Genesis Growth Tech Acquisition Corp.: auditor change — Genesis Growth Tech enters merger with NextTrip; restates prior financials due to cash error

Genesis Growth Tech Acquisition Corp.

Non-reliance on FY2021 and Q1-Q3 2022 financials; cash was held in sponsor's account, not company's.
Restatement expected to have no impact on P&L or cash flows; internal controls deemed ineffective.
Definitive merger agreement with NextTrip Holdings, a travel tech incubator; expected close H2 2023.
NextTrip has 6M+ legacy customer database and generated $400M in bookings in 2019.
Transaction subject to shareholder and regulatory approvals; combined entity to list on Nasdaq as NextTrip Holdings.

item 4.02 item 8.01 item 9.01

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

Genesis Growth Tech Acquisition Corp. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

as a result of the inaccuracy, the previously issued financial statements are no longer to be relied upon and are to be restated and corrected

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Source: SEC EDGAR

accession 0001213900-23-042239

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