other material
confidence high
sentiment negative
materiality 0.75
CF Acquisition Corp. VIII restates financials; reclassifies all public shares as temporary equity
XBP Global Holdings, Inc.
- Audit Committee determined prior financial statements should no longer be relied upon.
- All public shares will be reclassified from permanent to temporary equity under ASC 480.
- Affected filings: audited balance sheet as of March 16, 2021, and Q1 and Q2 2021 10-Qs.
- Company will file an amended Q3 2021 10-Q to reflect the reclassification.
- Management discussed the restatement with independent auditor WithumSmith+Brown.