The number of companies that have restated their financial results or disclosed accounting problems has increased significantly in recent years, and many of the problems have been occurring at deSPAC companies.
Glass Lewis, a proxy advisory services company, reported last month that after several years of companies going public through IPOs or SPAC mergers, it observed a more than 2.5-fold increase in companies with concerning material weaknesses or restatements, partly because many of the companies are only in the early stages of developing strong internal controls, Accounting Today reports. Read more.
