10X Capital Venture Acquisition in an 8-K filing said it would refile its annual report for 2020 to reflect the SEC’s position on trating warrants as liabilities.
The SPAC said measuring the fair value of warrants as liabilities may have an adverse effect on its operations, although the phrasing of that warning is essentially boilerplate echoed by the dozens of SPACs that are refiling their financials following the SEC’s statement on warrants last month.
10X is in a pending merger with REE Automotive. The transaction is expected to provide REE more than $500 million of gross proceeds, including a fully committed $300 million PIPE. Read more.
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