SPAC Warrants, Founders’ Shares, PIPEs: What Practitioners Should Know

spac

The SEC last month issued commentary highlighting the regulator’s concerns about the reporting requirements and internal controls in the red-hot SPAC market. Areas of scrutiny include complex financial reporting and corporate governance issues inherent in the SPAC structure.

In this note Financial Executives International addresses the technical accounting classification issue for SPAC warrants that has placed most SPAC filers into limbo and caused the IPO and merger market to seize. Read more.

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Leisure Acquisition Will Appeal Nasdaq Delisting

Management in a statement said the SPAC's securities will be immediately eligible to trade on the OTC Markets system on June 3. Although trading, if any, will occur in the OTC market, the SPAC will remain technically listed on Nasdaq pending the expiration of all review and appeal processes.