Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On November 23, 2021, the management and the Audit Committee (the "Audit
Committee") of Omnichannel Acquisition Corp. (the "Company") concluded that the
Company's audited financial statements as of December 31, 2020 filed in the
Company's Form 10-K filed on March 31, 2021 (and restated in the Company's Form
10-K/A filed on May 4, 2021) contained errors relating to the classification of
$5,000,009 of stockholders' equity as permanent equity, which the Company has
determined should be reclassified as temporary equity. In light of this error,
it was determined that it is appropriate to amend and restate the Company's
previously issued audited financial statements as of December 31, 2020, that was
included in the Company's Annual Report on Form 10-K filed on March 31, 2021
(and restated in the Company's Form 10-K/A filed on May 4, 2021); the Company's
previously issued unaudited financial statements as of September 30, 2021, that
was included in the Company's Quarterly Report on Form 10-Q filed on November
12, 2021; the Company's previously issued unaudited financial statements as of
June 30, 2021, that was included in the Company's Quarterly Report on Form 10-Q
filed on August 13, 2021; the Company's previously issued unaudited financial
statements as of March 31, 2021, that was included in the Company's Quarterly
Report on Form 10-Q filed on June 8, 2021; and the Company's previously issued
audited financial statements as of November 24, 2020, that was included in the
Company's Current Report on Form 8-K filed on December 1, 2020 (collectively,
"Non-Reliance Financial Statements"). The reclassification of amounts from
permanent equity to temporary equity results in non-cash financial statement
corrections and will have no impact on the Company's current or previously
reported cash position, operating expenses or total operating, investing or
financing cash flows. The "Investments held in trust account" is correctly
stated at $206,498,802 in the previously filed audited financial statements as
of December 31, 2020.
Considering such restatement, the Non-Reliance Financial Statements should no
longer be relied upon. The Company will file an amendment to the Company's Form
10-K filed on March 31, 2021 (and restated in the Company's Form 10-K/A filed on
May 4, 2021) with respect to the audited financial statements as of December 31,
2020, reflecting the reclassification of all the Company's Class A Common Stock
as temporary equity as soon as practicable. The Company will also file an
amendment to the Company's Form 10-Q filed on November 12, 2021, with respect to
the unaudited financial statements as of September 30, 2021, reflecting the
reclassification of all the Company's Class A Common Stock as temporary equity
as soon as practicable. The Company will also file an amendment to the Company's
Form 10-Q filed on August 13, 2021, with respect to the unaudited financial
statements as of June 30, 2021 reflecting the reclassification of all the
Company's Class A Common Stock as temporary equity as soon as practicable. The
Company will also file an amendment to the Company's Form 8-K filed on December
1, 2020, with respect to the audited financial statements as of November 24,
2020, reflecting the reclassification of all the Company's Class A Common Stock
as temporary equity as soon as practicable. The restated financial statements of
the Company as of and for the year ended December 31, 2020, and the nine months
ended September 30, 2021, will be included in an amendment to Omnichannel
Acquisition Corp.'s registration statement on Form S-4 (File no. 333-258747).
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 the
Company's independent registered public accounting firm, Withum, Smith + Brown,
PC.
© Edgar Online, source Glimpses