Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On December 27, 2021, the management and the Audit Committee of TradeUP Global
Corporation (the "Company"), after consultation with Friedman LLP, concluded
that the Company's audited balance sheet as of May 3, 2021 filed in the
Company's Form 8-K filed on May 7, 2021, and the Company's unaudited financial
statements filed in the Company's Form 10-Q as of and for the quarter ended June
30, 2021 contained errors relating to the classification between temporary
equity and permanent equity of the shares of the Company's Class A ordinary
shares subject to redemption, which the Company initially presented a portion of
as permanent equity, and has determined should be classified as temporary
equity. In light of these errors, it was determined that it is appropriate to
amend and restate the Company's previously issued audited balance sheet as of
May 3, 2021 reflecting receipt of the proceeds upon consummation of the
Company's initial public offering and the private placement that was included in
the Company's Current Report on Form 8-K filed on May 7, 2021 and the unaudited
financial statements included in the Company's Form 10-Q as of and for the
quarter ended June 30, 2021 ("Non-Reliance Financial Statements").
Considering such restatement, the Non-Reliance Financial Statements should no
longer be relied upon. The Company will file an amendment to its Form 8-K filed
on May 7, 2021 with respect to the audited balance sheet as of May 3, 2021 and
an amendment to its Form 10-Q as of and for the quarter ended June 30, 2021 with
respect to its unaudited financial statements reflecting the reclassification of
shares of the Company's Class A ordinary shares subject to redemption as
temporary equity as soon as practicable.
The Company has reflected the corrections described above in its Quarterly
Report on Form 10-Q for the period ended September 30, 2021, filed with SEC on
November 5, 2021. The Company does not expect the changes described above to
have any impact on its cash position or the balance held in the trust account.
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
Friedman LLP as the Company's independent registered public accounting firm.
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