Form 8-K - Current report
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): May 14, 2024
AERWINS
Technologies Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40734 |
|
86-2049355 |
(State
or other jurisdiction |
|
(Commission |
|
(I.R.S.
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
Number) |
The
Walnut Building, 691 Mill
St, Suite 204, Los
Angeles, CA 90021
(Address
of principal executive offices)
(702) 527-1270
(Registrant’s
telephone number, including area code)
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 obligations 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 |
Common
Stock, $0.000001 par value per share |
|
AWIN |
|
The
Nasdaq Stock Market LLC |
Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $1,150 per share |
|
AWINW |
|
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 (§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
4.01. Change in the Registrant’s Certifying Accountant.
Dismissal of Independent Registered
Accounting Firm
Effective as of May 14, 2024, the Audit Committee of AERWINS Technologies Inc. (the “Company”) approved the dismissal of TAAD
LLP (“TAAD”) as the Company’s independent registered public accounting firm.
The
audit report of TAAD on the financial statements for the fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion
or a disclaimer of opinion, and was not qualified or modified as to uncertainties, audit scope, or accounting principles, except that
the report on the Company’s consolidated financial statements contained an explanatory paragraph regarding the Company’s
ability to continue as a going concern based on the Company’s recurring losses from operations and negative cash flows from operating
activities and the December 27, 2023 discontinuance of the operations of the Company’s wholly owned subsidiary A.L.I. Technologies
Inc. (“A.L.I”) which filed a voluntary bankruptcy petition with the Tokyo District Court on December 27, 2023 (the “Bankruptcy
Proceedings”). The audit report also included an emphasis of a matter related to the Bankruptcy Proceedings which draws attention
to Note 17 to the financial statements (Subsequent events). This note discusses the Company’s conclusion that it no longer controls
A.L.I. for accounting purposes as of January 10, 2024, in accordance with ASC 810 as a result of the filing of the Bankruptcy Proceedings
and a January 10, 2024 Order issued in such proceedings. Note 17 states that the Company concluded that, A.L.I. will be deconsolidated
prospectively commencing in the first quarter of 2024 from the Company’s consolidated financial statements. Note 17 also addresses
that the Bankruptcy Proceedings constitute an event of default pursuant to the Closing Notes (as defined in the financial statements)
in the aggregate principal amount of $4,200,000. Refer to Note 17 for details of subsequent amendments to the Closing Notes. During the
fiscal years ended December 31, 2023 and 2022 and the subsequent interim period through May 14, 2024, the effective date of TAAD’s
dismissal, there were (i) no disagreements between TAAD and the Company on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of TAAD, would have caused
TAAD to make a reference in connection with their opinion to the subject matter of the disagreement or (ii) reportable events as defined
in Item 304(a)(1)(v) of Regulation S-K (“Regulation S-K”) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).
The
Company has provided TAAD with a copy of the foregoing disclosures in this Item 4.01 in response to Item 304(a) of Regulation S-K under
the Exchange Act, and has requested that TAAD furnish the Company with a letter addressed to the Securities and Exchange Commission stating
whether it agrees with the statements made by the Company in this Item 4.01 in response to Item 304(a) of Regulation S-K under the Exchange
Act and, if not, stating the respects in which it does not agree. A letter from TAAD is attached hereto as Exhibit 16.1.
Engagement
of New Independent Registered Accounting Firm
On
May 14, 2024, the Audit Committee of the Board of Directors of the Company, approved the engagement of GreenGrowth CPAs (“GreenGrowth”)
as the Company’s independent registered public accounting firm. During the Company’s two most recent fiscal years ended December
31, 2023 and 2022 and from January 1, 2024 through May 16, 2024, neither the Company nor anyone on its behalf consulted GreenGrowth with
respect to any of the matters or reportable events set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
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.
|
AERWINS
Technologies Inc. |
|
|
|
Dated:
May 22, 2024 |
By:
|
/s/ Yinshun (Sue) He |
|
Name: |
Yinshun (Sue) He |
|
Title: |
Chief Financial Officer |
Exhibit
16.1
May
22, 2024
Securities
and Exchange Commission
100
F Street N.E.
Washington,
D.C.20549
Ladies
and Gentlemen:
We
have read Item 4.01 of AERWINS Technologies Inc.’s Form 8-K dated May 22, 2024, and we agree with the statements set forth in Item
4.01, insofar as they relate to our firm. We have no basis to agree or disagree with the other statements contained therein.
Very
truly yours,
/s/
TAAD LLP.
Diamond
Bar, California
20955
Pathfinder Road, Suite 370. Diamond Bar, CA 91765 Tel. 909.569.4690
v3.24.1.1.u2
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May 14, 2024 |
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Document Period End Date |
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|
Entity File Number |
001-40734
|
Entity Registrant Name |
AERWINS
Technologies Inc.
|
Entity Central Index Key |
0001855631
|
Entity Tax Identification Number |
86-2049355
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
The
Walnut Building,
|
Entity Address, Address Line Two |
691 Mill
St
|
Entity Address, Address Line Three |
Suite 204,
|
Entity Address, City or Town |
Los
Angeles
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
90021
|
City Area Code |
702
|
Local Phone Number |
527-1270
|
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|
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Security Exchange Name |
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|
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $1,150 per share |
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