A clean energy technology company (“the Company”) is a portfolio-scale energy solution and funding provider that uses proprietary data and AI to deploy performance-driven sustainability upgrades, which generate energy savings for its enterprise customers. To capitalize on the energy transition and infrastructure opportunities afforded in the public markets, the Company pursued an initial public offering (“IPO”), which would allow it to further scale its business and invest in critical new service lines.
However, to complete an IPO, the Company (i) lacked expertise in technical accounting and SEC reporting (ii) were capacity constrained from various transaction and non-transaction-related workstreams, and (iii) lacked familiarity with the various complexities that arise as a result of capital markets transactions.
Opportune was engaged to perform public company readiness services, first through a contemplated de-SPAC transaction, which ultimately shifted to an IPO process. Opportune served the Company in a variety of capacities to ease the constraints of a demanding transaction process, including:
- Coordinated various external advisors’ workstreams and schedules to facilitate expedited transaction timelines.
- Organized and prioritized management’s competing priorities to ensure the successful and timely execution of the IPO.
- Prepared SEC-compliant historical financial statements, footnotes, and MD&A for annual and interim period reporting for inclusion in the S-1 filing.
- Modeled required pro forma adjustments.
- Assisted in numerous accounting close processes and audit requests to accommodate expedited timelines.
- Assisted with all technical accounting aspects of various complex debt and equity financing transactions, including the identification and valuation of embedded derivatives, modification vs. extinguishment analyses, and identification and valuation of instruments settled in a variable number of shares required to be carried at fair value.
- Assisted in the SEC preclearance process to address complex technical accounting conclusions.
- Analyzed and prepared other various technical accounting conclusions and implementations.
Financial Planning & Analysis:
- Analyzed cash flow forecasts to determine the need to obtain bridge financing before the execution of the IPO.