{"id":239815,"date":"2021-05-01T01:15:00","date_gmt":"2021-04-30T22:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/virgin-galactic-draftkings-to-amend-financials-post-sec-guidance-for-spacs\/"},"modified":"2021-05-01T01:15:00","modified_gmt":"2021-04-30T22:15:00","slug":"virgin-galactic-draftkings-to-amend-financials-post-sec-guidance-for-spacs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/virgin-galactic-draftkings-to-amend-financials-post-sec-guidance-for-spacs\/","title":{"rendered":"#\n  Virgin Galactic, DraftKings to amend financials post SEC guidance for SPACs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35541895282\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35541895282\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/virgin-galactic-draftkings-to-amend-financials-post-sec-guidance-for-spacs\/#Claudia_Assis\" >Claudia Assis<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Virgin Galactic, DraftKings to amend financials post SEC guidance for SPACs<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000253510\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Virgin Galactic Holdings Inc. and DraftKings Inc., two of the biggest names to become public through \u201cblank-check\u201d companies in recent years, said Friday they will have to restate some of their financial results after comments earlier this month from U.S. securities regulators. <\/p>\n<p> Virgin Galactic<br \/>\n        SPCE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208333884\/composite\" class=\"negative\">-1.73%<\/bg-quote><span>,<\/span><br \/>\n       citing U.S. Securities and Exchange Commission guidance regarding the accounting of warrants issued by the blank-check, or special purpose acquisition companies, said it will restate financial statements included in its 2020 annual report. <\/p>\n<div class=\"paywall\">\n       <strong>See also: <\/strong>SPAC investors worry about a \u2018stigma\u2019 after SEC warnings, surge in lawsuits<\/p>\n<p>Due to restatement, Virgin also postponed first-quarter earnings results to May 10, from an originally scheduled Tuesday report date. Virgin said that it decided on the restatement and postponement following a review of the SEC mid-April statements regarding SPACs and after consulting with its advisers. <\/p>\n<p>\u201cThe restatement is due solely to the accounting treatment for the warrants of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Capital Hedosophia Holdings Corp. that were outstanding at the time of the company\u2019s business combination\u201d in October 2019, Virgin said. <\/p>\n<p>Virgin said it expects to file the restated financials before May 10 and estimates that it will recognize incremental non-operating, non-cash expense for each of the fiscal years 2020 and 2019. Previously reported non-GAAP financial metrics, including adjusted EBITDA and free cash flow, are unlikely to change, Virgin said. <\/p>\n<p>Shares of Virgin Galactic fell 0.5% in the extended session Friday after ending the regular trading day down 1.7%.<\/p>\n<p><strong>Don\u2019t miss: <\/strong>SEC\u2019s Coates tells investors to ignore billionaire SPAC investor\u2019s legal advice<\/p>\n<p>Similarly, DraftKings<br \/>\n        DKNG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/213120645\/composite\" class=\"negative\">-1.39%<\/bg-quote><br \/>\n       said that, after consulting with its board\u2019s audit committee and executives, it has determined it needs to classify its warrants as liabilities. <\/p>\n<p>That led to the need to restate some financial statements for 2020, and the company will file an amendment to its 2020 annual report reflecting that change. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>The prior way of accounting, however, \u201cdid not have any effect on the company\u2019s previously reported revenue, operating expenses, cash flows, cash or common shares outstanding,\u201d DraftKings said. <\/p>\n<p>Shares of DraftKings were flat in the extended session Friday after ending the regular trading day down 1.4%. <\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Claudia Assis\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Claudia_Assis\"><\/span>Claudia Assis<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D3DE46073BD4%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Virgin Galactic, DraftKings to amend financials post SEC guidance for SPACs &#8221; Virgin Galactic Holdings Inc. and DraftKings Inc., two of the biggest names to become public through \u201cblank-check\u201d companies in recent years, said Friday they will have to restate some of their financial results after comments earlier this month from U.S. securities regulators&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":239816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-239815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/239815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=239815"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/239815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/239816"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=239815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=239815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=239815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}