SEC Enforcement Action Against SPAC, Sponsor, Merger Target, and CEOs for Misleading Statements
Background On July 13, 2021, the U.S. Securities and Exchange Commission (the “SEC”) filed an administrative enforcement action and announced a settlement with Stable Road Acquisition Corp. (“Stable Road”), a special purpose acquisition company (“SPAC”); SRC-NI Holdings, LLC, Stable Road’s sponsor (the “Sponsor”); Brian Kabot, Stable Road’s Chief Executive Officer and the Sponsor’s managing member (“Kabot”);…