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  "documentTitle": "Merging with SPAC",
  "authorId": "PwC",
  "authorName": "Mayer Brown, PwC",
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  "notes": "PwC and Mayer Brown branding present.",
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      "kind": "callout",
      "text": "In transactions where the registrant is a SPAC, the target's financial statements become those of the registrant upon consummation of the merger.",
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      "text": "In transactions where the registrant is a SPAC, the target's financial statements become those of the registrant upon consummation of the merger. In light of this fact and the staff considers the transaction to be equivalent to an initial public offering of the target, the staff would expect the financial statements of the target to be audited in accordance with the standards of the PCAOB. (Last updated: 10/30/2020)",
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      "text": "S-4 to be used for resales vs S-4 not to be used for resales. Left column: Required to be audited for the periods specified in S-X 3-05(b)(2) or S-X 8-04(b), as applicable. Right column: Latest Fiscal Year: Need be audited only if practicable... Fiscal years before the latest fiscal year: Need not be audited if they were not previously audited.",
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      "text": "Financial statement and financial disclosures (cont'd)",
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