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

Genesis Growth Tech Acquisition Corp.

Company used sponsor's bank account instead of its own; cash balance misstated for FY2021, Q1-Q3 2022.
Restatement only affects balance sheet; no P&L or cash flow impact; expects ineffective internal controls.
Prior auditor Citrin Cooperman provided letter (Exhibit 16.1) on non-reliance.
Entered definitive merger agreement with travel tech incubator NextTrip Holdings on May 22, 2023.

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

the previously issued financial statements are no longer to be relied upon and are to be restated and corrected in order to reflect the appropriate accounting treatment

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Source: SEC EDGAR

accession 0001213900-23-042731

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