Equity Distribution Acquisition today in an 8-K filing said it will amend and refile its annual report for fiscal 2020 to account for warrants as liabilities, rather than equity assets.
Equity is among dozens of SPACs that have informed investors they can no longer rely on previously filed financial statements after the SEC last month warned that warrants should not be treated as assets on the balance sheet.
Equity Distribution raised $360 million in a September IPO. The SPAC is targeting North American industrial tech companies with an enterprise valuation of $1 billion to $1.5 billion. Read more.
