UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
In connection with the preparation of the consolidated financial statements for Blockchain Coinvestors Acquisition Corp. I (the “Company”) as of and for the year ended December 31, 2023, the Company’s management, in consultation with its advisors, determined that the amounts of prepaid expenses, accrued expenses, general and administrative costs for the periods ended March 31, 2023, June 30, 2023, and September 30, 2023 (each, a “Report Period” and collectively, the “Report Period”) were not accounted for properly. The Company received statements from an external professional advisor (the “vendor”) for each Report Period. The balances received on each statement provided by the vendor did not include total payments made by the Company through each Report Period date and those statements received from the vendor were misinterpreted by the Company as being the balance owed as of each date. As a result, the Company overstated its legal expenses and its accrued legal liability and understated its pre paid assets.
On April 15, 2024, the audit committee of the board of directors of the Company (the “Audit Committee”) determined, after discussion with its advisors, that the Company’s (i) unaudited financial statements as of and for the quarter ended March 31, 2023 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 19, 2023, (ii) unaudited financial statements as of and for the three and six months ended June 30, 2023 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 14, 2023, and (iii) unaudited financial statements as of and for the three and nine months ended September 30, 2023 contained in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 14, 2023 (collectively, the “Prior Financials”), should no longer be relied upon in light of the above.
The Company plans to include restatements of the Prior Financials in its annual report on Form 10-K for the year ended December 31, 2023, which it expects to file on April 15, 2024. The Company does not expect the changes described above to have any impact on its cash position or the balance held in its trust account.
The Company’s management has concluded that in light of the above, 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’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with WithumSmith+Brown PC, the Company’s independent registered public accounting firm.
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SIGNATURES
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.
| Date: April 15, 2024 | BLOCKCHAIN COINVESTORS ACQUISITION CORP. I | |
| By: | /s/ Lou Kerner | |
| Name: | Lou Kerner | |
| Title: | Chief Executive Officer | |
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