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 the Company’s enterprise customers. The Company facilitates its cost reduction and carbon reduction programs without capital investment from its customers through fully funded LED, HVAC, solar, geothermal, and other energy upgrades with turnkey deployments.

READ MORE: Upstream: Transactional Due Diligence: Acquisition Data Integration

Opportune was engaged to perform public company readiness services, first through a contemplated de-SPAC transaction, which ultimately shifted to an IPO process. The scope of services performed included:

• Project Management:
  • Coordinate various external advisors’ workstreams and schedules to facilitate expedited transaction timelines.
  • Organize and prioritize management’s competing priorities to ensure successful and timely execution of the IPO.
• Financial Reporting:
  • Prepare SEC-compliant historical financial statements, footnotes, and MD&A for annual and interim period reporting for inclusion in the S-1 filing.
  • Model required pro forma adjustments.
  • Assist in numerous accounting close processes and audit requests to accommodate expedited timelines.
• Technical Accounting:
  • Assist 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.
  • Assist in the SEC preclearance process to address complex technical accounting conclusions.
  • Analyze and prepare other various technical accounting conclusions and implementations.
• Financial Planning & Analysis:
  • Analyze cash flow forecasts to determine the need to obtain bridge financing before the execution of the IPO.

The Company initially engaged Opportune in project management and oversight roles for the IPO process, but subsequently expanded the scope of the engagement to include financial reporting, technical accounting, and financial planning and analysis workstreams. Opportune added significant value by leveraging its extensive IPO execution expertise and expeditiously deploying cross-functional resources to enable the Company to capitalize on the energy transition and infrastructure opportunities in the public markets on an expedited timeline, which will ultimately allow the Company to further scale its business and invest in critical new service lines. We expect to continue assisting the Company’s external reporting processes as it transitions to operating as a public company will monitor and deploy resources on an ongoing basis to ensure sufficient bandwidth through that transitional phase.

READ MORE: Upstream: Complex Financial Reporting: From Zero To IPO

The Complex Financial Reporting team at Opportune has extensive experience working with financial statements and footnotes, including SEC filings, and we understand the fine print. Financial footnotes and management’s discussion and analysis are among the most complex and critical pieces of financial reporting as a public company. Knowing how to interpret and construct these disclosures is crucial to SEC compliance, and Opportune can offer deep expertise in this area, along with a specific focus on energy-industry interests. For more information, CLICK HERE.