10X Capital Venture Acquisition Corp. III: auditor change — 10X Capital restates FY2022 financials after $266.7M misclassification error

10X Capital Venture Acquisition Corp. III

Error moved $266.7M between current liabilities and temporary equity on Dec 31, 2022 balance sheet.
Audit committee concluded prior FY2022 audited financials should no longer be relied upon.
Company will restate and file amended 10-K as soon as practicable.
No impact on cash or trust account balance; material weakness in internal controls identified.
Classification error involved Class A ordinary shares classification as temporary equity vs. liabilities.

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

10X Capital Venture Acquisition Corp. III reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

1, 2022, should no longer be relied upon. The Company intends to restate its consolidated financial statements for the Affected Period and include them in amended Form 10-K/A (the “Amended Form 10-K”) to be filed with the SEC. The Company intends to complete such restatement as soon as practicable. The Company does not expect the changes described

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Source: SEC EDGAR

accession 0001213900-23-041707

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