SPAC Restatements Trickle in as Market Evaluates New Accounting

April 23, 2021, 4:18 PM

Half a dozen blank-check companies have announced so far this week they’ll have to redo their past financial statements after securities regulators warned about accounting errors in pervasive money-raising tools used in the hot SPAC market.

As of Friday morning, Mallard Acquisition Corp. FG New America Acquisition Corp., Altimar Acquisition Corp., GigCapital2 Inc., Northern Genesis Acquisition Corp., and Chamath Palihapitiya’s Social Capital Hedosophia Holdings Corp. V, had notified the Securities and Exchange Commission that they’d have to go through the onerous process of restating past earnings to align with new SEC guidance on ...

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