Amended Current Report Filing (8-k/a)
December 21 2021 - 6:02AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): February 12, 2021 (February 8, 2021)
Atlas Crest Investment Corp. II
(Exact name of registrant as specified in its charter)
Delaware
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001-39999
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85-4381723
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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399 Park Avenue
New York, New York 10022
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (212) 883-3800
Not
Applicable
(Former name or former address, if changed since last report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
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Trading
Symbol(s)
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Name of each exchange on
which registered
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Units, each consisting of one share of Class A Common Stock and one-fourth of one Redeemable Warrant
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ACII. U
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The New York Stock Exchange
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Class A Common Stock, par value $0.0001 per share
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ACII
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The New York Stock Exchange
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Warrants, each exercisable for one share of Class A Common Stock for $11.50 per share
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ACII. WS
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The New York Stock Exchange
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Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
EXPLANATORY NOTE
Atlas Crest Investment Corp. II (the "Company") is filing this Amendment No. 1 on Form 8-K/A (the “Amendment”)
to amend and restate the Company’s audited balance sheet as of February 8, 2021 that had been filed with the Company’s Current
Report on Form 8-K originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 12, 2021 (the
“Original 8-K”). The audited balance sheet is being restated to reflect the classification of the Company’s warrants
as a liability, in accordance with the SEC’s April 12, 2021 public statement (the “Statement”) informing market participants
that warrants issued by special purpose acquisition companies (“SPACs”) may need to be classified as liabilities as opposed
to equity, and being measured at fair value, with changes in fair value each period reported in earnings. The Company had previously classified
its private placement warrants and public warrants (collectively, the “warrants”) as equity within the Original 8-K.
Further,
on November 5, 2021, the Company filed its Quarterly Report as of and for the three and nine months ended September 30, 2021 (the "Q3
Form 10-Q") on Form 10-Q, which included a Note 2, Revision of Previously Issued Financial Statements, (“Note 2”) that describes
a revision to the Company’s classification of its Class A common stock subject to redemption issued as part of the units sold in
the Company’s initial public offering (“IPO”) on February 8, 2021. As described in Note 2, upon its IPO, the Company
classified a portion of the Class A common stock 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.
The Company’s management re-evaluated the conclusion and determined that the Class A common stock subject to redemption included
certain provisions that require classification of the Class A common stock as temporary equity regardless of the minimum net tangible
assets required to complete the Company’s initial business combination. As a result, management corrected the error by revising
all Class A common stock subject to redemption as temporary equity. This resulted in an adjustment to the initial carrying value of the
Class A common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available),
accumulated deficit and Class A common stock.
As described above, originally the Company determined the changes were not qualitatively material to the Company's previously issued financial
statements and revised its previously issued financial statements in Note 2 to its Q3 Form 10-Q. However, upon further consideration of
the material nature of the changes, the Company determined the change in classification of the Class A common stock subject to redemption
and change to its presentation of earnings per share is material quantitatively and the Company should restate its previously issued financial
statements.
On November 29, 2021, the Company’s management and the audit committee of the Company’s board of directors (the “Audit
Committee”), after discussion with Marcum LLP (“Marcum”), the Company’s independent registered public accounting
firm, concluded that the Company’s previously issued (i) audited balance sheet as of February 8, 2021 filed as Exhibit 99.1 to the
Company’s Original 8-K filed with the SEC on February 12, 2021, (ii) unaudited interim financial statements included in the Company’s
Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on May 24, 2021, (iii) unaudited interim
financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed
with the SEC on August 16, 2021, and (iv) unaudited interim financial statements included in the Company’s Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 5, 2021 (collectively, the “Affected Periods”),
should no longer be relied upon and that it is appropriate to restate the Company’s financial statements for the Affected Periods.
The Company determined that none 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 correction of the aforementioned errors of the accounting for the warrants and Class A common stock subject
to redemption are reflected in Exhibit 99.1 included with this Amendment.
Except as described above, this Amendment does not amend, update
or change any other disclosures in the Original 8-K. In addition, the information contained in this Amendment does not reflect events
occurring after the filing of the Original 8-K and does not modify or update the disclosures therein, except as specifically identified
above. Among other things, forward-looking statements made in the Original 8-K have not been revised to reflect events, results or developments
that occurred or facts that became known to us after the date of the Original 8-K, other than as described herein, and such forward-looking
statements should be read in conjunction with the Company’s filings with the SEC.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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.
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Atlas Crest Investment Corp. II
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By:
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/s/ Michael Spellacy
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Name:
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Michael Spellacy
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Title:
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Chief Executive Officer
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Dated: December 20, 2021
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