Singapore-based Grab, which is going public through a merger worth $40 billion U.S. with special-purpose acquisition company (SPAC) Altimeter Growth, says it now expects to complete the business combination during this year’s fourth quarter.
The food delivery and transportation company had previously said it would close the deal by July.
Grab said it was in the process of finalizing its financial audit for fiscal years 2018, 2019 and 2020 in accordance with U.S. Securities and Exchange Commission (SEC) requirements.
The company is also working with the SEC to obtain pre-clearance of certain accounting policies and related financial disclosures. As a result, Grab's financial information for those periods remain subject to further review and revisions, the company said.
Grab also said its consolidated gross merchandise value during the first quarter of 2021 was $3.6 billion U.S., an increase of 5.2% over same period a year ago.
