Bloomberg Law
April 14, 2021, 8:46 AM

SPAC IPOs Tripped Up by Accounting Mistakes in Speed to Market

Nicola M. White
Nicola M. White

One of the dozens of companies to go public via SPAC merger in 2020 released a routine financial report with the wrong auditor’s name on it.

In the grand scheme of missteps, American Virtual Cloud Technologies Inc.'s, need to release a statement in February and re-issue its year-end financials with the right auditor signature was minor.

But as a surge of private companies enter the public market through mergers with special purpose acquisition companies, more serious errors have already appeared, and financial accounting experts say it’s likely just the beginning. Since January, three companies that went public through mergers with ...

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