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Deepti Sri · · 1 min readGrab pushes completion of SPAC merger deal to fourth quarter
“Singapore’s Grab postponed the expected completion of its merger with a US blank-check company as the ride-hailing and food-delivery giant works on a financial audit of the past three years,” Bloomberg reported.
Details:
- Grab, which was set to go public in the US through largest-ever merger involving a special purpose acquisition company (SPAC), will now complete the deal in the last quarter of 2021.
- The company is finalizing its financial audit, and it’s working with the US Securities and Exchange Commission (SEC) to get pre-clearance of certain accounting policies and financial disclosures.
Context:
- In April, Grab announced that its SPAC merger with Altimeter Growth will be completed by the third quarter of the year.
- The development comes as deals involving SPACs face heightened scrutiny from US regulators. SEC recently said that instead of accounting for warrants – securities issued to early investors – as equity, blank-check firms might need to list them as liabilities.
Editing by Collin Furtado and Eileen C. Ang
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