Facts on SPACs: Crossing the finish line

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Special-purpose acquisition companies (SPACs) have been around for some time, but in the last 24 months there have been an unprecedented number of companies going public via a SPAC transaction. In our Facts on SPACs mini-series, we cut through the noise to help you focus on some of the key issues relating to these transactions. 

In the final episode of our six-part series on SPACs, Mike Bellin, PwC’s IPO Services co-leader, is back to wrap-up our deep dive into SPACs. Mike and Heather reflect on how the SPAC market has continued to evolve and key considerations as companies prepare for going public.

Topics include:

• 1:09 - Developments in the past month. One month since our first conversation on SPACs - what’s happened in the market since then, and how have things evolved? Mike explains. 
• 11:54 - SPAC strategy. There is an endless task list and many agreements to reach before going public. Mike highlights five items commonly negotiated between SPACs and their targets.
• 18:14 - Being public. We’ve talked about the difficulties companies face when shifting from private to public. Mike gives his take on the challenges he sees and some advice for companies dealing with this transition.
• 26:44 - Final words. We’ve covered a breadth of topics in the past few weeks. Mike leaves us with some final advice for listeners contemplating a SPAC or going public (hint: preparation is key).

Want to learn more? Explore our Roadmap for an IPO: A guide to going public and listen to all the other episodes from our “Facts on SPACs series”

• Facts on SPACs: New trends in 2021
• Facts on SPACs: Are you sure who’s the acquirer?
• Facts on SPACs: A focus on warrants, earnouts, and EPS
• Facts on SPACs: Compensation arrangements
• Facts on SPACs: Accounting differences between private and public

Mike Bellin is a PwC Deals partner and co-leads PwC’s IPO Services practice. Mike focuses on IPOs, SPACs, accounting for carve-outs/spin-offs, purchase accounting, pro forma financial statements, stock compensation, the SEC registration process, and much more. In addition, he frequently advises on IPOs, helping his clients with their initial registration process and operational readiness.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc