Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On February 24, 2022, SPK Acquisition Corp. ("SPK" or the "Company") filed its
Form 10-K for the annual period ending December 31, 2021 (the "10-K"), which
included in Note 9 - Revision of Prior Period Financial Statements ("Note 9"), a
discussion of the revision to a portion of the Company's previously issued
financial statements.
As described in Note 9, in accordance with Securities and Exchange Commission
(the "SEC") Staff Accounting Bulletin No. 99, "Materiality," and SEC Staff
Accounting Bulletin No. 108, "Considering the Effects of Prior Year
Misstatements when Quantifying Misstatements in Current Year Financial
Statements" (the "SEC Bulletins") the Company identified errors on the balance
sheet as of June 10, 2021 as filed on Form 8-K in connection with the Company's
initial public offering (the "IPO").
Management corrected the error by revising all shares of Common Stock subject to
redemption as temporary equity. This resulted in an adjustment to the initial
carrying value of the shares of Common Stock subject to possible redemption with
the offset recorded to additional paid-in capital (to the extent available),
accumulated deficit and shares of Common Stock. The Company has corrected such
error by adjusting its balance sheet and classified all public shares of Common
Stock as redeemable. These changes were reflected in the Company's Annual Report
as filed on Form 10-K for the year ended December 31, 2021.
The Company's management believes that the Company's previously issued audited
balance sheet as of June 10, 2021, filed as Exhibit 99.1 to the Company's
Current Report on Form 8-K filed with the SEC on June 10, 2021 should no longer
be relied upon. Similarly, other communications or financial information
relating to the audited balance sheet as of June 10, 2021 should no longer be
relied upon.
© Edgar Online, source Glimpses