Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
(a)
The management of
Therefore, on
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 as the Company did not detect an error in the classification related to complex financial instruments. The Company intends to take the following steps to remediate the material weakness:
? The Company intends expand and improve its review process for complex securities and related accounting standards; ? The Company intends to have increased communication among its personnel and third-party professionals with whom it consults regarding complex accounting applications; and ? The Company intends to establish additional monitoring and oversight controls designed to ensure the accuracy and completeness of its financial statements and related disclosures.
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 Withum.
Cautionary Statement Regarding Forward-Looking Statements
This report may include "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 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
statements may include, but are not limited to, statements regarding the impact
of the Company's restatement of certain historical financial statements, the
Company's cash position and cash held in the Trust Account and any proposed
remediation measures with respect to identified material weakness. 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
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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