ADDED
(Exact name of registrant as specified in its charter) Cayman Islands Not Applicable 00-0000000 (State or other jurisdiction of incorporation or organization) (I.R.S.
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Shares of ordinary share beneficially owned by each executive officer, director, and holder of more than 10% of our ordinary share have been excluded in that such persons may be deemed to be affiliates.
This determination of affiliate status is not necessarily a conclusive determination for other purposes.
As of the date of this report, the Company had 43,856,706 shares of ordinary share issued and outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Management s Discussion and Analysis of Financial Condition and Results of Operations.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Certain Relationships and Related Transactions, and Director Independence.
REMOVED
Background of Restatement On April 12, 2021, the Acting Director of the Division of Corporation Finance and Acting Chief Accountant of the SEC together issued a statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies ( SPACs ) (the SEC Statement ).
Specifically, the SEC Statement focused on certain provisions that provided for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant, which terms are similar to those contained in the warrant agreement governing the Company s warrants.
As a result of the SEC Statement, on January 7, 2022, the Company re-evaluated the accounting treatment of the 4,600,000 warrants that were issued to the Company s public shareholders in a public offering that closed concurrently with the closing of the initial public offering (the Public Warrant ).
The Company previously accounted for the Public Warrants as components of liabilities.
As a result of the above, the Company should have classified the Public Warrants as component of equity in its previously issued financial statements.
The Company s accounting for the Public Warrants as components of equity instead of as derivative liabilities did not have any effect on the Company s previously reported operating expenses or cash.
In addition, in accordance with the SEC and its staff s guidance on redeemable equity instruments, ASC Topic 480, Distinguishing Liabilities from Equity (ASC 480), paragraph 10-S99, redemption provisions not solely within the control of the Company require ordinary share subject to redemption to be classified outside of permanent equity.
The Company had previously classified a portion of its ordinary share in permanent equity.
Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001.
On January 7, 2022, the Company determined that the threshold would not change the nature of the underlying shares as redeemable and thus would be required to be disclosed outside equity.