Aspirational Consumer Lifestyle in an 8-K filing said its accounting firm agreed that the SPAc should restate financial reports to account for warrants as liabilities. The move follows the SEC’s statement on warrants last month, spurring dozens of SPACs to advise their investors not to rely on previously filed financial reports.
Classifying warrants as liabilities “would require us to incur the cost of measuring the fair value of the warrant liabilities, and which may have an adverse effect on our results of operations,” the SPAc said in the filing.
The SPAC is in a pending merger with private aviation company Wheels Up that values the combined enterprise at $2.1 billion. Read more.
