Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
In connection with the preparation of the financial statements of Jupiter
Acquisition Corporation (the "Company") as of September 30, 2021, the Company's
management identified that, at the closing of the Company's initial public
offering on August 17, 2021 (the "IPO"), the Company had improperly valued its
Class A common stock subject to possible redemption. The Company previously
determined the Class A common stock subject to possible redemption to be equal
to the redemption value, while also taking into consideration a redemption
cannot result in net tangible assets being less than $5,000,001, in accordance
with the Company's amended and restated certificate of incorporation. The
Company's management determined that the shares of Class A common stock issued
during the IPO can be redeemed or become redeemable subject to the occurrence of
future events considered outside the Company's control. Therefore, the Company's
management concluded that temporary equity should include all shares of Class A
common stock subject to possible redemption, resulting in the shares of Class A
common stock subject to possible redemption being equal to their redemption
value. As a result, the Company's management has noted a classification
adjustment related to temporary equity and permanent equity.
Therefore, on November 15, 2021, the Company's management and the audit
committee of the Company's board of directors (the "Audit Committee"), after
consultation with Marcum LLP ("Marcum"), the Company's independent registered
public accounting firm, concluded that the Company's previously issued audited
balance sheet as of August 17, 2021 (the "IPO Balance Sheet"), filed as Exhibit
99.1 to the Company's Current Report on Form 8-K filed with the SEC on August
23, 2021, should be restated to report all shares of Class A common stock
subject to possible redemption as temporary equity and should no longer be
relied upon. As such, the Company has restated the IPO Balance Sheet in the
Company's Quarterly Report on Form 10-Q for the quarterly period ended September
30, 2021, filed with the SEC on November 15, 2021 (the "Q3 Form 10-Q"), as
described therein. The restatement had no impact on the Company's previously
reported total assets, liabilities or operating results.
The Company's management has concluded that in light of the classification
adjustment described above, a material weakness exists in the Company's internal
control over financial reporting and that the Company's disclosure controls and
procedures were not effective. The Company's remediation plan with respect to
such material weakness is described in more detail in the Q3 Form 10-Q.
The Company's management and the Audit Committee have discussed the matters
disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with
Marcum.
Forward-Looking Statements
This Current Report on Form 8-K includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Certain of these forward-looking statements can
be identified by the use of words such as "believes," "expects," "intends,"
"plans," "estimates," "assumes," "may," "should," "will," "seeks," or other
similar expressions. Such statements may include, but are not limited to,
statements regarding the impact of the Company's restatement of certain
historical financial statements and any proposed remediation measures with
respect to the identified material weakness. These statements are based on
current expectations on the date of this Current Report on Form 8-K and involve
a number of risks and uncertainties that may cause actual results to differ
significantly. The Company does not assume any obligation to update or revise
any such forward-looking statements, whether as the result of new developments
or otherwise. Readers are cautioned not to put undue reliance on forward-looking
statements.
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