       
,commission means the ,securities and   
,exchange ,commission4  7b7 ,disclosures

 ,not later than #abj days after the    
date of enactment of this ,act1 the     
,commission shall issue rules-- 7#a7    
establishing enhanced disclosures for   
blank check companies during an initial 
public offering or prior to a merger1   
which shall require the disclosure of-- 
7,a7 the amount of cash per share       
expected to be held by the blank check  
company immediately prior to the merger 
under various redemption scenarios2     
7,b7 any side payments or agreements to 
pay sponsors1 blank check company       
investors1 or private investors in      
public equity for their participation in
 the merger1 including any rights or    
warrants to be issued post-merger and   
the dilutive impact of those rights or  
warrants2 and  7,c7 any fees or other   
payments to the sponsor1 underwriter1   
and any other party1 including the      
dilutive impact of any warrant that     
remains outstanding after blank check   
company investors redeem shares         
pre-merger2 and  7#b7 allowing the      

disclosures required under paragraph    
7#a7 to be more explicit to investors1  
in particular retail investors4