other material
confidence high
sentiment negative
materiality 0.55
Games & Esports Experience Acquisition Corp.: auditor change — Games & Esports restates Q2 2022 financials; shares reclassified as temporary equity
Games & Esports Experience Acquisition Corp.
- Audit Committee on Nov 10, 2022 determined Q2 2022 Form 10-Q should no longer be relied upon.
- Class A ordinary shares incorrectly classified as current liability; must be temporary equity.
- Company plans to file amended Q2 10-Q; material weakness in internal controls identified.
- Restatement has no impact on cash position or trust account funds.
- Management and audit committee discussed with BDO USA, the independent auditor.