Form 8-K/A - Current report: [Amend]
02 September 2023 - 6:31AM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
(Amendment
No. 1)
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 14, 2023
Arrowroot
Acquisition Corp.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40129 |
|
85-3961600 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
4553
Glencoe Ave, Suite 200
Marina
Del Rey, California 90292
(Address
of principal executive office and zip code)
(310)
566-5966
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Units,
each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one redeemable warrant |
|
ARRWU |
|
The
Nasdaq Stock Market LLC |
Shares
of Class A common stock included as part of the Units |
|
ARRW |
|
The
Nasdaq Stock Market LLC |
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 |
|
ARRWW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
Emerging
Growth Company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Explanatory
Note
Arrowroot
Acquisition Corp. (the “Company,” “we”, “our” or “us”) is filing this Amendment No. 1
to the Current Report on Form 8-K, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on August
17, 2023, to describe the accounting error the Company, in consultation with its advisors, identified in the previously issued financial
statements as of and for the quarterly period ended March 31, 2023 and the effect of the accounting error on the Company’s financial
statements.
Item 4.02. Non-Reliance on Previously Issued Financial Statements.
The
management of the Company, in consultation with its advisors, identified an accounting error in the previously issued financial statements
as of and for the quarterly period ended March 31, 2023. On August 14, 2023, the Company’s audit committee concluded, after discussion
with the Company’s management and its advisors, that the Company’s unaudited financial statements as of and for the quarterly
period ended March 31, 2023 included in the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2023 should
no longer be relied upon due to the error described below and should be restated.
In
connection with the preparation of the Company’s condensed consolidated financial statements as of and for the period ended June
30, 2023, management identified a presentation error made in its March 31, 2023 condensed consolidated financial statements. The Company
determined that the value of the convertible promissory notes were incorrectly adjusted to fair value instead of being booked at par.
The Company determined that, as a result, there should be a reversal of the change in value of the convertible notes as previously disclosed.
The Company determined that the convertible notes required bifurcation under ASC 815-15-25-7. Management evaluated the conversion option
contained within the convertible notes and determined their value to be de minimis. As a result, the Company recorded the value of the
convertible notes at par.
In
accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering
the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”; the Company evaluated
the changes and determined that the related impact was material to previously presented financial statements.
The
impact of the restatement on the Company’s unaudited condensed consolidated financial statements is reflected in the following
table:
| |
As Previously Reported | | |
Adjustment | | |
As Restated | |
Condensed Consolidated Balance Sheet for the three months ended March 31, 2023 (unaudited) | |
| | |
| | |
| |
| |
| | |
| | |
| |
Convertible Promissory Note - Related Party | |
$ | 257,014 | | |
$ | 1,882,986 | | |
$ | 2,140,000 | |
Additional paid in capital | |
$ | 563,136 | | |
$ | (563,136 | ) | |
$ | - | |
Accumulated deficit | |
$ | (15,207,806 | ) | |
$ | (1,319,850 | ) | |
$ | (16,527,656 | ) |
Total Liabilities | |
$ | 15,881,107 | | |
$ | 1,882,986 | | |
$ | 17,764,093 | |
Total Stockholders’ Equity (deficit) | |
$ | (14,643,951 | ) | |
$ | (1,882,986 | ) | |
$ | (16,526,937 | ) |
| |
| | | |
| | | |
| | |
Condensed Consolidated Statement of Operations for the three months ended March 31, 2023 (unaudited) | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Change in fair value of convertible promissory notes | |
$ | 1,319,850 | | |
$ | (1,319,850 | ) | |
| - | |
Total other income (expense) | |
$ | 909,732 | | |
$ | (1,319,850 | ) | |
$ | (410,118 | ) |
Income before provision for income taxes | |
$ | 81,106 | | |
$ | (1,319,850 | ) | |
$ | (1,238,744 | ) |
Net Income (loss) | |
$ | (374,842 | ) | |
$ | (1,319,850 | ) | |
$ | (1,694,692 | ) |
| |
| | | |
| | | |
| | |
EPS: | |
| | | |
| | | |
| | |
Weighted avg shares outstanding, Class A common stock | |
| 21,188,697 | | |
| - | | |
| 21,188,697 | |
Basic and diluted net loss per share, Class A common stock | |
$ | (0.01 | ) | |
| (0.05 | ) | |
| (0.06 | ) |
| |
| | | |
| | | |
| | |
Weighted avg shares outstanding, Class B common stock | |
| 7,187,500 | | |
| - | | |
| 7,187,500 | |
Basic and diluted net loss per share, Class B common stock | |
$ | (0.01 | ) | |
| (0.05 | ) | |
| (0.06 | ) |
| |
| | | |
| | | |
| | |
Condensed Consolidated Statement of Equity for the three months ended March 31, 2023 (unaudited) | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Proceeds received in excess of initial fair value of Convertible Promissory Note | |
$ | 563,136 | | |
$ | (563,136 | ) | |
$ | - | |
Net Income (loss) | |
$ | (374,842 | ) | |
$ | (1,319,850 | ) | |
$ | (1,694,692 | ) |
Accretion for Class A common stock to redemption amount- APIC | |
$ | (2,355,234 | ) | |
$ | - | | |
$ | (2,355,234 | ) |
Accumulated Deficit | |
$ | (15,207,806 | ) | |
$ | (1,319,850 | ) | |
$ | (16,527,656 | ) |
Total Stockholders Equity (deficit) | |
$ | (14,643,951 | ) | |
$ | (1,882,986 | ) | |
$ | (16,526,937 | ) |
| |
| | | |
| | | |
| | |
Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023 (unaudited) | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (374,842 | ) | |
$ | (1,319,850 | ) | |
$ | (1,694,692 | ) |
Change in fair value of convertible promissory note | |
$ | (1,319,850 | ) | |
$ | 1,319,850 | | |
$ | - | |
| |
| | | |
| | | |
| | |
Non Cash: | |
| | | |
| | | |
| | |
Proceeds received in excess of initial fair value of Convertible Promissory Note - Shares at initial borrowing | |
$ | 563,136 | | |
$ | (563,136 | ) | |
$ | - | |
The
Company’s management has concluded that in light of the error described above, a material weakness exists in the Company’s
internal control over financial reporting and that the Company’s disclosure controls and procedures were not effective as of March
31, 2023.
The
Company’s management and audit committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant
to this Item 4.02 with its independent registered public accounting firm.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
|
Arrowroot
Capital Acquisition Corp. |
|
(Registrant) |
|
|
|
September
1, 2023 |
By: |
/s/
Thomas Olivier |
|
Name: |
Thomas
Olivier |
|
Title: |
Chief
Financial Officer |
4
v3.23.2
Cover
|
Aug. 14, 2023 |
Document Type |
8-K/A
|
Amendment Flag |
true
|
Amendment Description |
Arrowroot
Acquisition Corp. (the “Company,” “we”, “our” or “us”) is filing this Amendment No. 1
to the Current Report on Form 8-K, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on August
17, 2023, to describe the accounting error the Company, in consultation with its advisors, identified in the previously issued financial
statements as of and for the quarterly period ended March 31, 2023 and the effect of the accounting error on the Company’s financial
statements.
|
Document Period End Date |
Aug. 14, 2023
|
Entity File Number |
001-40129
|
Entity Registrant Name |
Arrowroot
Acquisition Corp.
|
Entity Central Index Key |
0001835972
|
Entity Tax Identification Number |
85-3961600
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
4553
Glencoe Ave
|
Entity Address, Address Line Two |
Suite 200
|
Entity Address, City or Town |
Marina
Del Rey
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
90292
|
City Area Code |
(310)
|
Local Phone Number |
566-5966
|
Written Communications |
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|
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|
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|
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|
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false
|
Units, each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one redeemable warrant |
|
Title of 12(b) Security |
Units,
each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one redeemable warrant
|
Trading Symbol |
ARRWU
|
Security Exchange Name |
NASDAQ
|
Shares of Class A common stock included as part of the Units |
|
Title of 12(b) Security |
Shares
of Class A common stock included as part of the Units
|
Trading Symbol |
ARRW
|
Security Exchange Name |
NASDAQ
|
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 |
|
Title of 12(b) Security |
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
|
Trading Symbol |
ARRWW
|
Security Exchange Name |
NASDAQ
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