TAKEAWAYS
The recent statement by the Staff of the SEC (the Staff Statement) will likely impact almost every SPAC or post-de-SPAC entity with warrants in its structure.
SPAC/post-de-SPAC entities should review warrant terms to determine appropriate accounting treatment in light of the recent Staff Statement and assess the materiality of any changes required and if a full restatement is needed.
If a correction or full restatement is required, SPAC/post-de-SPAC entities should also consider disclosure and filing requirements, as well as the impact on existing SEC filings and commercial agreements, including registration rights agreements, debt facility agreements, and other agreements.
"'The new normal,' after unprecedented events in history, is an overstated and overrated phrase. That especially rings true in the real estate industry."
With Covid-19 vaccination rolling out, there is renewed optimism for economic growth. Find out which industries are poised to grow the fastest in 2021.
SavingAdvice.com Blog
Most Workers Do Not Want the Old Office Routine
With vaccinations increasing and the economy opening up, more people are talking about the workforce returning to normal. But, what will the new normal be?
A recent survey by Harvard Business School (HBS) found that 81 percent of those forced to work from home during the pandemic want to continue working remotely in some manner. Of that number, 27 percent want to work from home full-time. Another 61 percent favor a hybrid of two or three days in the office and two or three days at home.
Only 18 percent of those surveyed wanted to return to the office full-time. Parents with children at home and married people wanted back in the office more than singles and those without children.
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Over the past year, the use of Special Purpose Acquisition Companies, or SPACs, to go public has skyrocketed.[1] As
The
Wall Street Journal explained, “With interest rates on the floor and investors chasing young companies, this is a dream scenario for SPACs.”[2] As the SPAC boom continues, it is important to understand that SEC guidance on SPACs is evolving. The SEC’s statements on SPACs have quickly progressed from a short bulletin educating investors on using SPAC vehicles to take companies public, to specific guidance strongly implying that the SEC staff is carefully scrutinizing disclosures related to SPAC transactions.[3] Indeed, the SEC’s recent guidance identifies specific disclosure areas that SEC staff will focus on and likely provides a roadmap for both future SEC enforcement and the plaintiffs’ bar.