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The Accounting Tricks Behind a SPAC’s Sudden Fall
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Subscribe12 AUG 2025 / ACCOUNTING & TAXES
Near Intelligence Inc., a data analytics company, went bankrupt within nine months of going public via a SPAC merger. Federal prosecutors allege its top leadership inflated revenues more than tenfold through a "round-tripping" scheme, artificially inflating valuations critical for SPAC deals, which has contributed to the loss of over $46 billion in market value in 2023 and threatens the viability of the SPAC model. The incident emphasizes the need for rigorous valuation checks, audit procedures, and regulatory oversight in SPAC transactions.
At the height of the pandemic-era market frenzy, SPACs; those “blank-check” companies that promised a fast track to going public, were Wall Street’s hottest ticket. They offered private firms a shortcut to the stock exchange without the drawn-out IPO proc...
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