Biotech Acquisition in an 8-K filing said it will amend and refile certain financial reports to reflect new accounting for warrants as liabilities.
The SEC last month in a staff statement said warrants should not be treated as equity instruments but as derivative liabilities, an announcement that sent SPACs surrying to restate their financials.
Biotech Acquisition said it does not expect the changes to have any impact on its cash position or the balance held in the trust account. The SPAC raised $200 million in a January IPO. Read more.
