The closing of a de-SPAC transaction is a milestone, but it is not the finish line. For target companies — particularly those transitioning from private, founder-led organizations in Southeast Asia — the first year as a public company is a critical period that determines long-term market credibility and shareholder confidence.
Board Composition and Committee Structure
Public companies listed on NASDAQ must maintain an independent board majority and establish audit, compensation, and nominating committees staffed with independent directors who meet specific qualification criteria. For companies with historically founder-controlled boards, this transition requires thoughtful planning that balances governance requirements with continuity of strategic vision.
The most successful transitions involve recruiting independent directors before closing, ensuring they are oriented and prepared to serve from day one. Ideal candidates bring relevant industry expertise, public-company board experience, and — for Southeast Asian companies — cross-cultural fluency that bridges operational realities with U.S. investor expectations.
Sarbanes-Oxley Compliance
SOX Section 302 requires CEO and CFO certification of financial statements beginning immediately upon listing, while Section 404 internal controls attestation typically applies within the first or second annual report depending on the company’s classification. Building the control environment, documentation, and testing protocols required for SOX compliance is a significant undertaking that should begin well before the de-SPAC closes.
Companies that defer SOX preparation until after listing frequently face material weakness disclosures that damage investor confidence and depress share price. Proactive implementation — including hiring or contracting qualified internal audit personnel, implementing appropriate financial systems, and establishing entity-level controls — avoids this outcome.
Investor Relations as a Strategic Function
Public-market success requires consistent, transparent communication with analysts, institutional shareholders, and retail investors. A professional investor relations program encompasses quarterly earnings preparation, annual shareholder meeting management, non-deal roadshows, and ongoing engagement with the sell-side research community.
For Southeast Asian companies with limited prior exposure to U.S. institutional investors, the IR function also serves an educational role — helping the market understand the company’s business model, competitive advantages, and the dynamics of its home market.
At Aetherium Acquisition Corp, our post-merger integration practice supports newly public companies through every dimension of the public-company transition. Governance excellence is not just a compliance requirement — it is a competitive advantage.
