Tim Kviz is the National Managing Partner of BDO’s SEC Services Practice. Tim has more than 25 years of experience in accounting, financial and SEC reporting, auditing and business management. He assists clients with complex accounting and SEC reporting matters in connection with IPOs, business combinations, dispositions, restructurings, debt and equity financings, and other transactions.

Key Takeaways:

• The proposed new rules are a mix of largely expected items, codification of guidance the SEC was already enforcing, and some new changes.
• One of the most significant changes is enhancing disclosure requirements.
• The new proposed rules seem to provide investors with better disclosures and a more nuanced understanding of the transaction and how it came about. Some disclosures moved from one document to another, and others were enhanced to align with a traditional IPO.
• Investor protection is a main objective of these proposed rules. Tim explains how investors may benefit and whether any projections of future results are based on historical results, or just forecasts.
• Tim believes the proposed rules will improve the quality of SPAC transactions, bringing the deal up to the level of an IPO.

Additional Resources:

• BDO Knows SPACs
• Tim Kviz’s bio
• Michael Stevenson’s bio
• The BDO Center for Accounting and SEC Matters
• BDO’s SEC Registration and Filings Services – led by Tim Kviz
• BDO’s Accounting & Reporting Advisory Services - led by Michael Stevenson
• SEC Proposes Rules to Enhance Reporting and Due Diligence in SPAC Transactions