UNITED
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FORM
CURRENT REPORT
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Item 4.02. | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On February 11, 2022, the audit committee of the board of directors (the “Audit Committee”) of TKB Critical Technologies 1 (the “Company”), after consultation with the Company’s management, concluded that the Company’s audited balance sheet as of October 29, 2021 (the “Audited Balance Sheet”), included as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 4, 2021, contained an error relating to the value of the Company’s Class A ordinary shares subject to redemption, which should have been recorded as $234,600,000 ($10.20 per share) instead of $230,000,000 ($10.00 per share). In light of this error, it was determined that the Audited Balance Sheet should be no longer be relied upon.
The above change will not have any impact on the Company’s cash position or cash held in the trust account established in connection with the initial public offering.
The Company’s management concluded that in light of the error described above, a material weakness exists in the Company’s internal controls over financial reporting and that the Company’s disclosure controls and procedures were not effective. The Company intends to describe remediation with respect to such material weakness in more detail in its Annual Report on Form 10-K for the year ended December 31, 2021.
The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with Marcum LLP, the Company’s independent accountant.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TKB CRITICAL TECHNOLOGIES 1 | |||
By: | /s/ Angela Blatteis | ||
Name: | Angela Blatteis | ||
Title: | Co-Chief Executive Officer and Chief Financial Officer |
Dated: February 16, 2022
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