Benessere Capital Acquisition Corp. filed SEC Form 8-K: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
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| Item 4.02 | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On August 22, 2022, Benessere Capital Acquisition Corp.’s (the “Company”) audit committee Chair concluded, after discussion with the Company’s management, that the Company’s financial statements for the quarter ended March 31, 2022 (the “Q1 10-Q”), should no longer be relied upon because of an error in such financial statements. 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 internally and with Marcum LLP, the Company’s independent accountant (“Marcum”).
In connection with the preparation of the unaudited financial statements on Form 10-Q for the quarter ended June 30, 2022 (the “Q2 10-Q”), management identified $2,065,898 that the Company had not accounted for properly. Specifically, the Company did not record the $2,065,898 as an increase to shares subject to redemption and an increase to stockholders’ deficit.
The Company will correct and restate its unaudited financial statements for the quarter ended March 31, 2022 (the “Non-Reliance Period”) and disclose such restated financial statements in a footnote to its Q2 10-Q.
The Company’s management previously concluded, as disclosed in the Quarterly Report on Form 10-Q for the quarter ended March 30, 2022, that deficiencies in internal control over financial reporting existed relating to the accounting treatment for complex financial instruments and that the failure to properly account for such instruments constituted a material weakness as defined in the SEC regulations. The same deficiencies resulted in the accounting error disclosed above.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Benessere Capital Acquisition Corp. | ||
| By: | /s/ Patrick Orlando | |
| Name: | Patrick Orlando | |
| Title: | Chief Executive Officer | |
Dated: August 24, 2022