Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

ATLANTIC AVENUE ACQUISITION CORP

(ASAQ)
SummaryQuotesChartsNewsCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Atlantic Avenue Acquisition : Non-Reliance on Previously Issued Financial Statement or Related Audit Report or Completed Interim Review (Form 8-K)

05/25/2021 | 06:07am EDT
Non-Reliance on Previously Issued Financial Statement or Related Audit Report or Completed Interim Review.

(a) On May 24, 2021, the Audit Committee of the Board of Directors (the 'Audit Committee') of Atlantic Avenue Acquisition Corp (the 'Company'), after consultation with management and our independent public accountants, WithumSmith+Brown, PC, concluded that the Company's audited financial statements as of and for the period from July 27, 2020 (inception) through December 31, 2020 and its audited balance sheet as of October 6, 2020 (collectively, the 'Non-Reliance Periods'), as reported in the Company's Annual Report on Form 10-K filed March 25, 2021 and October 13, 2020, should no longer be relied upon because of the errors identified therein.

On April 12, 2021, the staff (the 'Staff') of the Securities and Exchange Commission (the 'SEC') issued a statement entitled 'Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies ('SPACs').' In the statement, the Staff, among other things, highlighted potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of special purpose acquisition companies such as the Company. In connection with such statement, the Company revisited its accounting for its public warrants and private placement warrants issued in connection with the Company's initial public offering (the 'Warrants'), and determined that they should be treated as derivative liabilities pursuant to ASC 815-40 rather than as components of equity as the Company previously treated the Warrants. The correction involves only non-cash adjustments.

As a result, the Company today is announcing that it will restate its historical financial results for the Non-Reliance Periods, in each case to reflect the change in accounting treatment (the 'Restatement'). Further details will be included in the Company's Form 10-K/A, which the Company intends to file as soon as practicable.

The Audit Committee and management have discussed the matters disclosed pursuant to this Item 4.02(a) with the Company's independent accountant.

Cautionary Statements Regarding 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 and the filing of the Form 10-K/A. 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.

Disclaimer

Atlantic Avenue Acquisition Corp. published this content on 25 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2021 10:06:03 UTC.


© Publicnow 2021
All news about ATLANTIC AVENUE ACQUISITION CORP
08/11Atlantic Avenue Acquisition Corp Reports Earnings Results for the Second Quarter Ended ..
CI
08/11ATLANTIC AVENUE ACQUISITION : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ..
AQ
06/28ATLANTIC AVENUE ACQUISITION : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ..
AQ
06/28Atlantic Avenue Acquisition Corp Reports Earnings Results for the First Quarter Ended M..
CI
05/27ATLANTIC AVENUE ACQUISITION : Receives Expected Notice from NYSE Regarding Delayed Quarter..
PU
05/27ATLANTIC AVENUE ACQUISITION CORP : Notice of Delisting or Failure to Satisfy a Continued L..
AQ
05/27ATLANTIC AVENUE ACQUISITION CORP : Receives Expected Notice from NYSE Regarding Delayed Qu..
PR
05/25ATLANTIC AVENUE ACQUISITION : Non-Reliance on Previously Issued Financial Statement or Rel..
PU
05/25ATLANTIC AVENUE ACQUISITION CORP : Non-Reliance on Previous Financials, Audits or Interim ..
AQ
03/30Certain Class B Common Stock of Atlantic Avenue Acquisition Corp are subject to a Lock-..
CI
More news
Financials (USD)
Sales 2020 - - -
Net income 2020 -2,30 M - -
Net cash 2020 1,53 M - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 307 M 307 M -
EV / Sales 2019
EV / Sales 2020 -
Nbr of Employees -
Free-Float 53,3%
Chart ATLANTIC AVENUE ACQUISITION CORP
Duration : Period :
Atlantic Avenue Acquisition Corp Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ATLANTIC AVENUE ACQUISITION CORP
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Managers and Directors
Ashok Nayyar Chairman & Chief Executive Officer
David Gelobter Co-President & Secretary
Michael J. Zimmerman Co-President
Barry Best Chief Financial Officer
James M. Dubin Independent Director
Sector and Competitors
1st jan.Capi. (M$)
ATLANTIC AVENUE ACQUISITION CORP-2.68%307
INVESTOR AB (PUBL)32.42%70 282
CK HUTCHISON HOLDINGS LIMITED-1.48%26 295
GROUPE BRUXELLES LAMBERT SA20.00%17 487
HAL TRUST29.70%15 069
AB INDUSTRIVÄRDEN (PUBL)3.14%14 164