8-K - HOLO - Equibles

United

States

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

Form 8-K

Current

Report 15(d) of the

Securities

Exchange Act of 1934

January20, 2022

Date

of Report (Date of earliest event reported)

Golden Path Acquisition Corporation.

(Exact

Name of Registrant as Specified in its Charter)

Cayman Islands	001-440519	Not Applicable 00-0000000
(State<br><br>or other jurisdiction<br><br><br>of incorporation)	(Commission File<br><br> Number)	(I.R.S.<br><br>Employer<br><br><br> <br>Identification<br><br>No.)

100 Park Avenue,

New York,

New York 10017

(917)

267-4569

(Address,

including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

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:

☐	Written<br><br> communications pursuant to Rule 425 under the Securities Act
☐	Soliciting<br><br> material pursuant to Rule 14a-12 under the Exchange Act
---	---
☐	Pre-commencement<br><br> communications pursuant to Rule 14d-2(b) under the Exchange Act
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☐	Pre-commencement<br><br> communications pursuant to Rule 13e-4(c) under the Exchange Act
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Securities

registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Nameof each exchange on which registered
Ordinary Shares	GPCO	The Nasdaq Stock<br><br> Market LLC
Units,<br><br> each consisting of one ordinary share, par value $0.001, one redeemable warrant to purchase one-half ordinary share and one<br><br> right to acquire 1/10 of an ordinary share	GPCOU	The Nasdaq Stock<br><br> Market LLC
Rights, each to<br><br> receive one-tenth (1/10) of one ordinary share	GPCOR	The Nasdaq Stock<br><br> Market LLC
Redeemable warrants,<br><br> each warrant exercisable for one-half ordinary share	GPCOW	The Nasdaq Stock<br><br> Market LLC

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR

§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging

growth company ☒

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. ☐

Item4.02-Non-Reliance on Previously Issued Financial Statements or Related Audit Report or Completed Interim Report.

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 warrants of Golden Path Acquisition Corporation (the “Company”). As a result of the SEC Statement, on January 18, 2022, the Company reevaluated the accounting treatment of the 5,750,000 warrants that were issued to the Company’s public shareholders in the Company’s Initial Public Offering (the “Public Warrants”). The Company previously accounted for the Public Warrants as components of liabilities. The Company should have classified the Public Warrants as components 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.

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 shares subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion

of its ordinary shares 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 18, 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.

a result, the Company’s previously issued (i) audited balance sheet as of June

24, 2021 included in the Company’s Current Report on Form 8-K filed with the SEC on

June 30, 2021, (ii) audited interim financial statements as of June 30, 2021 and

for the three and six months ended June 30, 2021 included in the Company’s Quarterly Report on Form 10-Q filed with the

SEC on August 16, 2021 (collectively, the “Affected Periods”), in each case, should be corrected to classify public

warrants as equity and all of the public shares as temporary equity and should no longer be relied upon.

connection with the restatement, the Company’s management reassessed the effectiveness of its disclosure controls and procedures

for the periods affected by the restatement. As a result of that reassessment, the Company’s management determined that

its disclosure controls and procedures for such periods were not effective due to a material weakness in internal controls over

financial reporting related to the classification of the Company’s warrants as components of equity instead of as derivative

liabilities and the allocation and treatment of the initial transaction costs of the initial public offering. For more information,

see Item 9A included in this Annual Report on Form 10- Q/A.

The

Company has reflected these corrections in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021,

filed with SEC on November 15, 2021. The Company does not expect the changes described above to have any impact on its cash position

or the balance held in the trust account. The Company has not amended its previously filed Quarterly Reports on Form 10-Q or Current

Reports on Form 8-K for the period affected by the restatement. The financial information that has been previously filed or otherwise

reported for these periods is superseded by the information in this interim Report on Form 10-Q/A, and the financial statements

and related financial information contained in such previously filed reports should no longer be relied upon.

The

Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant

to this Item 4.02 with Friedman LLP, 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.

Dated: January 20, 2022
	GOLDEN<br><br> PATH ACQUISITION CORP.
	By:	/s/<br><br> Shaosen Cheng
	Name:	Shaosen Cheng
	Title:	Chief Executive<br><br> Officer