The growth of SPACs has been extraordinary during 2020! In terms of your specific question about classification of warrants (i.e., asset vs liability), I think the answer is yes if it’s material. By the way, assuming the target company has been “audited” (namely by one of the large national accounting firms), then the accounting, classification, and disclosure matters (related to the warrants) should have been addressed (including the related “triggers”). Perhaps the DD related to this item would be to ask for the auditors underlying workpaper (or technically it should be management’s position paper, etc.). And finally, I’ve not personally had experience with a SPAC.