Centricus Acquisition in an 8-K filing said it would account for warrants as liabilities going forward and will refile an amended annual report to restate previous financials.
In so doing the SPAC becomes the latest blank-check company to change gears on warrants after the SEC in a staff statement last month said the instruments should not be treated as equity assets. The statement upended the accounting practices for warrants in place at virtually every SPAC in the United States.
Centricus is in a pending merger with encryption tech company Arqit Limited at a $1 billion enterprise value. Read more.
