Dune Acquisition : Non-Reliance on Previously Issued Financial Report - Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 7, 2023 (April 3, 2023)

Dune Acquisition Corporation

(Exact name of registrant as specified in its charter)

Delaware		001-39819		85-1617911
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

700 S. Rosemary Avenue, Suite 204 West Palm Beach, FL		33401
(Address of principal executive offices)		(Zip Code)

[phone]

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant		DUNEU		The NasdaqStock Market LLC
Class A common stock, par value $0.0001 per share		DUNE		The NasdaqStock Market LLC
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share		DUNEW		The NasdaqStock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

Dune Acquisition Corporation (the "Company") had previously recognized a liability upon closing of its initial public offering ("IPO") in December 2020 for a portion of the underwriter's commissions which was contingently payable upon closing of the Company's initial business combination, with the offsetting entry resulting in an initial discount to the securities sold in the initial public offering. The underwriter waived all claims to this deferred commission in June 2022. The Company recognized the waiver as an extinguishment, with a resulting non-operating gain recognized in its statement of operations for the quarters ended June 30, 2022 and September 30, 2022. Upon subsequent review and analysis, management concluded that the Company should have recognized the extinguishment of the contingent liability as a credit to stockholders' deficit.

On April 3, 2023, the Audit Committee of the Company's Board of Directors (the "Audit Committee"), after discussion with Company management, concluded that such misclassification was material with respect to the unaudited interim financial statements of the Company for the quarters ended June 30, 2022 and September 30, 2022 included in the Company's Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC") on August 17, 2022 and November 14, 2022, respectively, and such unaudited interim financial statements for the quarters ended June 30, 2022 and September 30, 2022 should no longer be relied upon and that it is appropriate to restate them.

As a result, the Company intends to restate its financial statements as of and for the quarterly periods ended June 30, 2022 and September 30, 2022 in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, to be filed with the SEC (the "Form 10-K") as soon as practicable. The Form 10-K will correct the classification error described above.

The Company does not expect the restatement to have any impact on the Company's cash position or the cash held in the trust account established in connection with the IPO.

After re-evaluation, the Company's management has concluded that in light of the classification error described above, a material weakness existed in the Company's internal control over financial reporting during the affected period and that the Company's disclosure controls and procedures were not effective.

The Company and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with WithumSmith+Brown, PC, the Company's independent registered public accounting firm.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DUNE ACQUISITION CORPORATION
Date: April 7, 2023	By:	/s/ Carter Glatt
	Name:	Carter Glatt
	Title:	Chief Executive Officer