Item 4.02 Non-Reliance on Previously Issued Financial Statements or Related Audit

Report or Completed Interim Report.

In preparation of ESM Acquisition Corporation's (the "Company") unaudited condensed financial statements for the quarterly period ended September 30, 2021, the Company concluded it should restate its previously issued financial statements to classify all Class A ordinary shares subject to possible redemption in temporary equity. In accordance with the SEC and its staff's guidance on redeemable equity instruments in ASC 480-10-S99, redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A ordinary shares in permanent equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. The Company revised this interpretation to include temporary equity in net tangible assets. As a result, the Company expects to restate its previously filed financial statements to present all Class A ordinary shares subject to possible redemption as temporary equity and to recognize accretion from the initial book value to redemption value at the time of its initial public offering (the "IPO") and the related exercise of the over-allotment option. The Company's previously filed financial statements that contained the error were reported in the Company's Form 8-K filed with the SEC on March 18, 2021 and the Company's Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021.

On November 15, 2021, the Company's management and the Audit Committee of the Company's Board of Directors (the "Audit Committee") concluded that it is appropriate to restate (i) certain items on the Company's previously issued audited balance sheet as of March 18, 2021, which was related to the IPO and (ii) the unaudited quarterly financial statements as of and for the periods ended March 31, 2021, and June 30, 2021 (collectively, the "Relevant Periods"). Considering such restatement, such financial statements, as well as the relevant portions of any communication which describes or are based on such financial statements, should no longer be relied upon. The Company will file its Quarterly Report on Form 10-Q and for the period ended September 30, 2021, which will include the restated financial statements for the Relevant Periods. In addition, the audit report of Marcum LLP, the Company independent registered public accounting firm (the "Independent Accountants") included in the Company's Form 8-K filed with the SEC on March 18, 2021 should no longer be relied upon.

The Company's Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based upon their evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were not effective as of September 30, 2021, due to the material weakness in analyzing complex financial instruments including the proper classification of redeemable Class A ordinary shares as temporary equity.

The Company's management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with the Independent Accountants.

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