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OFFON

NIGHTDRAGON ACQUISITION CORP.

(NDAC)
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NIGHTDRAGON ACQUISITION CORP. : Non-Reliance on Previous Financials, Audits or Interim Review (form 8-K)

05/17/2021 | 05:07pm EDT

Item 4.02 Non-Reliance on Previously Issued Financial Statement and Related Audit

Report.

On April 12, 2021, the staff (the "Staff") of the Securities and Exchange Commission (the "SEC") issued a statement titled "Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies" ("SPACs") (the "Statement"). In the Statement, the Staff expressed its view that certain terms and conditions typically included in SPAC warrants may require the warrants to be classified as liabilities on the SPAC's balance sheet as opposed to equity.

At issuance on March 4, 2021, the outstanding warrants ("Warrants") to purchase shares of Class A common stock of NightDragon Acquisition Corp. (the "Company") were accounted for as equity within the Company's balance sheet, and, after discussion and evaluation, including with the Company's independent registered public accounting firm, Marcum LLP, ("Marcum"), the Company has concluded that its Warrants should be presented as liabilities as of the IPO date reported, at fair value, with subsequent fair value changes to be recorded in its financial statements at each reporting period.

On May 17, 2021, the Audit Committee of the Board of Directors of the Company concluded, after discussion with the Company's management, that the Company's audited balance sheet as of March 4, 2021 filed as Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the SEC on March 10, 2021 (the "Form 8-K") should no longer be relied upon due to changes required to reclassify the Warrants as liabilities to align with the Statement. The Company plans to reflect this reclassification of the Warrants in its upcoming Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, to be filed with the SEC.

The Company does not expect any of the above changes will have any impact on its cash position and cash held in the trust account.

In addition, the audit report of Marcum included in the Company's Form 8-K filed on March 10, 2021 should no longer be relied upon.

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 - - -
Net income 2020 -0,01 M - -
Net cash 2020 0,03 M - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 431 M 431 M -
EV / Sales 2019
EV / Sales 2020 -
Nbr of Employees -
Free-Float 78,1%
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NightDragon Acquisition Corp. Technical Analysis Chart | NDAC | US65413D1054 | MarketScreener
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Managers and Directors
Morgan P. Kyauk Chief Executive Officer & Secretary
Steve Simonian Chief Financial Officer
David G. DeWalt Chairman
Kenneth Gonzalez Independent Director
Mark S. Garrett Vice Chairman
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