08/29/2024 | Press release | Distributed by Public on 08/29/2024 15:15
Item 4.02. Non-Relianceon Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On August 23, 2024, the Audit Committee (the "Audit Committee") of the Board of Directors of Gores Holdings IX, Inc. (the "Company") concluded that the Company's previously issued (i) consolidated financial statements as of and for the years ended December 31, 2023 and 2022 included in its Annual Report on Form 10-Kfor the year ended December 31, 2023 ("Annual Period"), (ii) unaudited condensed consolidated financial statements for the quarters ended March 31, 2022 through September 30, 2023 included in its Quarterly Reports on Form 10-Qfor the periods ended March 31, 2023, June 30, 2023, and September 30, 2023 ("Historic Interim Periods"), and (iii) unaudited condensed consolidated financial statements for the quarter ended March 31, 2024 included in its Quarterly Reports on Form 10-Qfor the period ended March 31, 2024 ("Current Interim Period", and together with the Annual Period and Historic Interim Periods, the "Affected Periods") should no longer be relied upon due to errors in such consolidated financial statements.
The Company delayed filing the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024 (the "Q2 2024 Form 10-Q") as a result of the discovery of potential errors for the accounting of the Company's tax provision, which the Audit Committee has now determined impacted the annual and quarterly reports filed during the Affected Periods. Accordingly, the Company intends to restate the consolidated financial statements of the Affected Periods (the "Restatement") in its Annual Report on Form 10-Kfor the year ended December 31, 2023 (the "2023 Form 10-K/A"), as soon as reasonably practicable. The impact of the Restatement on the Historic Interim Periods will be summarized in the 2023 Form 10-K/A,and the Company does not intend to amend its previously issued Form 10-Qsfor such Historic Interim Periods. Additionally, the impact of the Restatement on the Current Interim Period will be summarized in the 2024 Q2 Form 10-Q,and the Company does not intend to amend its previously filed Form 10-Qfor the Current Interim Period.The Company's management and the Audit Committee discussed the matters disclosed in this Item 4.02 with WithumSmith+Brown, PC, the Company's independent accounting registered public firm. At this time, the Company does not have an estimate of when all efforts will be completed and when the 2023 Form 10-K/Aand 2024 Q2 Form 10-Qwill be filed.
Forward-Looking Statements
This report may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company advises caution in reliance on forward-looking statements. Forward-looking statements include, without limitation: statements related to the completion of the Company's review of accounting matters and audit of the Company's financial statements; the Company's plans to file the 2Q 2024 Form 10-Qand 2023 Form 10-K/Awith the restated results; expectations with respect to how the adjustments will impact the Company's financial statements; and the Company's plans, objectives and intentions that are not historical facts generally. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking statement, including without limitation: the final outcome of the evaluation of accounting matters and the impact of the adjustments to the Company's financial statements; the discovery of additional and unanticipated information during the re-evaluationand audit of the Company's financial statements, including it evaluation of effectiveness of internal control over financial reporting; changes in assumptions regarding how the evaluation will impact the Company's financial results; the application of accounting or tax principles in an unanticipated manner; the possibility that the Nasdaq may delist the Company's securities; risks related to the Company's ability to implement and maintain effective internal control over financial reporting in the future; and the impact of these factors on the Company's performance and outlook. See also other risks that are described in "Risk Factors" in the Company's filings with the SEC, including its Annual Report on Form 10-Kfiled with the SEC for the fiscal year ended December 31, 2023, and any subsequent reports filed with the SEC. All forward-looking statements in this report are based on information available to the Company as of the date of this filing. The Company expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.