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SPAC restatements proliferate in the wake of SEC warning


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A warning from the Securities and Exchange Commission about accounting for the warrants used by special purpose acquisition companies has prompted hundreds of them to issue financial restatements.
SPACs, also known as blank-check companies, have become an increasingly popular way for companies to go public by merging a privately held business with a shell company that files for an initial public offering. The SEC issued a
statement in April saying that many of the SPACs had been accounting for warrants improperly as equity when they should have been accounting for them as liabilities (
see story). The warrants are an inducement to attract investors by offering them the right to acquire shares at a certain price. The SEC warning has prompted more than 340 companies to restate their financials, according to Audit Analytics and ....

United States , Demetrios Frangiskatos , Joshua Roberts Bloomberg , Exchange Commission , Audit Analytics , ஒன்றுபட்டது மாநிலங்களில் , ஜோஷுவா ராபர்ட்ஸ் ப்ளூம்பெர்க் , பரிமாற்றம் தரகு , தணிக்கை பகுப்பாய்வு ,