PTK Acquisition in a one-paragraph news release after the May 3 market close said its accounting firm included a note in the SPAC’s 10-K about its ability to continue as a going concern.
The 10-K states, “As of December 31, 2020, we had approximately $333,000 in cash and a working capital deficiency of approximately $172,000 (not taken into account tax obligations of approximately $109,000 that may be paid using investment income earned from Trust Account). We have incurred and expect to continue to incur significant costs in pursuit of our acquisition plans. …Our plans to raise capital and to consummate our initial business combination may not be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.”
The accounting firm noted, “…the company’s cash and working capital as of Dec. 31, 2020 are not sufficient to complete its planned activities.”
The SPAC’s deadline to complete an acquisition or liquidate is Jan. 22, 2022. Read more
