Reinvent Teechnology Partners today in an 8-K filing said it would amend and refile its annual report for 2020 to reflect the SEC’s position on accounting for warrants as derivative liabilities.
“Going forward, we currently expect to continue to classify all of our warrants as liabilities (at least until a business combination is consummated), which 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 tech-focused SPAC raised $600 million in an August 2020 IPO, and is led by LinkedIn founder Reid Hoffman, who is also a former CEO of PayPal, and Mark Pincus, founder of social gaming platform Zynga. Read more.
