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    HPX   KYG322191001

HPX CORP.

(HPX)
Delayed Nyse  -  03:55 2022-08-12 pm EDT
9.950 USD   +0.40%
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HPX CORP. : Non-Reliance on Previous Financials, Audits or Interim Review (form 8-K)

11/18/2021 | 05:12pm EDT

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

In light of recent comment letters issued by the U.S. Securities and Exchange Commission (the "SEC"), the management of HPX Corp. (the "Company") has re-evaluated the Company's application of ASC 480-10-S99-3A to its accounting classification of the redeemable Class A ordinary shares, par value $0.0001 per share (the "Public Shares"), issued as part of the units sold in the Company's initial public offering (the "IPO") on July 20, 2020. Historically, a portion of the Public Shares was classified as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. Pursuant to such re-evaluation, the Company's management has determined that the Public Shares include certain provisions that require classification of all of the Public Shares as temporary equity regardless of the minimum net tangible assets required to complete the Company's initial business combination.

Therefore, on November 18, 2021, the Company's management and the audit committee of the Company's board of directors (the "Audit Committee"), after consultation with Marcum LLP ("Marcum"), the Company's independent registered public accounting firm, concluded that the Company's previously issued (i) audited balance sheet as of July 20, 2020, as previously restated in the Company's Annual Report on Form 10-K/A as of December 31, 2020 and for the period from March 20, 2020 (inception) through December 31, 2020, filed with the SEC on July 1, 2021 (the "Form 10-K/A"), (ii) unaudited quarterly financial statements as of and for the period from March 20, 2020 (inception) through September 30, 2020, as previously restated in the Form 10-K/A, (iii) audited financial statements as of December 31, 2020 and for the period from March 20, 2020 (inception) through December 31, 2020, as previously restated in the Form 10-K/A, (iv) unaudited interim financial statements included in the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on July 6, 2021 and (v) unaudited interim financial statements included in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 13, 2021 (collectively, the "Affected Periods"), should be restated to report all Public Shares as temporary equity and should no longer be relied upon. As such, the Company has restated its financial statements for the Affected Periods in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 18, 2021 (the "Q3 Form 10-Q"), as described therein.

The Company does not expect any of the above changes will have any impact on its cash position and cash held in the trust account established in connection with the IPO (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 Q3 Form 10-Q.

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 Marcum.

Cautionary Statement Regarding Forward-Looking Statements

This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, including relating to the filing of an amendment to the 10-K, other than statements of historical fact included in this report are forward-looking statements. When used in this report, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's Annual Report on Form 10-K, as it may be amended, filed with the SEC. Copies of such filings are available on the SEC's website, www.sec.gov or may be obtained free of charge at the Company's website at http://hpxcorp.com. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.




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Financials ()
Sales 2021 - - -
Net income 2021 9,39 M - -
Net cash 2021 0,55 M - -
P/E ratio 2021 33,2x
Yield 2021 -
Capitalization 314 M 314 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 66,7%
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Managers and Directors
Carlos Augusto Leone Piani Chief Executive Officer, CFO & Director
Bernardo Vieira Hees Co-Chairman
Rodrigo Xavier Co-Chairman
Marcos Vinicius Bernardes Peigo Independent Director
Maria Salete Pinheiro Independent Director
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