Special-purpose acquisition companies (SPACs) have been around for a long time, but in the last 24 months, the SPAC market has seen an unprecedented amount of activity. In our Facts on SPACs mini-series, we cut through the noise to tell you exactly what you need to know about this boom. This week we’re kicking off this series with a SPAC lifecycle overview. Mike Bellin, PwC’s IPO Services co-leader, is in the guest seat to give the what, why, and how of SPAC transactions, including a few of the latest trends emerging in 2021. Topics include:0:53 - Defining a SPAC. Mike introduces what a SPAC transaction is, what it accomplishes, and what’s driving its popularity. 11:27 - SPACs versus IPOs. Most companies are familiar with traditional IPOs. Mike describes the similarities and differences in the processes that make SPACs a popular choice, and the differences in risk. 18:23 - The current landscape. Mike highlights what’s happening in the SPAC market currently, including “divestiture-to-SPAC” and “up-SPAC” transactions, along with key accounting and reporting considerations.24:40 - Key takeaways. Heather and Mike close with some final remarks around where CFOs and controllers can focus their preparation when contemplating various liquidity scenarios. If going public is on the table, it’s important to put investment into the organization now - Mike explains.Want to learn more? Listen to our podcast Forecast 2021: Operational readiness for IPOs, SPACs, and spins, and read our In depth: Domestic SPAC mergers - financial reporting and accounting considerations.Mike Bellin is a PwC Deals partner and co-leads PwC’s IPO Services practice. Mike focuses on IPOs, SPACs, accounting for carve-outs/spin-offs, purchase accounting, pro forma financial statements, stock compensation, the SEC registration process, and much more. In addition, he frequently advises on IPOs, helping his clients with their initial registration process and operational readiness.Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.