An accounting error that came to light in the spring forced hundreds of blank-check companies to flag financial statement mistakes at levels not seen in more than a decade.
More than 340 special purpose acquisition companies in the past three months issued corrections, or restatements, of prior financial statements—quadruple the number of restatements issued by all companies in 2020, according to research firm Audit Analytics. An additional 231 blank-check companies had to make smaller corrections via revision, according to the firm.
All told, about 86% of SPACs got stymied by the same complex accounting rule, the firm’s ...
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