true0001806156 0001806156 2021-02-05 2021-02-05 0001806156 2021-02-11 2021-02-11 0001806156 2021-02-05 0001806156 us-gaap:CommonClassAMember 2021-02-05 0001806156 us-gaap:CommonClassBMember 2021-02-05 0001806156 us-gaap:IPOMember 2021-02-05 0001806156 us-gaap:PrivatePlacementMember 2021-02-05 0001806156 srt:MinimumMember 2021-02-05 0001806156 srt:MaximumMember 2021-02-05 0001806156 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2021-02-05 0001806156 us-gaap:MeasurementInputExercisePriceMember 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:MeasurementInputFairValueUnitsMember 2021-02-05 0001806156 ghac:PrivatePlacementWarrantsMember 2021-02-05 0001806156 ghac:PublicWarrantsMember 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:PublicWarrantsMember 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:SharePriceEqualOrLessNinePointTwoRupeesPerDollarMember 2021-02-05 0001806156 ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember 2021-02-05 0001806156 ghac:PublicWarrantsMember us-gaap:CommonClassAMember srt:MaximumMember 2021-02-05 0001806156 ghac:PublicWarrantsMember us-gaap:CommonClassAMember srt:MinimumMember 2021-02-05 0001806156 ghac:PublicWarrantsMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember us-gaap:CommonClassAMember 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember srt:MinimumMember 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember srt:MaximumMember 2021-02-05 0001806156 us-gaap:CommonClassBMember us-gaap:IPOMember 2021-02-05 0001806156 us-gaap:IPOMember us-gaap:CommonClassAMember 2021-02-05 0001806156 ghac:FounderSharesMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember 2021-02-05 0001806156 ghac:WorkingcapitalloansMember ghac:SponsorMember 2021-02-05 0001806156 ghac:PublicWarrantsMember us-gaap:IPOMember 2021-02-05 0001806156 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member ghac:PublicWarrantsMember 2021-02-05 0001806156 ghac:PrivatePlacementWarrantsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-02-05 0001806156 us-gaap:MeasurementInputExpectedTermMember 2021-02-05 0001806156 us-gaap:MeasurementInputRiskFreeInterestRateMember 2021-02-05 0001806156 us-gaap:MeasurementInputOptionVolatilityMember 2021-02-05 0001806156 ghac:SponsorMember ghac:RelatedPartyLoanMember 2021-02-05 0001806156 ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember us-gaap:CommonClassAMember ghac:PublicAndPrivateWarrantsMember 2021-02-05 0001806156 srt:RestatementAdjustmentMember 2021-02-05 0001806156 ghac:AsRestatedMember 2021-02-05 0001806156 srt:ScenarioPreviouslyReportedMember 2021-02-05 0001806156 us-gaap:CommonClassAMember srt:ScenarioPreviouslyReportedMember 2021-02-05 0001806156 us-gaap:CommonClassAMember srt:RestatementAdjustmentMember 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:AsRestatedMember 2021-02-05 0001806156 ghac:PrivateWarrantsMember 2021-02-05 0001806156 ghac:FounderSharesMember ghac:NonExecutiveDirectorsMember 2021-02-05 0001806156 us-gaap:IPOMember 2021-02-05 2021-02-05 0001806156 us-gaap:OverAllotmentOptionMember 2021-02-05 2021-02-05 0001806156 us-gaap:PrivatePlacementMember 2021-02-05 2021-02-05 0001806156 ghac:PublicWarrantsMember 2021-02-05 2021-02-05 0001806156 ghac:SponsorMember us-gaap:CommonClassAMember ghac:PrivatePlacementWarrantsMember 2021-02-05 2021-02-05 0001806156 ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember 2021-02-05 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:PublicWarrantsMember 2021-02-05 2021-02-05 0001806156 ghac:PublicWarrantsMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember us-gaap:CommonClassAMember srt:MinimumMember 2021-02-05 2021-02-05 0001806156 ghac:PublicWarrantsMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember us-gaap:CommonClassAMember srt:MaximumMember 2021-02-05 2021-02-05 0001806156 us-gaap:CommonClassAMember ghac:SharePriceEqualOrLessNinePointTwoRupeesPerDollarMember 2021-02-05 2021-02-05 0001806156 ghac:PublicWarrantsMember us-gaap:CommonClassAMember srt:MaximumMember 2021-02-05 2021-02-05 0001806156 srt:MinimumMember ghac:PublicWarrantsMember 2021-02-05 2021-02-05 0001806156 us-gaap:CommonClassAMember 2021-02-05 2021-02-05 0001806156 ghac:PrivateUnitsMember us-gaap:IPOMember 2021-02-05 2021-02-05 0001806156 ghac:PublicUnitsMember us-gaap:IPOMember 2021-02-05 2021-02-05 0001806156 ghac:FounderSharesMember us-gaap:CommonClassBMember ghac:SponsorMember 2021-02-05 2021-02-05 0001806156 us-gaap:CommonClassBMember ghac:FounderSharesMember 2021-02-05 2021-02-05 0001806156 ghac:FounderSharesMember 2021-02-05 2021-02-05 0001806156 ghac:FounderSharesMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember srt:MaximumMember 2021-02-05 2021-02-05 0001806156 ghac:FounderSharesMember ghac:SharePriceEqualOrExceedsEighteenRupeesPerDollarMember srt:MinimumMember 2021-02-05 2021-02-05 0001806156 ghac:FounderSharesMember ghac:SponsorMember 2021-02-05 2021-02-05 0001806156 srt:DirectorMember 2021-02-05 2021-02-05 0001806156 us-gaap:OverAllotmentOptionMember us-gaap:PrivatePlacementMember 2021-02-05 2021-02-05 0001806156 us-gaap:PrivatePlacementMember 2021-02-05 2021-02-05 0001806156 ghac:PublicWarrantsMember us-gaap:OverAllotmentOptionMember 2021-02-05 2021-02-05 0001806156 ghac:PublicWarrantsMember us-gaap:IPOMember 2021-02-05 2021-02-05 0001806156 ghac:OfficeSpaceSecretarialAndAdministrativeServicesMember 2021-01-01 2021-09-30 0001806156 us-gaap:CommonClassAMember 2021-02-11 2021-02-11 0001806156 us-gaap:CapitalUnitsMember 2021-02-11 2021-02-11 0001806156 us-gaap:WarrantMember 2021-02-11 2021-02-11 0001806156 ghac:SponsorMember ghac:FounderSharesMember 2021-02-02 2021-02-02 0001806156 ghac:FounderSharesMember us-gaap:CommonClassBMember 2021-02-02 2021-02-02 0001806156 ghac:RelatedPartyLoanMember ghac:SponsorMember 2021-02-02 iso4217:USD xbrli:shares xbrli:pure utr:Year utr:Day utr:Month iso4217:USD xbrli:shares
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form 8-K/A
Amendment No. 1
 
 
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2022 (February 11, 2021)
 
 
Gaming & Hospitality Acquisition Corp.
(Exact Name of Registrant as Specified in its Charter)
 
 
 
Delaware
  
001-39987
  
84-5014306
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(I.R.S. Employer
Identification No.)
 
3755 Breakthrough Way #300, Las Vegas, Nevada
  
89135
(Address of Principal Executive Offices)
  
(Zip Code)
Registrant’s telephone number, including area code: (800)
211-8626
N/A
(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:
 
☐
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
Units, each consisting of one share of Class A common stock and
one-third
of one redeemable warrant to purchase one share of Class A common stock
  
GHACU
  
The Nasdaq Stock Market LLC
Class A common stock, par value $0.0001 per share
  
GHAC
  
The Nasdaq Stock Market LLC
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share, subject to adjustment
  
GHACW
  
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule
12b-2
of the Securities Exchange Act of 1934 (17 CFR
§240.12b-2).
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
Gaming & Hospitality Acquisition Corp. (the “
Company
”) is filing this Amendment No. 1
on Form 8-K
(the “
Amendment
”) to amend and restate the Company’s audited balance sheet as of February 5, 2021 (the “
Audited Balance Sheet
”) included in the Company’s Current Report on Form
8-K
filed with the U.S. Securities and Exchange Commission (the “
SEC
”) on February 11, 2021 (the “
Original
8-K
”).
The Audited Balance Sheet is being restated to reflect the classification of all of the Company’s Class A common stock subject to possible redemption issued as part of the units sold in the Company’s initial public offering (“
IPO
”) as temporary equity in accordance with Accounting Standards Codification (ASC)
480-10-S99. Upon
its IPO, the Company classified a portion of the Class A common stock as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. The Company
re-evaluated
the conclusion and determined that the Class A common stock included certain provisions that require classification of the Class A common stock as temporary equity regardless of the minimum net tangible assets required to complete the Company’s initial business combination. As a result, the Company corrected the error by revising all Class A common stock subject to possible redemption as temporary equity. This resulted in an adjustment to the initial carrying value of the Class A common stock subject to possible redemption with the offset recorded to additional
paid-in
capital (to the extent available), accumulated deficit and Class A common stock.
The Company initially determined the changes were not qualitatively material to the Company’s previously issued financial statements and did not restate its financial statements. However, upon further consideration of the material nature of the changes, the Company determined the change in classification of the Class A common stock subject to possible redemption and change to its presentation of earnings per share is quantitatively material and the Company should restate its previously issued financial statements.
On February 24, 2022, the Company and the audit committee of the Company’s board of directors, after discussion with Company management, concluded that the Audited Balance Sheet filed as Exhibit 99.1 to the Original
8-K
should be restated to report all Class A common stock as temporary equity and should no longer be relied upon. As such, the Company is restating the Audited Balance Sheet filed as Exhibit 99.1 to the Original
8-K
in this Amendment.
The restatement does not have any impact on the Company’s cash position and cash held in the trust account established in connection with the IPO.
The Company has concluded that in light of the classification error described above, a material weakness exists in the Company’s internal control over financial reporting for accounting for complex financial instruments during the Affected Periods and that the Company’s disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness will be described in more detail in a future filing with the SEC.
Except as described above, this Amendment does not amend, update or change any other disclosures in the Original
8-K.
In addition, the information contained in this Amendment does not reflect events occurring after the filing of the Original
8-K
and does not modify or update the disclosures therein, except as specifically identified above.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
 
Exhibit No.
   
Description
99.1    Audited Balance Sheet as of February 5, 2021
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
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: February 24, 2022
 
GAMING & HOSPITALITY ACQUISITION CORP.
By:  
/s/ Andrei Scrivens
  Name: Andrei Scrivens
  Title: Chief Financial Officer
Grafico Azioni Gaming and Hospitality A... (NASDAQ:GHAC)
Storico
Da Dic 2024 a Gen 2025 Clicca qui per i Grafici di Gaming and Hospitality A...
Grafico Azioni Gaming and Hospitality A... (NASDAQ:GHAC)
Storico
Da Gen 2024 a Gen 2025 Clicca qui per i Grafici di Gaming and Hospitality A...