Item 8.01 Other Events.
On April 12, 2021, the Securities and Exchange Commission (the "SEC") released a
public statement (the "Staff Statement") informing market participants that
warrants issued by special purpose acquisition companies may require
classification as a liability of the entity measured at fair value, with changes
in fair value each period reported in earnings. Liberty Media Acquisition
Corporation (the "Company") previously classified its private placement warrants
and public warrants (collectively, the "warrants") as equity. For a description
of the Company's warrants, please refer to the Company's final prospectus filed
with the SEC in connection with its initial public offering on January 25, 2021.
On May 12, 2021, the Audit Committee of the Board of Directors of the Company
(the "Audit Committee"), after considering the recommendations of management,
determined that the audited balance sheet of the Company, dated as of January
26, 2021 (the "Balance Sheet") and included in a Current Report on Form 8-K
filed by the Company on February 1, 2021, should no longer be relied upon due to
changes required for alignment with the Staff Statement. Following consideration
of the Staff Statement, it was concluded that the Company's outstanding warrants
do not meet the conditions to be classified in equity and instead should be
recorded as liabilities on the Balance Sheet. Additionally, it was determined
that the number of shares of Series A common stock subject to possible
redemption should include all shares of Series A common stock, which resulted in
a reclassification between temporary and permanent equity. The Form 10-Q that is
being filed concurrently with this Current Report on Form 8-K reflects the
reclassification of the warrants as liabilities, the reclassification to
temporary equity and sets forth through expanded disclosure in the financial
statements the restatement and its impact on the previously reported amounts in
the Balance Sheet.
The Audit Committee and management have discussed the matters disclosed in this
Item 8.01 with Marcum LLP, its independent registered public accounting firm.
2© Edgar Online, source Glimpses
LIBERTY MEDIA ACQUISITION CORPORATION 
