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In a recent SEC filing, dMY Squared Technology Group, Inc., a special purpose acquisition company, announced that its previously issued financial statements for certain periods in 2024 should not be relied upon. The company, which operates under the ticker NYSE American:DMYY, identified errors in the redemption value of its Class A common stock and accumulated deficit in its balance sheets.
The Audit Committee of dMY Squared Technology Group, in consultation with management, determined on Monday that the financial statements for the first three quarters of 2024 contained inaccuracies. These reports, filed on May 15, August 14, and November 14, 2024, respectively, will be restated in the company’s upcoming annual report for the year ended December 31, 2024.
The errors stem from the incorrect calculation of the redemption value of the Class A common stock subject to possible redemption. The company withdrew approximately $1.9 million from its trust account for tax payments, but some of these funds were used for general operating expenses. dMY Squared Sponsor, LLC has since contributed approximately $0.73 million to cover these expenses and interest.
The restatement will not lead to amendments of the previously issued quarterly reports but will be reflected in future filings. dMY Squared Technology Group also disclosed that it will report material weaknesses in its internal control over financial reporting and that its disclosure controls and procedures were ineffective as of December 31, 2024. Efforts to remediate these weaknesses are underway.
The company’s independent registered public accounting firm, WithumSmith+Brown, PC, has been informed about these issues. The filing also contained forward-looking statements about the anticipated impact of the restatement and planned remediation measures. However, the company cautioned that these statements are subject to risks and uncertainties and should not be overly relied upon.
This announcement is based on a press release statement and provides a factual account of dMY Squared Technology Group’s financial restatements and identified internal control issues.
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