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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| Item 4.02 | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On October 13, 2023, Digital World Acquisition Corp.’s (the “Company”) audit committee concluded that the Company’s audited financial statements as of and for the year ended December 31, 2021 (the “2021 Audited Financials”) included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and filed with the Securities and Exchange Commission (“SEC”) on April 13, 2022 (the “2021 10-K”) should no longer be relied upon.
In connection with the Company’s current auditors’ review and re-audit of such 2021 Audited Financials, after discussion with the Company’s management and its advisors, on October 13, 2023, the Company’s audit committee concluded that the Company’s 2021 Audited Financials included errors related to the accounting of certain expenses as previously described on Form 8-K filed with the SEC on May 18, 2023. The Company’s audit committee, in consultation with management and the Company’s auditor, determined that such errors in the 2021 Audited Financials resulted in a material weakness. As a result, such 2021 Audited Financials should also no longer be relied upon.
The Company’s management concluded that in light of the error described above in the 2021 Audited Financials, 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. The Company plans to amend the 2021 10-K to correct the misstatements therein. The Company and its auditors expect to restate the 2021 Audited Financials in the Company’s amended and restated 2022 10-K to be filed with the SEC.
The Company does not expect that any of the above changes will have any impact on its cash position or cash held in the trust account.
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.
| Digital World Acquisition Corp. | ||||||
| Dated: October 16, 2023 | By: | /s/ Eric Swider | ||||
| Name: | Eric Swider | |||||
| Title: | Chief Executive Officer | |||||