Global Gas Corp 8-K, filed Apr 7, 2023
Global Gas Corp (HGAS)
About this 8-K
Global Gas Corp filed this 8-K on April 7, 2023, reporting on events of April 3, 2023.
Items reported
- Item 4.02: Earlier financial statements no longer reliable
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April
7, 2023 (
(Exact name of registrant as specified in its charter)
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Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
Dune Acquisition Corporation (the “Company”) had previously recognized a liability upon closing of its initial public offering (“IPO”) in December 2020 for a portion of the underwriter’s commissions which was contingently payable upon closing of the Company’s initial business combination, with the offsetting entry resulting in an initial discount to the securities sold in the initial public offering. The underwriter waived all claims to this deferred commission in June 2022. The Company recognized the waiver as an extinguishment, with a resulting non-operating gain recognized in its statement of operations for the quarters ended June 30, 2022 and September 30, 2022. Upon subsequent review and analysis, management concluded that the Company should have recognized the extinguishment of the contingent liability as a credit to stockholders’ deficit.
On April 3, 2023, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”), after discussion with Company management, concluded that such misclassification was material with respect to the unaudited interim financial statements of the Company for the quarters ended June 30, 2022 and September 30, 2022 included in the Company’s Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 17, 2022 and November 14, 2022, respectively, and such unaudited interim financial statements for the quarters ended June 30, 2022 and September 30, 2022 should no longer be relied upon and that it is appropriate to restate them.
As a result, the Company intends to restate its financial statements as of and for the quarterly periods ended June 30, 2022 and September 30, 2022 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, to be filed with the SEC (the “Form 10-K”) as soon as practicable. The Form 10-K will correct the classification error described above.
The Company does not expect the restatement to have any impact on the Company’s cash position or the cash held in the trust account established in connection with the IPO.
After re-evaluation, the Company’s management has concluded that in light of the classification error described above, a material weakness existed in the Company’s internal control over financial reporting during the affected period and that the Company’s disclosure controls and procedures were not effective.
The Company and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with WithumSmith+Brown, PC, the Company’s independent registered public accounting firm.
SIGNATURES
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.
| DUNE ACQUISITION CORPORATION | ||
| Date: April 7, 2023 | By: | /s/ Carter Glatt |
| Name: | Carter Glatt | |
| Title: | Chief Executive Officer | |