Prospector Capital Corp.: auditor change — Prospector Capital restates Q2 and Q3 2022 financials for deferred underwriting commission waiver

Prospector Capital Corp.

Deferred underwriting commissions of $11.375M from IPO were waived by Goldman Sachs on June 30, 2022.
Company failed to record extinguishment of contingent liability as credit to shareholders' deficit in Q2 and Q3 2022.
Previously issued Q2 and Q3 2022 financials should no longer be relied upon; restatement in 2022 10-K.
Management discussed the matter with independent auditor WithumSmith+Brown, PC.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Prospector Capital Corp. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: WithumSmith+Brown, PC

Exact text from the filing

o longer be relied upon and that it is appropriate to restate the financial statements included in the Form 10-Qs to account for the extinguishment of the contingent liability as a credit to shareholders’ deficit as of June 30, 2022. Accordingly, the Company will reflect the necessary adjustments in its audited financial statements and related notes for the year ended December 31, 2022 to be included in its Annual Report on Form 10-K to be filed with the SEC. The Company’s management has discussed the matters disclosed pursuant to this Item 4.02(a) with the Company’s independent registered public accounting firm, WithumSmith+Brown, PC. 1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

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Source: SEC EDGAR

accession 0001213900-23-024903

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