Nick Morgan

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), discusses the SEC’s new SPAC rules and their impact on investor access. Nick argues that while the rules were framed as investor protection, in practice they reflect what he calls a “protection through prohibition” mindset. By making disclosure obligations more difficult and transaction costs higher, the rules effectively reduce the number of SPACs and with t...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), explains how the SEC’s 2024 SPAC rules may affect small sponsors and entrepreneurs navigating the regulatory landscape. Nick emphasizes that while current SEC leadership may not pursue as many aggressive enforcement actions as in prior years, the rules themselves present challenges. In particular, changes to the PSLRA (Private Securities Litigation Reform Act...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), outlines potential legal and advocacy strategies ICAN may pursue in response to the SEC’s new SPAC rules. Nick points to one central question: Does the SEC even have statutory authority to change PSLRA liability protections? ICAN is considering challenging that very issue, not from a sponsor’s perspective, but from the lens of investors whose choices may be r...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), explains how the SEC’s new SPAC rules may influence litigation risk for sponsors and targets. Drawing on his experience as an SEC trial counsel, Nick notes that while today’s SEC may be less aggressive than under Chair Gensler, the statute of limitations is long, sometimes six years, ten years, or even unlimited for certain claims. That means SPAC activity ha...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), reflects on his years of work in the SPAC space both with paying clients and in the context of SEC investigations. Nick shares that while ICAN has not yet taken up a SPAC case from a nonprofit litigation perspective, he has represented numerous clients in the SPAC ecosystem during an active period from 2021 through 2024. Many of those matters involved SEC inv...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s use of regulation by enforcement, particularly in the SPAC context. Nick points to the Momentus Stable Road case of 2021 as a clear example, noting Commissioner Hester Peirce’s concerns about the practice. Instead of transparent rulemaking under the Administrative Procedure Act (APA), the SEC at times has chosen to set policy through one-o...

In this episode of The SPAC Podcast, Nick Morgan, Partner at Paul Hastings LLP and co-founder of ICAN (Investor Choice Advocates Network), critiques the SEC’s practice of regulating by enforcement. Nick cites the Momentus Stable Road case (2021) as a prime example, echoing Commissioner Hester Peirce’s concerns that enforcement actions have been used to make policy in the SPAC space. Instead of case-by-case precedents, Nick argues that the Administrative Procedure Act (APA) provides the right fra...

In this SPAC Podcast Spotlight , Nick Morgan, President and Founder of the Investor Choice Advocates Network (ICAN), shares his perspective on how the SEC approaches SPAC enforcement. Drawing on past enforcement activity and rulemaking debates, he explains why Commissioner Hester Peirce’s dissents may offer insight into how the Commission views SPACs today. Nick also references the SEC’s first SPAC-related enforcement action in 2021 and notes how Commissioner commentary has influenced the policy...

In this SPAC Guest Spotlight , Nick Morgan introduces himself and shares his journey from serving as a Senior Trial Counsel at the SEC to founding the Investor Choice Advocates Network (ICAN). As President of ICAN, Nick leads a unique pro bono defense organization focused on SEC investigations and litigation, offering services at no cost to those who need representation. With a career spanning the SEC and big law, Nick now uses his experience to advocate for fairness and investor choice in secur...