With numerous companies going through mergers via special purpose acquisition companies (SPACs), the need for auditors to complete an uplift process is imperative. In the case of Hyliion, RSM was already providing the company with audit and tax services, but also worked on the uplift process in Hyliion’s financial statements to prepare the company to go public in a much tighter time frame.
Hyliion, which makes tractor trailer powertrains that cut down on fuel consumption, went public through a reverse merger with Tortoise Acquisition Corp. Hyliion’s merger via a SPAC, which closed the afternoon of Oct. 1, 2020, allowed the trucking technology company to begin trading on the New York Stock Exchange the very next day.