Bloomberg Tax
April 29, 2022, 8:45 AM

SPAC Accounting Troubles Continue as Industry Scrutiny Mounts

Nicola M. White
Nicola M. White

The blank-check companies that were Wall Street darlings, and then regulator targets, are facing yet another round of accounting headaches.

Four special purpose acquisition companies in the past two weeks have flagged errors in accounting for certain underwriter incentives serious enough to require them to restate their past financial statements. Given the similarity of the deals and the complexity of the accounting, more could be on the way.

“It’s something many of the SPACs have already done, and it’s also something that’s fairly material to their financial statements, so they’ll have to make the correction,” said ...

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