SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 11, 2021 (May 10, 2021)
NAVSIGHT HOLDINGS, INC.
(Exact Name of Registrant as Specified in Charter)
|(State or Other Jurisdiction
12020 Sunrise Valley Drive
|(Address of Principal Executive Offices)||(Zip Code)|
Registrants telephone number, including area code: (571) 500-2236
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on
|Units, each consisting of one share of Class A Common Stock, par value $0.0001 per share, and one-half of one Warrant||NSH.U||The New York Stock Exchange|
|Class A Common Stock, par value $0.0001 per share||NSH||The New York Stock Exchange|
|Warrants, each whole Warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share||NSH WS||The New York Stock Exchange|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On April 12, 2021, the staff of the Securities and Exchange Commission (the SEC) issued a public statement entitled Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (SPACs) (the Statement). In the Statement, the SEC staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPACs balance sheet as opposed to equity. Since September 14, 2020 (the IPO date), Navsight Holdings, Inc. (the Company) has accounted for its outstanding warrants (Warrants) to purchase ordinary shares as equity within its financial statements. However, as a result of the Statement, and after discussion and evaluation, including with the Companys independent auditors, the Company has concluded that the Warrants should be presented as liabilities on its financial statements as of the IPO date reported at fair value with subsequent fair value re-measurement at each reporting period.
On May 10, 2021, the Audit Committee of the Board of Directors of the Company (the Audit Committee), based on the recommendation of and after consultation with management, concluded that its audited financial statements for the period from May 29, 2020 (Inception) through December 31, 2020 as included in the Companys Annual Report on Form 10-K filed with the SEC on March 29, 2021 (the Original 10-K), its unaudited interim financial statements for the period from May 29, 2020 (Inception) through September 30, 2020 as included in the Companys Quarterly Report on Form 10-Q filed with the SEC on November 13, 2020 and its audited balance sheet as of September 14, 2020 included in the Companys Current Report on Form 8-K filed with the SEC on September 18, 2020 (the Non-Reliance Periods), should no longer be relied upon due to changes required to reclassify the Warrants as liabilities to align with the requirements set forth in the Statement. The Audit Committee has discussed this approach with its independent registered public accounting firm, Marcum, LLP (Marcum), and is preparing an amendment (the Amended Form 10-K) to the Original Form 10-K reflecting the reclassification of the Warrants for the Non-Reliance Periods.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 11, 2021
NAVSIGHT HOLDINGS, INC.
|By:||/s/ Robert A. Coleman|
Name: Robert A. Coleman
Title: Chief Executive Officer