Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
In connection with the preparation of
As a result of the foregoing, on
As a result, the Company today is announcing that it will restate its historical
financial results for the Affected Period to reflect the Reclassification Error
(the "Restatement"). The Restatement will be reflected in the Company's
Quarterly Report on Form 10-Q for the period ended
The Company's prior accounting for the Class A ordinary shares as subject to possible redemption did not have any impact on the Company's liquidity, cash flows, revenues or costs of operating our business, in the Affected Period. The Reclassification Error does not impact the amounts previously reported for the Company's cash and cash equivalents, investments held in the trust account, operating expenses or total cash flows from operations for any of these periods.
The Company's management concluded that in light of the Reclassification Error
described above, a material weakness exists in the Company's internal control
over financial reporting and that the Company's disclosure controls and
procedures were not effective. The Company's remediation plan with respect to
such material weakness will be described in more detail in the Quarterly Report
on Form 10-Q for the quarterly period ended
The Company's management and the Audit Committee have discussed the matters
disclosed in this Form 8-K with
Forward-Looking Statements
This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company's intent to restate certain historical financial statements and the timing and impact of the restatement. These statements are based on current expectations on the date of this Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
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