Item 4.02Non-Reliance on Previously Issued Financial Statement or Related Audit
Report or Completed Interim Review.
In light of recent guidance, the management of Warrior Technologies Acquisition
Company (the "Company") has re-evaluated the Company's application of ASC
480-10-S99-3A to its accounting classification of the redeemable shares of Class
A common stock, par value $0.0001 per share (the "Public Shares"), issued as
part of the units sold in the Company's initial public offering (the "IPO") on
March 2, 2021. Historically, a portion of the Public Shares was classified as
permanent equity to maintain net tangible assets greater than $5,000,000 on the
basis that the Company will consummate its initial business combination only if
the Company has net tangible assets of at least $5,000,001. Pursuant to such
re-evaluation, the Company's management has determined that the Public Shares
include certain provisions that require classification of the Public Shares as
temporary equity regardless of the minimum net tangible assets required to
complete the Company's initial business combination.
On November 16, 2021, the Company's management and the Audit Committee of the
Company's board of directors (the "Audit Committee") concluded that, in light of
recent guidance, it is appropriate to restate the Company's previously issued
audited financial statements included on the audited balance sheet dated March
2, 2021, filed on Form 8-K on March 9, 2021 (the "Non-Reliance Financial
Statement").
Considering such restatement, the Non-Reliance Financial Statement should no
longer be relied upon. As such, the Company will restate its financial
statements for the period affected by the Non-Reliance Financial Statement in
the Company's Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2021 (the "Q1 Form 10-Q"), as described therein. The Company's remediation
plan with respect to such material weakness is described in more detail in the
Q1 Form 10-Q.
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 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
Marcum LLP, the Company's independent registered accounting firm.
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