Cover | Oct. 29, 2021 |
Document Type | 8-K/A |
Amendment Flag | true |
Amendment Description | TKB Critical Technologies 1 (the “Company,” “TKB”, “we,” “us” or “our”) is filing this Amendment No. 1 to its Current Report on Form 8-K/A to amend and restate the audited balance sheet dated October 29, 2021 (the “Audited Balance Sheet”) originally filed with the Securities and Exchange Commission on November 4, 2021 (the “Original Report”), reflecting receipt of the proceeds upon consummation of its initial public offering and the private placement of warrants.
On February 11, 2022, the audit committee of the board of directors of the Company, after consultation with the Company’s management, concluded that the Company’s Audited Balance Sheet contained an error relating to the value of the Company’s Class A ordinary shares subject to redemption, which should have been recorded as $234,600,000 ($10.20 per share) instead of $230,000,000 ($10.00 per share). In addition, there was a change within the accretion recorded within accumulated deficit (see Note 2). These changes will not have any impact on the Company’s cash position or cash held in the trust account established in connection with the initial public offering.
In light of this error, it was determined that the Audited Balance Sheet should be no longer be relied upon. On February 16, 2022, the Company filed a report on Form 8-K disclosing the non-reliance on the financial statements included in the Original Report. The financial information that was previously filed or otherwise reported in the Original Report is superseded by the information in this Form 8-K/A.
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. |
Document Period End Date | Oct. 29, 2021 |
Entity File Number | 001-40959 |
Entity Registrant Name | TKB CRITICAL TECHNOLOGIES 1 |
Entity Central Index Key | 0001860514 |
Entity Tax Identification Number | 98-1601095 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 400 Continental Blvd |
Entity Address, Address Line Two | Suite 600 |
Entity Address, City or Town | El Segundo |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90245 |
City Area Code | 310 |
Local Phone Number | 426-2055 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | |
Title of 12(b) Security | Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant |
Trading Symbol | USCTU |
Security Exchange Name | NASDAQ |
Class A ordinary share, par value $0.0001 per share | |
Title of 12(b) Security | Class A ordinary share, par value $0.0001 per share |
Trading Symbol | USCT |
Security Exchange Name | NASDAQ |
Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share | |
Title of 12(b) Security | Redeemable warrants, each warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share |
Trading Symbol | USCTW |
Security Exchange Name | NASDAQ |