HHG Capital in an 8-K said interest earned on investments held in its trust account was understated in the SPAC’s annual report for the year ending Dec. 31. Interest income was recorded based on actual cash receipt instead of on an accrual basis, resulting in the understatement.
The SPAC said it will file a new 10-K to correct the report.
HHG has a deal in hand with Perfect Hexagon Group Limited, which is engaged in precious metals commodities trading. The deal deadline is in September.
HHG held approximately $35 million in trust at deal announcement last August and intends to supplement the cash with a PIPE. Read more.
