ShoulderUP Technology Acquisition Corp.: auditor change — ShoulderUp Technology restates June 30 2024 financials due to derivative liability error

ShoulderUP Technology Acquisition Corp.

Error from using incorrect Class B share count in non-redemption agreement derivative liability calculation.
Overstated derivative liability, total liabilities, and net loss; understated total other income.
Board and Audit Committee concluded June 30 2024 interim financials should no longer be relied upon.
Company intends to file amended 10-Q as soon as practicable.

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

ShoulderUP Technology Acquisition Corp. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 25, 2024, the Board of Directors of the Company, including the Audit Committee, determined that the June 30 Interim Financial Statements, as well as any reports, or similar communications of the June 30 Interim Financial Statements, should no longer be relied upon.

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Source: SEC EDGAR

accession 0001213900-24-102360

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