other material
confidence high
sentiment negative
materiality 0.75
SVF Investment Corp. 3 restates March 2021 balance sheet over share classification
Symbotic Inc.
- Restatement reclassifies 32,000,000 Class A shares subject to possible redemption as temporary equity.
- Previously issued audited balance sheet as of March 11, 2021 and related audit report should no longer be relied upon.
- No impact on cash position or the $320M held in trust account.
- Audit Committee concluded on Nov 30, 2021 that restatement was required; amendment filed Jan 25, 2022.
- Correction recognizes accretion from initial book value to redemption value of redeemable shares.