Zukin Certification Services and Banyan Risk Bundle Reasonable Basis Review of SPAC Target Projections with SPAC D&O Insurance

Rhea-AI Summary

Zukin Certification Services (ZCS) has partnered with specialty insurer Banyan Risk to provide discounted Directors’ and Officers’ (D&O) insurance alongside a subsidized Zukin Reasonable Basis Review (ZBR™). This review service offers SPACs an independent assessment of target company financial projections, thus helping mitigate transaction risks. Banyan aims to support SPAC clients in navigating challenging market conditions by offering these essential services at reduced rates, potentially transforming SPAC perceptions in the marketplace.

Positive

• Partnership with Banyan Risk to offer discounted D&O insurance and subsidized ZBR™.
• ZBR™ provides independent reviews, potentially reducing transaction risk for SPACs.
• Banyan Risk's initiative may enhance SPAC client confidence in volatile markets.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- Zukin Certification Services (ZCS) today announced its partnership with specialty insurer Banyan Risk to offer discounted Directors’ and Officers’ insurance in combination with a subsidized Zukin Reasonable Basis Review (Zukin RBR™), an essential service designed to provide SPACs with an independent review of a target company’s financial projections.

Since receipt of a Zukin RBR Certification can serve to mitigate a transaction’s risk profile, Banyan will offer its SPAC clients both a subsidized rate on the Zukin RBR service as well as discounted D&O insurance premiums.

“This past year has been a difficult environment to say the least, and our aim is to assist our SPAC clients as they navigate these challenging markets,” said Tim Usher-Jones, Founder and Chief Executive Officer of Banyan Risk.

The Zukin RBR is a financial due diligence service which provides SPAC Boards of Directors with a third-party expert review of a target company’s projections and underlying assumptions. ZCS provides their findings in a report that is available for inclusion in the SPAC’s public filings.

“We are excited to see Banyan offer this program and acknowledge how the Zukin RBR can serve as an important risk mitigator for SPAC sponsors and provide comfort for investors who should view our work as a critical piece of securities research,” said Jim Zukin, Chairman and Chief Executive Officer of ZCS. “We believe our service will become a market standard that helps transform how SPACs are viewed in the marketplace.”

About Zukin Certification Services

Zukin Certification Services was founded by Jim Zukin, a pioneer in the creation and implementation of financial opinions for fair market value, fairness, and solvency as a co-founder of Houlihan Lokey Howard & Zukin (now Houlihan Lokey, NYSE: HLI). ZCS will advise SPAC Boards of Directors, and their Special Committees, by reviewing their projections emerging from the De-SPAC process. The Zukin RBR is not intended to provide a recommendation or judgment on the merits or the pricing of a particular SPAC transaction. For more information, please visit https://www.z-spac.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221028005084/en/

Ari Schottenstein

424-317-0178

media@z-spac.com

Source: Zukin Certification Services

FAQ

What is the partnership between Zukin Certification Services and Banyan Risk?

Zukin Certification Services has partnered with Banyan Risk to provide discounted Directors’ and Officers’ insurance and a subsidized Zukin Reasonable Basis Review (ZBR™) for SPACs.

How does the Zukin Reasonable Basis Review (ZBR™) benefit SPACs?

The ZBR™ offers an independent assessment of a target company’s financial projections, helping to mitigate transaction risks for SPACs.

What impact does the ZCS and Banyan Risk partnership have on SPACs?

This partnership aims to enhance investor confidence and improve the risk profile of SPAC transactions during challenging market conditions.

When was the partnership between Zukin Certification Services and Banyan Risk announced?

The partnership was announced on October 28, 2022.

What is the goal of Zukin Certification Services in the SPAC market?

Zukin Certification Services aims to establish the ZBR™ as a market standard that transforms how SPACs are perceived and operates.