Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On November 24, 2021, the management and the Audit Committee of Sustainable
Development Acquisition I Corp. (the "Company") concluded that in light of
certain reclassification errors related to temporary equity and permanent equity
made in the historical financial statements, it is appropriate to amend and
restate the Company's audited balance sheet as of February 9, 2021 filed in the
Company's Form 8-K filed on February 16, 2021, the Company's previously issued
unaudited condensed financial statements as of March 31, 2021 and for the three
months ended March 31, 2021 and the Company's previously issued unaudited
condensed financial statements as of June 30, 2021 and for the three and six
months ended June 30, 2021 that were included in the Company's Quarterly Report
on Form 10-Q for the quarter ended March 31, 2021 and the Quarterly Report on
Form 10-Q for the quarter ended June 30, 2021, respectively (collectively, the
"Non-Reliance Financial Statements").
Considering such restatements, the Non-Reliance Financial Statements should no
longer be relied upon. The Company will include a restatement footnote in its
Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 to
reflect the corrections for the reclassification errors related to temporary
equity and permanent equity with respect to the Non-Reliance Financial
Statements. These restatements will result in non-cash, non-operating 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 Company's management has concluded that in light of the classification error
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 Third Quarter 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 LLP as the Company's independent registered public accounting firm.
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