| Item 4.02 | Non-Reliance on Previously Issued Financial Statement and Related Audit Report. |
On April 20, 2022, management of Plum Acquisition Corp. I (the “Company”) and the audit committee of the Company’s board of directors (the “Audit Committee”), after discussion with Marcum LLP (“Marcum”), the Company’s independent registered public accounting firm, concluded that the Company’s previously issued unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q (the “Q3 Form 10-Q”) for the quarterly period ended September 30, 2021, filed with the SEC on November 22, 2021 (the “Affected Period”), should no longer be relied upon due to misstatements in (i) warrant liability on the Company’s condensed balance sheet as of September 30, 2021 and (ii) change in fair value of warrants on the Company’s condensed statements of operations for the three months ended September 30, 2021 and for the period from January 11, 2021 (inception) to September 30, 2021.
As such, the Company will restate its financial statements for the Affected Period in an amendment to the Q3 Form 10-Q. The Company’s management has concluded that in light of the misstatements described 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 remediation with respect to such material weakness will be described in more detail in the amended Q3 Form 10-Q.
The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with Marcum.
Cautionary Statements Regarding Forward-Looking Statements
This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. These statements are based on current expectations on the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
