Holley restates prior financials; reclassifies Empower Public Shares as temporary equity

Holley Inc.

Management and audit committee concluded Empower Public Shares should be classified as temporary equity, not permanent equity.
Restatement affects Oct 9, 2020 balance sheet, audited FY2020, Q1 2021, and Q2 2021 financial statements.
Pre-business combination material weakness in internal control over financial reporting identified.
Company intends to file amendments: 10-K/A No. 2, Q1 and Q2 10-Q amendments.

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