SPACs don’t give anyone “a free pass” for exaggerating or leaving out key details about a company’s financial position or prospects, an SEC official said on Thursday, in a long statement about the risks involved with SPACs that was posted on the regulator’s web site. John Coates, the acting director of the SEC’s division of corporate finance, appeared to rebut the idea that one reason SPACs...
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The Coming Wave of Cram Downs
What do Good Eggs, a startup that delivers $4.99 broccoli bunches, and Tonal, a fitness startup that sells $3,995 exercise equipment, have in common—other than a business model subsidized by venture capital? They’re both engaged in a painful type of financing known as a “cram down.” If you grew up in the era of easy money, ultralow interest rates and 100 times multiples, it’s possible you’...
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