Hot Topics in SPAC Transactions: Warrant Accounting and Financial and SEC Reporting Challenges

On April 12, 2021, the SEC staff issued a statement relating to accounting for SPAC warrants, which has resulted in a significant decrease in the number of SPAC filings and triggered a wave of financial statement restatements in recent weeks. This statement affects almost every SPAC in the SPAC “ecosystem” — whether at the formation/pre-IPO, post-IPO, leading up to an initial business combination (“deSPAC”), or post-deSPAC stages. Panel representatives from Deloitte and Sidley will provide key accounting and legal insights into the guidance and other recent hot topics in SPAC and deSPAC transactions, as well as related SEC reporting considerations.

Panelists:

Jamie Davis, Partner, Deloitte

John Wilde, Partner, Deloitte

Mike Heinz, Partner, Sidley

David Ni, Partner, Sidley

Moderator:

Sonia Barros, Partner, Sidley

For questions, please contact laevents@sidley.com.