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
Date of Report (Date of earliest event reported): March 22, 2022 (
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Item 4.02. | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On March 21, 2022, the audit committee of the board of directors (the “Audit Committee”) of Argus Capital Corp. (the “Company”), after consultation with the Company’s management, concluded that the Company’s audited balance sheet as of September 24, 2021 (the “Audited Balance Sheet”), included as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October 1, 2021, contained an error relating to the value of the Company’s Class A common stock subject to redemption, which should have been recorded as $310,845,000 ($10.20 per share) instead of $304,750,000 ($10.00 per share). In light of this error, it was determined that (a) the Audited Balance Sheet and (b) the unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the SEC on November 19, 2021, should no longer be relied upon. Accordingly, the Company plans to restate (i) its financial statements as of September 30, 2021 and for the three months ended September 30, 2021 in its Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2021 and (ii) the Audited Balance Sheet in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, each to be filed with the SEC.
The above change will not have any impact on the Company’s cash position or cash held in the trust account established in connection with the Company’s initial public offering.
The Company’s management concluded that, in light of the error described above, a material weakness exists in the Company’s internal controls over financial reporting and that the Company’s disclosure controls and procedures were not effective. The Company intends to describe remediation with respect to such material weakness in more detail in its Annual Report on Form 10-K for the year ended December 31, 2021.
The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with WithumSmith+Brown, PC, the Company’s independent accountant.
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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.
ARGUS CAPITAL CORP. | ||
By: | /s/ Joseph R. Ianniello | |
Name: Joseph R. Ianniello | ||
Title: Chief Executive Officer and Chairman |
Dated: March 22, 2022
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