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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 
FORM
8-K/A
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December
10
, 2021
 (May 28, 2021)
 
 
DYNAMICS SPECIAL PURPOSE CORP.
(Exact Name of Registrant as Specified in its Charter)
 
 
 
Delaware
 
001-40440
 
86-2437900
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
   
2875 El Camino Real
Redwood City, California
 
94061
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (408)
212-0200
Not Applicable
(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
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Class A common stock, par value $0.0001 per share
 
DYNS
 
Nasdaq Capital Market
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.  ☐
 
 
 
EXPLANATORY NOTE
Dynamics Special Purpose Corp. (the “Company”) is filing this Form 8-K/A (this “Amendment”) to amend its audited Balance Sheet included in
Form 8-K,
originally filed with the Securities and Exchange Commission (the “SEC”) on June 4, 2021 (the “Original
Form 8-K”)
on account of the restatement of the Company’s financial statement and related footnote disclosures as of May 28, 2021.​​​​​​​
Background of Restatement
As previously reported on its Form 8-K filed with the SEC on December 
10
, 2021, the management of the Company, in consultation with the audit committee of the Company, concluded on December 9, 2021, that the Company’s financial statement and related footnote disclosures as of May 28, 2021 filed in the Original
Form 8-K
contained errors relating to the classification between temporary equity and permanent equity of the shares of the Company’s Class A common stock subject to redemption, which the Company initially presented a portion of as permanent equity, and has determined should be classified as temporary equity. In light of this error, it was determined that it is appropriate to amend and restate the Company’s Original
Form 8-K
Effects of Restatement
See Note 2 to the Notes to Financial Statement included in this Amendment as Exhibit 99.1 for additional information on the restatement and the related financial statement effects. The Company does not expect these changes will have any impact on its cash position and cash held in the trust account established in connection with the Company’s initial public offering.
Internal Control Considerations
The Company’s management has concluded that in light of the classification 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. For a discussion of management’s consideration of the material weakness identified, see Part I, Item 4, “Controls and Procedures” of the Company’s Quarterly Report as of and for the period ended September 30, 2021 on Form 10-Q/A, filed with the SEC on December 
10
, 2021.
Except as described above, this Amendment does not amend, update or change any other disclosures in the Original Form 8-K. In addition, the information contained in this Amendment does not reflect events occurring after the filing of the Original Form 8-K and does not modify or update the disclosures therein, except as specifically identified above. Among other things, forward-looking statements made in the Original Form 8-K have not been revised to reflect events, results, or developments that occurred or facts that became known to us after the date of the Original Form 8-K other than the restatement, and such forward-looking statements should be read in conjunction with our filings with the SEC, including those subsequent to the filing of the Original Form 8-K.
 
Item 9.01
  
Financial Statements and Exhibits.
(d) Exhibits
 
Exhibit No.
  
Description
   
99.1
  
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 
10
, 2021
 
DYNAMICS SPECIAL PURPOSE CORP.
   
By:
 
/s/ Mark Afrasiabi
 
 
Mark Afrasiabi
 
 
Chief Financial Officer
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