SPAC Registrants

SPACs (special purpose acquisition company) also commonly referred to as blank check company, have become a popular vehicle for various transactions, including faster and easier transitioning of a company from a private company to a publicly traded company when compared to traditional IPOs (Initial Public Offerings). They raise capital through an IPO with the purpose of using the proceeds of the IPO or the equity of the SPAC or both to acquire one or more unspecified businesses or assets to be identified after the IPO.

This acquisition or combination is known as the initial business combination. Often the SPAC may consider securing additional financing through a private investment in public equity also known as PIPE, which will generally close contemporaneously with the consummation of the transaction. If an acquisition is not completed within the required time frame, cash raised through IPO must be returned to the investors and the SPAC is dissolved.

This complete process requires the SPAC registrant to file registration statements, proxy statements and / or combination of statements on forms as per SEC rules and requirements as well as in accordance with the standards.

We at Braj Aggarwal CPA P.C. assist the management team of the SPAC registrant in preparing the financial statements that are required as part of the initial public offering, SPAC merger, the de-spac process and everything in between. Our purpose is to support the SPAC management team with their financial statement preparations so that they can focus on their core activities.