secwatch.observer — SEC 8-K summary
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Issuer:     10X Capital Venture Acquisition Corp. III (—)
CIK:        0001848948
Form:       8-K
Filed at:   2023-05-22T23:59:59+00:00
Accession:  0001213900-23-041707
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

10X Capital restates FY2022 financials after $266.7M misclassification error
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1848948/000121390023041707/0001213900-23-041707-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1848948/000121390023041707/ea179007-8k_10xcap3.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-041707

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