Grab is the latest company to be affected by intensifying scrutiny from US financial regulators on deals involving special purpose acquisition (SPAC) vehicles. A SPAC listing boom has pushed the number of pre-deal blank-check companies trading on US exchanges to more than 500.
Singapore’s Grab Holdings postponed the expected completion of its merger with a US blank-check company as the ride-hailing and food-delivery giant works on a financial audit of the past three years.
The deal, set to be one of the largest-ever mergers with a blank-check company, is now expected to be completed in the fourth quarter of this year, the company said in a statement on Wednesday. When announcing the merger in April, Grab expected completion in the third quarter.
