Carney Technology Acquisition Corp. II announced that on June 8, 2021, the Company’s audit committee (the Audit Committee), based on the recommendation of, and after consultation with, the company’s management, concluded that the Company’s audited financial statements for the year ended December 31, 2020 and its audited balance sheet as of December 14, 2020 (collectively, the Non-Reliance Periods), as reported in the company’s Annual Report on Form 10-K filed on March 30, 2021 and the Current Report on Form 8-K filed on December 18, 2020, should no longer be relied upon due to changes required to reclassify the Company’s outstanding warrants as liabilities. Similarly, the related press releases, Report of Independent Registered Public Accounting Firm dated March 30, 2021 on the financial statements as of December 31, 2020 and for the year ended December 31, 2020, and the stockholder communications, investor presentations or other communications describing relevant portions of the company’s financial statements for these periods should no longer be relied upon. As a result, the Company will restate its historical financial results for the Non-Reliance Periods, in each case to reflect the change in accounting treatment. The company’s prior accounting treatment of the warrants as components of equity instead of as derivative liabilities did not have any effect on the company’s previously reported operating expenses, cash flows or cash.