1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  6. News
  7. Summary
    HCCC   US42228C1018


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

HEALTHCARE CAPITAL CORP/DE : Non-Reliance on Previous Financials, Audits or Interim Review (form 8-K)

11/15/2021 | 03:56pm EDT

Item 4.02 Non-Reliance on Previously Issued Financial Statements.

In connection with the preparation of its financial statements as of September 30, 2021, the management of Healthcare Capital Corp. (the "Company"), in consultation with its advisors, identified an error made in certain of its previously issued financial statements, arising from the manner in which, as of the closing of the Company's initial public offering, the Company valued its Class A common stock subject to possible redemption. The Company previously determined the value of such Class A common stock to be equal to the redemption value of such shares, after taking into consideration the terms of the Company's Amended and Restated Certificate of Incorporation, under which a redemption cannot result in net tangible assets being less than $5,000,001. Management has now determined, after consultation with its advisors, that the Class A common stock underlying the units issued during its initial public offering can be redeemed or become redeemable subject to the occurrence of future events considered to be outside the Company's control. Therefore, management has concluded that the redemption value of its Class A common stock subject to possible redemption should reflect the possible redemption of all Class A common stock. As a result, management has noted a reclassification error related to temporary equity and permanent equity, which has resulted in a restatement of the initial carrying value of the Class A common stock subject to possible redemption, with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and Class A common stock.

On November 15, 2021, the Company's audit committee concluded, after discussion with the Company's management and its advisors, that the Company's audited balance sheet as of January 20, 2021, as restated in the Company's Form 10-Q for the quarterly period ended March 31, 2021, and the Company's unaudited condensed financial statements included in the Company's Form 10-Q for the quarterly period ended March 31, 2021 and its Form 10-Q for the quarterly period ended June 30, 2021, should no longer be relied upon due to the reclassification described above. The Company plans to reflect this reclassification in its upcoming Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, to be filed with SEC.

The Company does not expect the changes described above to have any impact on its cash position or the balance held in the trust account.

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 remediation plan with respect to such material weakness is described in more detail in the upcoming Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021.The Company's management and audit committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with its independent registered public accounting firm.


© Edgar Online, source Glimpses

All news about HEAE CAPI
03/31Healthcare Capital Corp. Reports Earnings Results for the Full Year Ended December 31, ..
03/08HEALTHCARE CAPITAL : Alpha Tau Medical and Healthcare Capital Corp. Announce Completion of..
03/08HEALTHCARE CAPITAL CORP/DE : Entry into a Material Definitive Agreement, Termination of a ..
03/07Healthcare Capital, Alpha Tau Medical Complete Business Combination
03/07HEALTHCARE CAPITAL CORP.(NASDAQCM : HCCC) dropped from NASDAQ Composite Index
03/07Alpha Tau Medical Ltd. completed the acquisition of Healthcare Capital Corp. from Healt..
02/23Healthcare Capital Shareholders Approve Merger With Alpha Tau Medical
02/22HEALTHCARE CAPITAL CORP/DE : Submission of Matters to a Vote of Security Holders, Other Ev..
02/22Healthcare Capital Corp. and Alpha Tau Medical Ltd. Announce Stockholder Approval of t..
02/18HEALTHCARE CAPITAL : Announces Adjournment of Special Meeting of Stockholders - Form 8-K
More news
Analyst Recommendations on HEAE CAPI
More recommendations
Duration : Period :
HEAE CAPI Technical Analysis Chart | MarketScreener
Full-screen chart