Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
SportsTek Acquisition Corp. (the "Company") previously presented a portion of
its Class A common stock subject to redemption (the "Class A Public Shares") as
permanent equity because the Company's certificate of incorporation does not
permit redemptions of Class A Public Shares that would cause the Company's net
tangible assets to be less than $5,000,001. After discussion and evaluation, the
Company has concluded that all Class A Public Shares should be classified as
temporary equity because such shares can be redeemed or become redeemable
subject to the occurrence of events outside the Company's sole control.
On February 28, 2022, the Board of Directors of the Company concluded, after
discussion with the Company's management, that the previously issued (i)
Company's audited balance sheet as of February 19, 2021, and (ii) Company's
unaudited interim financial statements for the quarterly periods ended March 31,
2021, June 30, 2021 and September 30, 2021 included in its Quarterly Reports on
Form 10-Q filed on May 28, 2021, August 13, 2021 and November 12, 2021,
respectively, should no longer be relied upon due to changes required to
classification of temporary equity and permanent equity described above.
The Company plans to restate its unaudited financial statements for the
quarterly periods ended March 31, 2021, June 30, 2021 and September 30, 2021 in
an Amendment No. 1 to its Quarterly Report on Form 10-Q for the quarterly period
ended September 30, 2021, which will be filed as soon as is practicable. The
Company plans to restate its audited balance sheet as of February 19, 2021 in
the Company's Annual Report on Form 10-K for the year ended December 31, 2021,
which will be filed on or before March 31, 2022.
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 does not expect any of the above changes will have any impact on its
cash position and cash held in the trust account.
The Company's management and the Board of Directors have discussed the matters
disclosed in this Current Report on Form 8-K with WithumSmith+Brown, PC, the
Company's independent registered public accounting firm.
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SPORTSTEK ACQUISITION CORP. 
