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of the Units, par value $0.0001 per share |
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warrant exercisable for one Class A ordinary share at an exercise price of $11.50 |
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ordinary share and one-third of one redeemable warrant to acquire one Class A ordinary share |
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Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
Alpha Partners Technology Merger Corp. (the “Company”) previously presented a portion of its shares of Class A ordinary shares subject to redemption (the “Class A Ordinary Shares”) as permanent equity because the Company’s certificate of incorporation does not permit redemptions of Class A Ordinary Shares that would cause the Company’s net tangible assets to be less than $5,000,001. After discussion and evaluation, including with the Company’s independent registered public accounting firm, Marcum LLP (“Marcum”), the Company has concluded that all Class A Ordinary 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 November 19, 2021, the Audit Committee of the Board of Directors of the Company concluded, after discussion with the Company’s management, that the Company’s audited balance sheet as of July 30, 2021 filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 5, 2021, should no longer be relied upon due to changes required to classification of temporary equity and permanent equity described above. The Company plans to reflect this reclassification of Class A Ordinary Shares subject to redemption in equity and restate its financial statements in its upcoming Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 to be filed with the SEC and plans to amend the Current Report on Form 8-K filed on August 5, 2021 to file the revised audited balance sheet as of July 30, 2021.
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.
In addition, the Company’s audited balance sheet as of July 30, 2021 and the related audit report of Marcum included in Exhibit 99.1 to the Company’s Form 8-K filed on August 5, 2021 should no longer be relied upon.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 22, 2021
| ALPHA PARTNERS TECHNOLOGY MERGER CORP. | ||
| By: | /s/ Sean O’Brien | |
| Sean O’Brien | ||
| Chief Financial Officer | ||