The rapid rise to prominence of special purpose acquisition companies (SPACs) beginning in 2019 made understanding them critical to dealmakers, as transactions involving private companies going public through a combination with a SPAC, known as de-SPACs, became a popular alternative to traditional IPOs. The frenzied pace of U.S. SPAC activity in 2020 and 2021 has since slowed substantially, under mounting pressure from investors, regulators, and courts. With the adoption by the SEC in January 2024 of a long-awaited and sweeping set of rules mandating expanded disclosures and other obligations in connection with SPAC IPOs and de-SPACs, the regulatory framework governing SPACs has become somewhat clearer. SPACs' role in the years ahead, however, remains as uncertain as ever, as potential sponsors and target companies continue to evaluate the distinct challenges they present.