SES AI to restate Q3 2021 financials due to stock-compensation errors

SES AI Corp

Audit Committee concluded Old SES's unaudited Q3 2021 financials should be restated.
Errors: incorrect accounting for stock option modification, wrong fair value input, and disclosure issues.
Stock-based compensation expense increased by $2.6M (three months) and $2.8M (nine months) ended Sep 30, 2021.
Restatement has no impact on previously reported cash flows or cash balances.
Company will file restated financials in an amended Business Combination Form 8-K.

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