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SPACs Headed for New Wave of Restatements for Accounting Errors

SPACs Headed for New Wave of Restatements for Accounting Errors

Another speed bump for SPACs arises as the Securities and Exchange Commission (SEC) is requiring the restatement of their financial results due to incorrect classification of Class A shares offered to investors. Initially, auditors and companies were hopeful for a SPAC market resurgence following April's filing debacle, but the latest regulatory intervention could once more freeze the market as companies file a Form 8K and the related paperwork backlog.

“This is a pervasive issue; everyone’s dealing with it because everyone did it wrong,” said principal Scott Norris, who has been at the forefront of the SPAC regulatory overhaul since the warrant reclassification.

 

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