VPC Impact Acquisition said in an 8-K filing it would amend its annual report for 2020 and other financial statements to account for its warrants as liabilities.
The SPAC is one of many to advise shareholders that earlier financials cannot be relied upon due to the SEC’s statement last month that warrants should be treated as derivative liabilties, not equity assets, on the balance sheet.
VPC is in a pending $532 million merger with digital assets company Bakkt Holdings. The business combination has an enterprise value of approximately $2.1 billion. Read more.
