Digital World Acquisition Corp (DWAC) said FY22 financial results should not be relied upon

Digital World Acquisition Corp (NASDAQ: DWAC), the SPAC that is merging with former President Donald Trump's Truth Network, disclosed that the Company’s audited financial statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K should no longer be relied upon due to an accounting error.

From the company:

The management of the Company, in consultation with its advisors, identified an error related to the accounting for certain expenses in the previously issued financial statements as of and for the year ended December 31, 2022. On May 18, 2023, the Company’s audit committee concluded, after discussion with the Company’s management and its advisors, that the Company’s audited financial statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K should no longer be relied upon due to the error described above and should be restated. The Company plans to restate the financial statements identified above in the Company’s Annual Report on Form 10-K/A (the “Form 10-K/A”) to be filed with the SEC as soon as practicable.

The Company’s management has concluded that in light of the error 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 as of December 31, 2022. The Company’s remediation plan with respect to such material weakness will be described in detail in the Form 10-K/A with the SEC.

The Company’s management and audit committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with its independent registered public accounting firm

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