Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On
In consideration of the
As a result of the foregoing, on
Consequently, the Company today is announcing that it will restate its Original
Financial Statements to reflect the change in accounting treatment (the
"Restatement"). The Company intends to file a Form 10-K/A for the period ended
The Audit Committee and management of the Company have discussed the matters
disclosed pursuant to this Item 4.02 with
The Company's management has concluded that in light of the classification error described above, a material weakness exists in the Company's internal control over financial reporting and that the Company's disclosure controls and procedures were not effective.
The Company's accounting for the Warrants as components of equity instead of as derivative liabilities is not expected to have any effect on the Company's previously reported investments held in trust, cash flows or cash.
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. 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.
© Edgar Online, source