Corporate restatements reached a 15-year high last year as hundreds of special purpose acquisition companies (SPACs) were instructed to fix multiple rounds of pervasive accounting errors, Financial Times reported. Corrections to financial statements totaled 1,470 in 2021, soaring 289% over 2020 according to Audit Analytics....
There’s the promise, and then there’s the peril. Special purpose acquisition companies (SPACs) were heralded not all that long ago as streamlined ways to take innovative companies — particularly tech companies — public. And now comes the reality check. The same factors that separate these...
Digital car-sharing marketplace Getaround is going public through a special purpose acquisition company (SPAC) deal with InterPrivate II Acquisition Corp., with a combined value of $1.2 billion, according to a joint press release Wednesday (May 11). The boards of directors of Getaround and InterPrivate have...
Gay dating app Grindr is going public through a merger with a special purpose acquisition company (SPAC) firm that would value the company at $2.1 billion, Reuters wrote Tuesday (May 10). While Grindr didn’t disclose its existing shareholders, it said they’d own 78% of the...
Goldman Sachs has paused new special purpose acquisition company (SPAC) offerings, which has added more complications to the lagging market as regulators turn a more critical eye on it, the Financial Times reported Monday (May 9). Goldman will also reportedly quit working with many of...
The CFA Institute, the organization for investment professionals, is telling regulators to tighten disclosure requirements for SPAC sponsors, the Financial Times reported Sunday (May 8). This will help the blank check companies be more transparent. The CFA Institute recommends SPAC sponsors should fully disclose any...
Investment firm Navigation Capital Partners has canceled plans for four new special purpose acquisition companies (SPACs) in less than 24 hours, part of a trend of investors souring on blank check companies. As Bloomberg News reported Friday (April 22), regulatory filings show Navigation will not...
Citigroup is temporarily pulling the plug on public offerings with special purpose acquisition companies (SPACs) until it gets legal clarity about proposed legislation and what that could mean as far as associated risks, Bloomberg reported on Tuesday (April 5), citing sources with insider information. The...
After multiple coffee companies saw success hitting the public market in recent months, Westrock Coffee is joining the fray. The North Little Rock, Arkansas-based brand, which sells coffee, tea and other items to consumers, restaurants and consumer-packaged goods (CPG) brands, announced Monday (April 4) that...
