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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
5 Months Ended
Jun. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS  
NOTE 2: RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

 

The Company is filing this Amendment to amend the Original Report, to restate the Company’s relate footnote disclosures as of and for the three months ended June 30, 2021 to correct errors noted below that were identified by the Company’s management.

 

As a result of the SEC Statement, during the three months ended June 30, 2021, the Company reevaluated the accounting treatment of the Public Warrants and Private Warrants (each defined below) in consideration of the guidance in Accounting Standards Codification (“ASC”) 815-40, “Derivatives and Hedging — Contracts in Entity’s Own Equity” and concluded that the public and private warrants should be classified as a liability measured at fair value at inception (on the date of issuance) and at each reporting, and concluded that the Original Report contained certain minor inaccuracies in the description of the material terms of the Private Warrants and the rights attached to such Private Warrants, that the Exhibit List attached to the Original Report should be amended, and certain typographical errors should be corrected.

 

As a result, the Company’s management, together with the Audit Committee, determined on October18, 2021, that the Company’s financial statements and other financial data as of and for the three months ended June 30, 2021 included in the Original Report, and the other minor inaccuracies described above, should be restated in the Form 10-Q/A as a result of this error. These restatements and revisions result in non-cash, non-operating financial statement corrections and will have no impact on the Company’s current or previously reported cash position, operating expenses or total operating, investing or financing cash flows.