Paul Munter, acting chief accountant at the Securities and Exchange Commission (SEC), issued a warning Wednesday (March 31) to Wall Street over the problems with special purpose acquisition companies (SPACs), Reuters reported.

“We encourage stakeholders to consider the risks, complexities and challenges related to SPAC mergers, including careful consideration of whether the target company has a clear, comprehensive plan to be prepared to be a public company,” he said in a statement, according to Reuters. READ MORE