U.S. Bank has launched a range of services for sponsors of special purpose acquisition companies (SPACs), including:
- Establishing a special-purpose segregated trust account to hold SPAC proceeds;
- Holding, investing and disbursing of funds in accordance with a trust agreement;
- Providing statements and secure online reporting of account holdings and activity;
- Maintaining investment books and records;
- Reconciling cash and transaction activity;
- Serving as custodian for cash balances;
- Preparing 10-Qs and 10-Ks;
- Reviewing and providing support for S-1s; and
- Tax reporting.