such a large number of publicly traded securities may adversely affect the price of our Class A common shares. In addition, the existence of registration rights may make our initial business combination more expensive or difficult. to conclude. Indeed, the shareholders of the target company can increase the participation they seek in the combined entity or request a larger cash consideration to compensate for the negative impact on the market price of our securities which is expected when the Securities held by our original shareholders or their authorized assignees are registered for resale.
General risk factors
Our search for a business combination, and any target businesses that we ultimately enter into a business combination with, may be significantly affected by the recent coronavirus. (COVID-19[FEMININE) l’Ã©pidÃ©mie et l’Ã©tat des marchÃ©s de la dette et des actions.
le COVID-19[feminine Ã©pidÃ©mie a entraÃ®nÃ©, et une Ã©pidÃ©mie importante d’autres maladies infectieuses pourrait entraÃ®ner, une crise sanitaire gÃ©nÃ©ralisÃ©e qui pourrait affecter nÃ©gativement les Ã©conomies et les marchÃ©s financiers dans le monde entier, et l’activitÃ© de toute entreprise cible potentielle avec laquelle nous concluons un regroupement d’entreprises pourrait Ãªtre matÃ©riellement et lÃ©sÃ©s. De plus, nous pourrions ne pas Ãªtre en mesure de rÃ©aliser un regroupement d’entreprises si des prÃ©occupations persistantes concernant COVID-19[feminine continuer Ã restreindre les voyages, limiter la possibilitÃ© d’avoir des rÃ©unions avec des investisseurs potentiels ou le personnel, les vendeurs et les prestataires de services de la sociÃ©tÃ© cible ne sont pas disponibles pour nÃ©gocier et conclure une transaction en temps opportun. La mesure dans laquelle COVID-19[feminine impacts notre recherche d’un regroupement d’entreprises dÃ©pendra des dÃ©veloppements futurs, qui sont trÃ¨s incertains et imprÃ©visibles, y compris les nouvelles informations qui pourraient Ã©merger concernant la gravitÃ© de COVID-19[feminine et les actions Ã contenir COVID-19[feminine ou traiter son impact, entre autres. Si les perturbations causÃ©es par COVID-19[feminine ou d’autres questions d’intÃ©rÃªt mondial se poursuivent pendant une longue pÃ©riode de temps, notre capacitÃ© Ã rÃ©aliser un regroupement d’entreprises, ou les opÃ©rations d’une entreprise cible avec laquelle nous rÃ©aliserons finalement un regroupement d’entreprises, peuvent Ãªtre gravement affectÃ©es. De plus, notre capacitÃ© Ã rÃ©aliser une transaction peut dÃ©pendre de notre capacitÃ© Ã mobiliser des capitaux propres et des financements par emprunt qui peuvent Ãªtre affectÃ©s par COVID-19[feminine et d’autres Ã©vÃ©nements, y compris en raison de la volatilitÃ© accrue du marchÃ©, de la diminution de la liquiditÃ© du marchÃ© et de l’indisponibilitÃ© du financement de tiers Ã des conditions acceptables pour nous ou pas du tout.
Nos bons de souscription sont comptabilisÃ©s comme des passifs et les changements de valeur de nos bons de souscription pourraient avoir une incidence importante sur nos rÃ©sultats financiers.
Le 12 avril 2021, le directeur par intÃ©rim de la division du financement des sociÃ©tÃ©s et chef comptable par intÃ©rim de la SEC a publiÃ© une dÃ©claration (la Â«Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â “Â Â Â Â Â Â Â Â Â Â Â Â Â ]companies (?? SPAC ??). Specifically, the Statement focused on certain terms and settlement provisions which are similar to those contained in the Warrants Agreement, dated October 20, 2020, between the Company and Continental Stock Transfer & Trust Company, a New York company, as agent of the warrants, entered into in connection with the initial public offering of the Company (the ?? IPO ??). In light of the Declaration, the management of the Company has reassessed the accounting treatment (i) of the 6,666,667 redeemable warrants (the “public warrants ??) which were included in the units issued by the Company in its IPO and (ii) the 3,333,333 redeemable warrants (the “ sponsor warrants ”) that were issued to the sponsor of the company and the 666,667 warrants (collectively with the warrants and the Sponsor’s Warrants, “ Warrants ”) which were issued to Cantor Fitzgerald & Co., in each case as part of a private placement which closed at the same time as the ‘initial public offering, and decided to classify warrants as derivative liabilities measured at fair value, with changes in fair value at each period being recognized in income. Although the Company has not generated any operating income to date and will not generate any operating income until the completion of its initial business combination, at the earliest, the change in the fair value of the warrants is a non-cash charge and will be reflected in the Company’s statement of operations.
On May 19, 2021, the management of the Company, after consultation with the audit committee of the board of directors of the Company (the âaudit committee ??), concluded that in light of the Declaration, it was appropriate to reformulate the previously published audited balance sheet (1) of the Company, dated October 23, 2020, included in form 8-K filed on October 29, 2020, and (2) the audited financial statements of the Company for the year ended December 31, 2020 and for the period August 12, 2020 (inception) to December 31, 2020, included in the annual report on Form 10-K which was filed on March 31, 2021 (relevant periods ??). In light of such restatement, these audited financial statements should no longer be relied on.
Historically, warrants have been reflected as a component of equity as opposed to liabilities on balance sheets and income statements did not include subsequent non-cash changes in the estimated fair value of warrants, based on our application of the Financial Accounting Standards Board. (?? FASB ??) Codification of accounting standards (?? ASC ??) Subject 815-40, Derivatives and hedging, contracts in the equity of the entity (?? ASC 815-40 ??). The views expressed in the Declaration were not consistent with the Company’s historical interpretation of the specific provisions of its Mandate Agreement and the Company’s application of ASC 815-40 to the Mandate Agreement. We have reassessed our accounting for warrants issued on October 23, 2020, in light of published opinions by SEC staff. Based on this revaluation, we have determined that warrants should be classified as liabilities measured at fair value at the time of issuance, with subsequent changes in fair value being presented in our statement of earnings each period. presentation of financial information.
In this Amendment No. 1 to the Annual Report on Form 10-K, we have taken the decision to reformulate the previously issued Form 10-K in order to correct the accounting treatment of the Company’s warrants.
In this Amendment # 1 to the Annual Report on Form 10-K, we have decided to rephrase the Annual Report on Form 10-K which was filed on March 31, 2021. See ?? Explicative note ?? above for more information. In addition, in this regard, management concluded that the Company’s disclosure controls and procedures were not in effect as at December 31, 2020. See Section 9A: âControls and Proceduresâ. As a result, we have incurred unforeseen costs for accounting and legal fees related to or related to the restatement, and may be subject to additional risks and uncertainties related to the restatement, such as a negative impact on investor confidence in the accuracy. of our financial disclosures (or in SPACs or legacy SPACs in general), and may increase reputational risk to our business.
We maintain our main executive offices at 660 Steamboat Rd., Greenwich, CT 06830. This space is provided to us by Sarissa Capital Acquisition Sponsor LLC, our sponsor, for a monthly fee of $ 10,000. We consider our current office space, combined with other office space otherwise available to our executives, to be adequate for our current operations.
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