QuantumScape Corp - Ordinary Shares - Class A

NYSE:QS   3:59:59 PM EDT
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Accounting Issues/SEC Inquiries, Other Pre-Announcement, Mergers / Acquisitions

Quantumscape Announces Response To SEC Guidance Applicable To Warrants Issued By Special Purpose Acquisition Companies

Published: 04/29/2021 00:02 GMT
QuantumScape Corp - Ordinary Shares - Class A (QS) - Announces Response to Sec Guidance Applicable to Warrants Issued by Special Purpose Acquisition Companies (“spacs”).
Change in Accounting Treatment of Warrants Has No Effect on Quantumscape's Ongoing Operations Or Future Plans.
Will Restate Its Consolidated Financial Statements for FY to Change Accounting Treatment of Public, Private Placement Warrants.
There Will Be No Cash Impact to Quantumscape’s Business Or Historical Financial Statements in the Affected Period Due to This Restatement.
Intends to Restate Its Historical Financial Statements to Account for Warrants As Liabilities.
Preliminarily Estimates That Change in Accounting Method Will Cause Liabilities to Increase by Approximately $675 to $705 Million.
Intends to Complete Restatement of Consolidated Financial Statements for FY Within Next Two Weeks.
Estimates That Change in Accounting Method Will Cause Additional Paid-in-capital to Decrease by About $95 Million to $125 Million.
Intends to Complete Restatement of Its Consolidated Financial Statements Within Next Two Weeks.
Sees Incremental Non-cash Non-operating Expense on Statement of Operations of Warrants to Be $20-$40 Million for 3 Months Ended March 31.