Fintech Ecosystem Development today in an 8-K disclosed that its financial statements as of June 30 and for the three and six months then ended, included in the Form 10-Q filed in August should no longer be relied upon.
The error is related to the recording of excise taxes related to redemptions of common stock, according to the filing. The error resulted in an overstatement of formation and operating expenses for the three and six months ending June 30 by $789,396.
Fintech Ecosystem has a pending deal with Mobitech International (dba Afinoz), at an implied $120 million enterprise value. The SPAC raised $100 million in an October 2021 IPO. Read more.
