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

On April 12, 2021, the staff of the Securities and Exchange Commission (the "SEC") issued a public statement entitled "Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies ("SPACs")" (the "Statement"). In the Statement, the SEC staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities rather than equity on a SPAC's balance sheet. Since their issuance on December 11, 2020, the outstanding warrants ("Warrants") to purchase common stock of TWC Tech Holdings II Corp. (the "Company") were accounted for as equity within the Company's balance sheet.

On May 3, 2021, the audit committee of the board of directors of the Company concluded, after discussion with the Company's management, that the Company's audited financial statements as of and for the period from July 20, 2020 (inception) through December 31, 2020 (the "Non-Reliance Period") should no longer be relied upon due to a misapplication in the guidance around accounting for certain of the Company's Warrants and that the Warrants should be presented as liabilities with subsequent fair value remeasurement.

Similarly, press releases, earnings releases and investor presentations or other communications describing the Company's consolidated financial statements and other related financial information covering the Non-Reliance Period should no longer be relied upon. In addition, the audit report of Withum included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as filed on March 24, 2021 with the SEC should no longer be relied upon.

Similarly, press releases, earnings releases and investor presentations or other communications describing the Company's consolidated financial statements and other related financial information covering the Non-Reliance Period should no longer be relied upon. In addition, the audit report of WithumSmith+Brown, PC ("Withum"), the Company's independent registered public accounting firm, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as filed on March 24, 2021 with the SEC, should no longer be relied upon.

The audit committee has discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with Withum. Withum was provided with a copy of the disclosures made herein and was given the opportunity, no later than the day of the filing of this Current Report on Form 8-K, to review these disclosures.

As a result, the Company will restate its historical financial results for the Non-Reliance Period to reflect the change in accounting treatment (the "Restatement"). The Company will file an amendment to the Annual Report on Form 10-K for the year ended December 31, 2020 to reflect the Restatement as soon as practicable after the date hereof.

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.





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