UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
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| The Stock Market LLC |
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| Item 4.02 | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On November 23, 2021, the audit committee of the board of directors of East Stone Acquisition Corporation, a British Virgin Islands business company (the “Company”), concluded, after discussion with the Company’s management, that (i) the Company’s audited financial statements as of December 31, 2020 as previously issued in the Company’s Annual Report on Form 10-KT filed with the Securities and Exchange Commission (the “SEC”) on June 9, 2021, (ii) the Company’s unaudited financial statements as of March 31, 2021 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on June 11, 2021, (iii) the Company’s unaudited financial statements as of June 30, 2021 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 16, 2021, and (iv) the Company’s unaudited financial statements as of September 30, 2021 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021, should no longer be relied upon due to the reclassification of the Company’s ordinary share as temporary equity.
In light of the above, the Company’s Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon their re-evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were not effective during the period of time the error described above persisted, due to a material weakness in internal controls over financial reporting in analyzing complex financial instruments. In light of this material weakness, the Company performed additional analysis as deemed necessary to ensure that the Company’s unaudited interim financial statements were prepared in accordance with U.S. generally accepted accounting principles. The Company plans to restate the financial statements identified above in the Company’s Annual Report on Form 10-KT/A and the Company’s Quarterly Report on Form 10-Q/A to be filed with the SEC as soon as practicable.
The Company’s management discussed the above disclosed matters with the Company’s independent registered public accounting firm, WithumSmith+Brown, PC (“Withum”). Withum was provided with a copy of the disclosures made herein and was given the opportunity to review these disclosures.
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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.
| Dated: November 24, 2021 | East Stone Acquisition Corporation | ||
| By: | /s/ Xiaoma (Sherman) Lu | ||
| Name: | Xiaoma (Sherman) Lu | ||
| Title: | Chief Executive Officer | ||
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