Grab Holdings, a Singapore-based ride-hailing and food delivery company, has delayed the completion of its merger with Nasdaq-listed bank check company Altimeter Growth Corp. until the fourth quarter.
Originally scheduled to close in the third quarter, the merger with Altimeter, a special purpose acquisition company (SPAC), was delayed. Grab, however, stated in a filing with the United States Securities and Exchange Commission that it is still finalizing a financial audit of its accounts for the last three years.
“In accordance with the SEC’s procedures, we are working with the SEC to obtain pre-clearance of certain accounting policies and related financial disclosures,” Grab said in a statement. “As a result, our financial information for these periods will be reviewed and revised in the future.”
Grab intends to raise $4 billion via a backdoor listing with Altimeter, making it the largest acquisition ever made by a SPAC. Grab is now valued at $40 billion, making it one of Southeast Asia’s most valuable startups.
Regulators have increased their scrutiny of SPAC transactions in the wake of a global IPO boom. According to Refinitiv data, companies raised approximately $130 billion in the United States this year, with $88.2 billion coming from SPAC transactions.
Anthony Tan and Hooi Ling Tan cofounded Grab in 2012 as a taxi booking app, but it quickly grew into a superapp that offers everything from ride hailing and food delivery to digital payments. The company is now present in 428 cities across eight countries.
Grab’s consolidated gross merchandise value increased 5.2 percent to $3.6 billion in the first quarter, the company said in a US Securities and Exchange Commission filing, as a 49 percent increase in food deliveries offset a decline in ride hailing. It did not disclose revenue or profit figures.