SPAC listing of a development stage company
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Case Study
SPAC listing of a development stage company
A development stage company engaged in setting-up battery grade lithium production, in process of listing on NASDAQ.
The business situation
The company is being acquired by a US special purpose acquisition company (SPAC). The SPAC has previously issued both ordinary shares and warrants, and to acquire cash and a stock exchange listing, company is being merged with the SPAC.
The company is required to deal with several complex issues and fillings, including:
- Identification of the accounting acquirer in the transaction
- Accounting for Shares and Warrants issued as part of the transaction.
- Accounting for Share-based payment arrangements.
- Peparation of US GAAP financial statements and pro forma financial statements.
- Preparation of Form Super 8-K post-acquisition.
Our team’s role
Accounting Advisory Services
Assisted in preparing accounting position papers for all accounting captions, including:
- Share-based payment arrangements
- Warrants
- Listing expenses
US GAAP Compliance
Financial statement as per US GAAP, including alignment of accounting policies with listed competitors. Provided support in audit closure and timely resolution of auditor queries on technical accounting matters and financial statements.
SEC Filing Support
Preparation of Form Super 8-K, including support on disclosures related to historical financial information, Non-GAAP measures, and assistance with SEC comments letter responses.
The value our team added
- With the support of our team and inputs shared throughout the project, management was able to speed up the decision-making process, closure of audit of the financial statements and file its pro-forma financial statements for SEC filing.
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