Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On
In light of the SEC Statement, on
Similarly, press releases, earnings releases, and investor presentations or other communications describing the Company's consolidated financial statements and other related financial information covering the Non-Reliance Periods should no longer be relied upon.
The change in accounting for the warrants did not have any impact on the Company's previously reported investments held in trust, operating expenses, cash flows or cash. The Company will prepare an amendment to the Original 10-K reflecting the reclassification of the Warrants for the Non-Reliance Periods. While the Company has not generated any operating revenues to date and will not generate any operating revenues until after completion of its initial business combination, at the earliest, the change in fair value of the Warrants is a non-cash charge and will be reflected in the Company's statement of operations. Going forward, unless the Company amends the terms of the Warrants, it expects to continue to classify the Warrants as liabilities, which would require the Company to incur the cost of measuring the fair value of the warrant liabilities, and which may have an adverse effect on the Company's results of operations.
The Audit Committee has discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with the Independent Accountants.
Forward-Looking Statements
This Current Report on Form 8-K includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). We have based these forward-looking statements on our current
expectations and projections about future events. These forward-looking
statements are subject to known and unknown risks, uncertainties and assumptions
about us that may cause our actual results, levels of activity, performance or
achievements to be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. In some cases, you can identify forward-looking
statements by terminology such as "may," "should," "could," "would," "expect,"
"plan," "anticipate," "believe," "estimate," "continue," or the negative of such
terms or other similar expressions. Such statements include, but are not limited
to, statements other than statements of historical fact included in this Current
Report on Form 8-K. Factors that might cause or contribute to such a discrepancy
include, but are not limited to, those described in our other
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