Item 4. Controls and Procedures
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures
that are designed to ensure that information required to be disclosed in our reports under the Exchange Act, is recorded, processed, summarized
and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated
to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate,
to allow timely decisions regarding required disclosure.
In connection with the preparation
of this Quarterly Report on Form 10-Q, as of March 31, 2023, an evaluation was performed under the supervision and with the participation
of our management, including the CEO and CFO, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e)under
the Exchange Act). Based on such evaluation, our CEO and CFO concluded that, as of March 31, 2023, our disclosure controls and procedures
were not effective, due solely to the material weaknesses in our internal control over financial reporting related to the accounting of
complex financial instruments due to the errors related to the classification of our warrants and Class A ordinary shares. In addition,
in the second quarter of 2022, the Company did not originally account for and classify convertible promissory notes, accrued expenses
and accounts payable, and foreign exchange transactions properly. To respond to this material weakness, we have devoted, and plan to continue
to devote, significant effort and resources to the remediation and improvement of our internal control over financial reporting. While
we have processes to identify and appropriately apply applicable accounting requirements, we plan to enhance our system of evaluating
and implementing the accounting standards that apply to our unaudited condensed financial statements, including through enhanced analyses
by our personnel and third-party professionals with whom we consult regarding complex accounting applications. The elements of our remediation
plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.
Accordingly, management believes that the condensed financial statements included in this Quarterly Report on Form 10-Q present fairly
in all material respects our financial position, results of operations and cash flows for the periods presented.
Changes in Internal Control over Financial
Reporting
There were no changes in our
internal control over financial reporting that occurred during the quarter of the fiscal year covered by this Quarterly Report on Form
10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
29
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.