August SPAC-tacular: SPACs Party Like It’s 2020, But With A Sobering Hangover of Deal Breakups. VinFast Goes from SPAC Zero to Street Hero. Sustainability, Anyone?

“LatAmGrowth SPAC: Presses Pause on EGM, Eyes Calendar Shuffle and Coin Purse Raid in Winding-Up Saga”

TLDR:
– LatAmGrowth SPAC has postponed their Extraordinary General Meeting (EGM) until September 28th and will be discussing the business combination closing date and using $100,000 from the escrow holdings for a party.
– September 26th is the deadline for stockholders with Class A common stock to tender their shares for redemption.

So, in the latest episode of “As the SPAC Turns,” we find the Latin American darling, LatAmGrowth SPAC, in quite the predicament. They’ve decided to hit the pause button on their Extraordinary General Meeting (EGM) set for September 21, 2023, and play hard-to-get until September 28. Why the sudden cold feet, you ask? Only the shareholders and the company’s crystal ball might know.

The EGM, which will now be as virtual as a teenager’s social life, will focus on two crucial matters. First, should they make like a band-aid and rip off the business combination closing date? And second, should they siphon off a cool $100,000 from the escrow holdings to cover the party tab? These are the burning questions that will keep LatAmGrowth SPAC’s stockholders up at night.

But, fear not, dear shareholders! If you had the foresight to cast your vote before this twist in the plot, you can rest easy. Your voice has been heard, and you are free to kick back, relax, and watch the drama unfold. However, if you sit on a pile of Class A common stock, you might want to mark September 26th on your calendar with a big red X. That’s the deadline to tender your shares for redemption.

For those with a keen eye for business and a knack for navigating the fast-paced world of Latin American markets, this could be the start of an exhilarating journey. After all, LatAmGrowth SPAC is all about leveraging the high growth potential of Latin American companies with technological prowess and those catering to the emerging middle class. But remember, nobody said this ride would be smooth.

Now, we come to the cliffhanger. What will the EGM conclude? Will the company liquidate and wind up early? Will the date for the business combination be pushed forward? Will they dip into the interest earned on the trust account to cover dissolution expenses? These are the questions that will keep us, the humble spectators, on the edge of our seats until the EGM unfolds on September 28.

In the meantime, stockholders can indulge in a little light reading by perusing related documents available on the SEC’s website. And if you decide to engage in some friendly persuasion of fellow stockholders, remember you are considered a party to the solicitation of proxies. But hey, who doesn’t enjoy a good party, right?

At the end of this saga, remember one thing: this isn’t an offer to sell or a solicitation of an agent. It’s just another day in the vibrant, chaotic, and utterly captivating world of business. So, grab your popcorn, sit back, and let the drama unfold.

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“Phish Fans Hook Line and Sinker: Musical Wizardry, Jams, and Oz References Hit SPAC”

TLDR:
– Fish performed a special, not-for-profit concert to raise funds for flood cleanup efforts.
– The band showcased their musical prowess and ability to seamlessly transition between classic hits and new favorites, creating unforgettable moments for the audience.

What do you get when you blend the musical prowess of Fish, the band’s endless energy, and a heavy sprinkle of Wizard of Oz references? A very special, not-for-profit, jam-infused night at Saratoga Performing Arts Center (SPAC) in Saratoga Springs, New York. The band, fresh off a summer tour, took to the stage to raise funds for flood cleanup efforts in Vermont and upstate New York, proving that their hearts are as big as their talent.

The show kicked off in style with a high-octane performance of “Kill Devil Falls,” showcasing the band’s seamless ability to transition between classic hits and new favorites. The audience was treated to a virtuoso performance from guitarist Trey Anastasio, who fired off a series of riffs that were as bewildering as they were beautiful. It wasn’t all about Anastasio, though. The rest of the band laid a solid foundation for improvisation, with drummer John Fishman’s agile hi-hat playing being a particular highlight in the band’s superb rendition of “Mal.”

The crowd was given a blast from the past when the band broke into a rendition of “Punch You in the Eye,” a song which had been absent from the setlist for almost a year. This nostalgic nod was well-received by the audience, but it was the unexpected musical tribute to The Wizard of Oz that really whipped the crowd into a frenzy. Midway through a jam, Anastasio began playing the familiar riff of “Welcome to Munchkinland,” which initially seemed out of place but soon merged beautifully with the music, creating an unforgettable climax.

The second set was no less impressive, with the band delivering an extraordinary performance of “A Wave of Hope,” a song that has become synonymous with outstanding improvisation. However, the band didn’t rest on their laurels, instead following up with a spectacular rendition of “Simple.” Bassist Mike Gordon and Anastasio created a fantastical space, transitioning seamlessly between different musical themes, much to the delight of the audience.

The performance came to a close with a soulful rendition of “Wading in the Velvet Sea,” with keyboardist Paige McConnell taking the lead vocals. As the band left the stage, the original version of “We Welcome You to Munchkinland” echoed through the venue, marking the end of a truly magical evening. Fans, left in a state of euphoria, couldn’t help but wonder how they could return to the real world after such an exceptional show. But with the band set to return to the stage for another much-anticipated performance, one thing is clear: the magic of Fish concerts is here to stay.

In bringing references from the Wizard of Oz to their dizzying improvisations, Fish proved they are in a league of their own. The band continues to cement its position as one of the greatest live bands of all time, creating unforgettable musical moments, and reminding us all that in the world of music, anything is possible. So, get ready to enter a world where “Welcome to Munchkinland” might just become your new favorite song. Bravo Fish, you’ve done it again!

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Phish’s Charity Concerts “Hook, Line, and Sinker”: Raises $3.5 Million for Flood Recovery Efforts Through Music and Unfathomable Fan Up-pouring

TLDR:
– Phish held two benefit concerts, raising $3.5 million for flood recovery efforts in their home state and Upstate New York.
– Phish’s innovative approach to streaming concerts allowed fans worldwide to be part of a significant event that showcased the power of music and unity.

In the world of rock and roll, where egos often eclipse talent, Phish has turned the tables, making headlines not for their off-stage antics, but for their on-stage philanthropy. The American rock band, hailing from Vermont, recently held two benefit concerts at the Saratoga Performing Arts Center (SPAC) to aid flood recovery efforts in their home state and Upstate New York. The amount they raised? $3.5 million – showing that even in an industry fraught with excess, a little compassion and unity can create magic… and a whole lot of money.

The two-night event wasn’t just another concert. It was a musical spectacle, a rallying cry, and a beacon of hope for those affected by devastating floods. The evenings were marked by the incredible talent of Phish’s Page McConnell and Trey Anastasio, and featured a surprise appearance from legendary guitarist Derek Trucks. And if that wasn’t enough to make fans feel like they’d won the rock concert lottery, Phish decided to stream both concerts for free on their website and YouTube channel. It was a bold move – like a poker player going all-in with a pair of twos. But the gamble paid off.

Direct donations to The WaterWheel Foundation’s 2023 Flood Recovery Fund came pouring in. The total amount raised, a hefty $3.5 million, came from ticket sales, merchandise sales, and individual donations from fans new and old. It’s a testament to the power of music, unity and the altruistic spirit of Phish’s fanbase. It seems the band had a hook, line, and sinker approach to fund-raising: Hit ’em with the music, and then reel in the donations.

The WaterWheel Foundation, founded by Phish in 1997, is well versed in the art of philanthropy. Over the years, they’ve provided support to countless individuals and communities, proving that they are more than just a band of musicians. They’re agents of change, turning the tides of despair into waves of hope. Their benefit concert may have ended, but the donations continue to flow in, turning the music of Phish into a symphony of relief.

In a world where innovation is lauded, Phish has proven that they are not just leaders in music, but in charitable deeds too. They created an innovative approach to streaming concerts, allowing fans around the world to be part of an event that grew into something much bigger than just a performance. In the process, they’ve shown that rock and roll isn’t just about rebellion and raucous behavior. It’s about unity, resilience, and the ability to make a significant difference in the lives of others.

As the echo of Phish’s melodies fade away, the impact of their benevolent act remains. The $3.5 million raised is more than just a number; it’s a symbol of hope, a beacon in the darkness, a testament to the strength of a community united by the love of music. It’s a reminder that when we act together, we can rebuild what was lost and overcome any obstacle, one power chord at a time.

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“Mission Control to Wall Street: Making a $100 Million Blastoff with a Space-Savvy SPAC”

TLDR:
– Mission Control Acquisition Corporation, a SPAC, is entering the space industry with an IPO, aiming to raise $100 million and has 18 months to identify and acquire a space-focused company.
– The space market’s potential worth of about $1 trillion, fueled by climate change and dreams of space mining, presents a timely opportunity for Mission Control and SPACs continue to be popular for companies going public.

Well, folks, we’ve got a new player stepping up to bat in the cosmic game of Monopoly. The ever-so-creatively-named Mission Control Acquisition Corporation, a Delaware-based special purpose acquisition company (SPAC), is making its debut in the space industry. Their strategy? A good old-fashioned initial public offering (IPO) on the New York Stock Exchange (NYSE). The company is offering 10 million units at a price that even a 5th-grader could calculate—$10 per unit. Simple, right? That’s a cool $100 million they’re looking to bag.

The interesting part is, this SPAC is preparing to sail in unchartered waters—or should we say galaxies—with an extended 18 months to identify and acquire a fitting space-focused company. They even have the option to extend for another six months. Guess they’re taking the slow and steady route to the moon. You’ve got to appreciate their commitment to thorough research and the aim to ensure a win-win business combination.

Leading the Mission Control spaceship is Captain Kira Blackwell, former NASA iTech program manager. With Blackwell’s extensive experience, they’re hoping to spot the right spaceship to hitch a ride with. CFO Jeffrey DeWit and COO Andrew Allen add to the depth of the team with their financial and operational skills. They seem to be a well-oiled machine ready to navigate the complexities of the space industry.

In an era where everything’s ‘space’, this entry into the market couldn’t be better timed. The space market has nearly doubled over the past decade and could double again by 2030. That’s a whopping potential worth of about $1 trillion! This growth is fueled by climate change, geopolitical conflicts, and dreams of space mining. It seems governments and businesses across the globe are eager to buy their tickets to the space race.

SPACs are becoming the preferred vehicle for companies looking to go public, especially those with ambitious ventures. Remember the pandemic? While the rest of us were baking banana bread, SPACs were having their heyday with over 600 transactions in 2021 alone. This year, the pace has slowed down a bit, but they still account for 48% of this year’s deals. That’s almost half the pie!

As Mission Control gears up for its IPO and the subsequent quest for space-focused acquisitions, the well-rounded leadership team positions it as a strong contender in the burgeoning space industry. Despite the slowdown in SPAC activity, it seems Mission Control is armed and ready to explore territories where no SPAC has ventured before. So, as the space economy continues to evolve, keep an eye on Mission Control’s trajectory. They might just nab a prime piece of the cosmic real estate.

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Apple Cranks Up Its Genius: Get Ready to iQ Up with the iGenius!

TLDR:
– Apple has introduced the iGenius, a high-priced device that promises to improve human intelligence and revolutionize personal computing.
– Apple’s loyal followers are expected to eagerly pre-order the iGenius, demonstrating the company’s ability to consistently innovate and dominate the tech industry.

In an act that could only be described as a grand opera of opulence, Apple, the technological titan, has once again outdone itself with the introduction of its latest brainchild, the iGenius. Listen folks, this isn’t just a shiny new toy. This is a bona fide declaration that you’ve got more money than you know what to do with. Priced at a mere $1,999, the iGenius is a steal for anyone who’s somehow managed to save a small fortune by skipping that daily cup of overpriced coffee.

But oh, the things you get for that amount. It’s been touted as the ultimate device to ‘improve human intelligence’ – as though we’ve all been waiting for a gadget to help us find where we left our car keys. But it’s Apple, folks. They’ve got the Midas touch, turning everything they lay hands on into digital gold. And it seems they’re rather confident that their legion of loyal followers are not only blessed with brains but also overflowing wallets.

So, what’s the big deal about this iGenius, you might wonder? Well, it’s set to ‘revolutionize personal computing’. Now, if you’re like me and find the idea of revolutionizing something as personal as computing rather terrifying, you’re not alone. But rest assured, they’ve got it all figured out. And it’s marvelous, or so they say. It’s like they’re telling us, “Hey, remember when you could just turn your computer on and off to fix it? Those days are gone, buddy. Welcome to the future.”

So who’s ready to jump on this fast-moving bandwagon? With the promise of pre-order frenzy, it seems like Apple knows its customers well. They’ve got us all under their spell, leaving us in awe of their technological wizardry. This iGenius of theirs isn’t just a product, it’s a statement. A testament to their aptitude for consistent innovation and a symbol of their claim to the tech throne.

In other news, feel free to sign up for our free newsletter if you want to stay informed on the latest SPAC news. It’s like getting a daily dose of market excitement delivered right to your inbox. Because hey, who doesn’t love a little extra anxiety in their day? With daily updates and insights, you can stay ahead of the curve. Or at least think you are.

But remember, whether you’re an Apple aficionado, a SPAC enthusiast, or just a regular bystander in the ever-evolving world of business, always keep your sense of humor. Because, let’s face it, in a world where a personal computer is named iGenius, you really have to laugh, don’t you?

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Fast and Curious: VinFast’s EV Hype Train Leaves Station, Stock Soars Despite Tepid Car Reviews

TLDR:
– VinFast, a Vietnam-based electric vehicle company, saw its shares soar 830% after going public via a SPAC IPO, making it the third most valuable car company on paper.
– The surge in stock prices was due to a limited number of available shares causing an imbalance in supply and demand, rather than the company’s performance or sales figures.

Imagine this. You’re a new kid on the block, and on your first day, you topple the school’s big guns. That’s what VinFast, a Vietnam-based electric vehicle company, did when its shares soared a staggering 830% after going public via a SPAC IPO earlier this month. Despite modest sales figures and unfavorable reviews, VinFast was riding a financial high, making it the third most valuable car company on paper, only trailing Tesla and Toyota. Poor Ford and General Motors were left in the dust, wondering how the new kid got so popular so quickly.

But here’s the catch. The surge wasn’t because they had a shiny new line-up of vehicles or overwhelming sales. Oh no, they expect to sell a paltry 50,000 vehicles this year, and let’s just say the reviews of their cars wouldn’t be winning them any awards. MotorTrend kindly suggested they “return to sender.” VinFast’s success was not due to any spectacular performance but a limited number of available shares causing an imbalance in supply and demand. You see, the founder, Pham Nhat Vuong, holds 99% of VinFast, having issued a mere 1% of the shares to the public.

So, we have the float of just 7.2 million shares available for the public to trade, causing stock prices to skyrocket. It’s a bit like a rare coin gaining value because there aren’t enough of them to go around—a classic case of scarcity increasing value. But one mustn’t forget, the coin’s real value is only what someone is willing to pay for it.

Now, this is where it gets interesting. The stock, like any commodity with a low float, is prone to high volatility. And it’s also more susceptible to drastic price changes because it doesn’t take much buying or selling pressure to shift the scales. In fact, VinFast experienced a 26% fall Tuesday, and the stock could continue its downward spiral as more shares enter the market. This is especially likely with several lockup agreements with insiders and the SPAC sponsor set to expire, which would result in selling off millions of shares.

And let’s not forget VinFast’s expansion plans. They need fuel to power their journey into the US market, and by fuel, I mean cold hard cash. The company had reported having about $160 million at the end of March, so they might just be tempted to take advantage of the recent spike in their stock by selling shares at current prices.

Short-seller Jim Chanos, however, isn’t biting the VinFast bait. He labeled it a “$200 billion meme stock,” suggesting VinFast’s luck would run out before they hit 40K units. But given the low float and high volatility, it seems unlikely that short-sellers are queuing up to bet against the company just yet. So, for now, it seems VinFast is enjoying its time in the sun. But as we all know, the weather can change pretty quickly on Wall Street. Only time will tell if VinFast is a one-hit-wonder or if it has the stamina to run with the big dogs.

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“Delaware Judge Throws SPAC Merger Roulette Ball; Philippines’ Largest Casino Rolls with It”

TLDR:
– Philippines’ largest casino avoids SPAC merger agreement with 26 Capital Acquisition Corp.
– Delaware Judge Travis Laster rules against the merger due to perceived unseemly actions by 26 Capital.

Well, folks, hold on to your wallets because the world of high stakes gambling just got a little more complicated. The Philippines’ largest casino, owned by a tiny subsidiary of Japan’s Universal Entertainment Corp, has been let off the hook from being compelled into a SPAC merger agreement with 26 Capital Acquisition Corp. This comes thanks to a landmark ruling by Delaware Judge Travis Laster. You know, the kind of ruling that makes you scratch your head and say, “Well, I didn’t see that coming!”

Now, if you thought the jackpot in the slot machines was big, this merger was a $2.5 billion pot. But, apparently, there’s no payout today. Our good friend, Mr. Laster, justified the ruling by saying that 26 Capital had been dabbling in unseemly shenanigans that shouldn’t earn them a payday. The judge has essentially hit the pause button on this game, leaving 26 Capital scratching their heads and calculating their next move.

In this high roller game, the house usually enforces the rules. Traditionally, Delaware courts would order parties to follow through with merger agreements. However, Judge Laster felt he was dealing with an exceptional hand, one where he didn’t have the ability to effectively monitor and enforce such orders. A unique situation indeed, but then again, isn’t every high stakes game unique?

This decision could be quite a game changer; it’s the equivalent of drawing an Ace from a deck of 52 cards. It’s not every day that a potential violation of a Philippine court order comes into play. Just last year, the Philippine Supreme Court rolled the dice and ordered Japanese pachinko king Kazuo Okada reinstated as the casino owner leader. Laster didn’t fancy the idea of undermining this order or rewarding any underhanded play.

Things got even more interesting when it was revealed that Alex Eiseman, founder of Zama Capital hedge fund and advisor on the deal, held more than 60% of 26 Capital’s subsidiary. Now, I don’t know about you, but that seems like he was trying to hit the jackpot on both ends. Laster is no pushover, he described Eiseman’s work with 26 Capital as a “conspiracy to mislead Universal.” A conspiracy, in a high stakes game – who would’ve thought?

This ruling has significant implications, it’s like pulling the lever and hitting three cherries on the slot machine for Okada Manila. For 26 Capital, it’s more like a busted flush. They stand to lose a potential $275 million profit if the deal doesn’t go through. As for what’s next, 26 Capital may seek damages or find another way to cash in their chips. But for now, it seems the house – in this case, Okada Manila – always wins.

And that, my friends, is how the game is played in the world of SPAC merger agreements and casino ownership. The cards are dealt, the stakes are high, and the players are waiting for the next move. We’ll just have to wait and see who bluffs, who folds, and who walks away with the pot. Until then, keep your chips close and your cards closer.

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“Mission Control, We Have an IPO: Spacy SPAC Gears Up to Change the Universe of Investing”

TLDR:
– Mission Control Acquisition Corporation is preparing for an initial public offering (IPO) priced at $10 per unit, totaling $100 million.
– Unlike most SPACs, Mission Control has an 18-month window to make their move, with an option to extend by another six months.

Well, folks, it appears we’ve got another company all geared up to blast off into the ever-expanding universe of space investment. Mission Control Acquisition Corporation is their name, and if that doesn’t scream “we’re taking over the cosmos”, I don’t know what does. They’re prepping for an initial public offering (IPO), which apparently is as trendy in the business world as avocado on toast is in hipster cafes.

The fascinating part is that they’ve set their price at $10 per unit with a total of 10 million units. If my grade school math serves me right, that sounds like a cool $100 million deal. Now, I know what you’re thinking, “that’s a lot of green”. And you’re right, it’s as if they’re planning to buy their way to the moon or something.

Unlike most standard SPACs (Special Purpose Acquisition Companies) that give themselves a tight 12-month window to make their move, Mission Control is opting for a leisurely 18-month stroll, with an option to extend that by another six months, because why rush when you’re just planning to take over the universe, right?

Meet Kira Blackwell, the CEO of Mission Control. This lady has spent time with NASA, and she’s not just been hanging around the coffee machine. She was the iTech Program Executive, which, in layman’s terms, means she’s a big deal. Now she’s at the helm of this SPAC, ready to push some serious boundaries in the space economy.

The space market has already skyrocketed from 2010 to 2022, and it looks set to double again this decade. If McKinsey and the World Economic Forum are to be believed, and they usually are, we could be looking at an industry worth a whopping $1 trillion by 2030. I guess the sky’s not the limit after all.

Now, SPACs had their moment of fame recently, going from the business equivalent of the guy in the back of the class to the star quarterback. The number of SPACs skyrocketed during the pandemic, with more than 600 SPAC deals in the IPO blockbuster year of 2021. But this year, they’ve only managed to make up 48% of new public offerings. It seems SPACs have become the old news, just like last year’s viral video.

But who knows? Maybe Mission Control Acquisition Corporation will change all that. After all, when you’re planning to conquer an industry projected to be worth $1 trillion, you might just stir things up a bit. Just remember, investors, in space, no one can hear you scream… about your investment returns.

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Rockin’ Resilience: ZZ Top and Lynyrd Skynyrd’s Boom-Fest, Defying Time and Loss at SPAC

TLDR:
– ZZ Top and Lynyrd Skynyrd gave powerful performances, paying tribute to their fallen bandmates and proving that classic rock is still alive.
– The concert showcased meticulously crafted Southern rock, with a moving rendition of “Tuesday’s Gone” and a set-closing anthem of “Free Bird”.

This past Friday night, the Broadview Stage at SPAC turned into a battleground; a sonic slugfest between two rock titan behemoths. On one side, the Texas trio, ZZ Top, the other, Southern rock stalwarts Lynyrd Skynyrd. This co-headlining spectacle was aptly named the “Sharp Dressed Simple Man Tour”. And folks, let me tell you, it was a night that would’ve given Beethoven a run for his symphonies.

ZZ Top came out swinging, opening the concert with a punch from their 1983 chart topper “Got Me Under Pressure”. The crowd, having their eardrums rocked by the new bassist, Elwood Francis, wielding a custom “High Selecta” 15-string bass guitar like a Viking with a war axe. The fact that he only used three strings through the performance only adds to the mystery. It’s like a chef making a gourmet meal using just a microwave.

Now, not to forget, ZZ Top’s bandleader, Billy Gibbons, was practically exuding coolness from every single pore, while Frank Beard was hammering out heart-stopping beats. They paid tribute to their fallen comrade, Dusty Hill, and Jeff Beck through a video montage during “16 Tons”, a cover of Merle Travis’ song, that had the audience in a reverential silence. Powering through a sixteen-song set, ending with the sultry “La Grange”, they proved that even after five decades of touring, they’re not even close to their final note.

On the other side of the stage, Lynyrd Skynyrd, who apparently have been going through members like Spinal Tap goes through drummers. The fact that there are no original members left didn’t detract from their performance. They were there to honor the spirit of the music and the legacy of their fallen bandmates, and they did just that. The crowd, or as they like to call themselves, “Skynyrd Nation”, didn’t seem to care who was on stage as long as the music kept playing.

Their fourteen-song setlist was a testament to meticulously crafted Southern rock, made even more poignant with the replacement of the Confederate flag with the state flag of Alabama. Their moving rendition of “Tuesday’s Gone”, a tribute to the late Gary Rossington, and their set-closing anthem “Free Bird”, served as a touching tribute to all the fallen members of the band.

The evening kick-started with Uncle Kracker, who’s gone from Kid Rock’s DJ to adult contemporary radio regular, not a bad career move. His eight-song set left the crowd, though sparsely filled at the time, clamoring for more.

Despite a storm warning that had fans sheltering in their cars before the concert, and the doors opening later than expected, the SPAC staff were proficient in handling the eager crowd. It just goes to show, even Mother Nature can’t stop the power of rock and roll. The “Sharp Dressed Simple Man Tour” proved that classic rock is still alive, still kicking, and still has a lot to offer.

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“Party’s Over, Startups: 2023 Proxy Season Brings Major Audit Aches and Lots of Homework”

TLDR:
– Tax authorities are cracking down on transfer pricing and profit shifting, requiring companies to ensure transparent practices and thorough documentation.
– The 2023 Proxy Season highlights the need for strong internal controls, particularly in areas such as revenue recognition, lease accounting, and equity accounting. Investing in upgrades to internal controls is increasingly popular.

The COGS Cops are coming! And no, this isn’t the premise for a new action-packed comedy about an elite force of accountants. It’s a stark warning to companies engaging in transfer pricing and complex multinational businesses. These guys mean business, and they’re out hunting for tax violators like a vegan searching for the last tofu burger in a barbecue.

The launch of their campaign is not some lighthearted PR stunt. It’s as serious as a heart attack, or a sudden audit. It’s a reminder that tax authorities are now sporting night vision goggles, actively seeking out those who play fast and loose with terms like ‘arm’s length’. They’re no longer turning a blind eye to profit shifting. In other words, it’s no longer a free-for-all at the international tax buffet.

Here’s some free advice: Check your transfer pricing practices. Ensure they’re as transparent as your grandma’s cellophane-wrapped cookies. And for goodness’ sake, document everything. It seems the era of corporate tax leniency has gone the way of the dodo and the dinosaur – extinct! So, you might want to invest in a good internal review or two, basically anything that can help spot potential issues and take corrective actions. Because these COGS Cops aren’t easily fooled, and they’re not known for their light touch.

Meanwhile, in a plot twist that surprises no one, the 2023 Proxy Season reporting has highlighted the need for a proper handle on internal controls. It’s not exactly party time for audit committee chairs or the CFOs and accounting teams facing the enormous task of fixing these issues. Let’s just say it’s like trying to undo the chaos caused by a toddler in a toy shop.

Leading the charge in the restatement stakes are the usual suspects – revenue recognition, lease accounting, and equity accounting. These areas are like the unholy trinity for IPO / SPAC startups. Investing in upgrades to internal controls over financial reporting is becoming more popular than a politician promising lower taxes.

More importantly, never underestimate the power of a well-crafted internal audit roadmap. It’s like a well-oiled compass in a world of financial fog. And in the midst of all this, remember that speed-to-market reporting can quickly go from enthralling to excruciating. We’ve learned this the hard way, through a series of unfortunate accounting events, failed audits, and resultant shattered dreams.

So, as we gallop towards the end of the year, prepare for some more fun and games. Expect more scrutiny from the SEC and an increased oversight from the PCAOB, especially as IPOs and SPACs mature. The million-dollar question is, will the business plans pan out or will they crumble like an overbaked financier cake? And will the funding and accounting keep up, or will they be left behind like a runner with a bad stitch? Only time will tell.

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