that about 300 SPACs have hit the public markets, raising nearly $90 billion in cash, more than all of last year’s record volume. But the high-flying industry could come to a temporary halt. The reason? A potential change in accounting for some SPACs demanded by the SEC.
In the SPAC business warrants are a crucial goodie-bag for investors that provide potential windfalls without risking much capital.spoke with say the SEC has remained vague on how it will treat warrants. The uncertainty has stopped all new SPAC offerings as accounting firms will not sign-off on any financial statements or company audits until they receive clarity from the government.
Some experts suspect the SEC has intentionally created confusion in the industry to temporarily slow the soaring SPAC market so the agency can catch up on regulatory audits and governance. The SEC declined to comment.alerting the market of its concerns about the current accounting of SPAC warrants and the prospective need for issuers to correct their financial statements.
The SEC’s request for review of SPAC warrant accounting is likely just the tip of the iceberg. Given the frenzy that has engulfed the SPAC market over the past year and the complexity of these vehicles, it won’t be surprising if the SEC finds more flaws in the volumes of paperwork that the market spits out daily.
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