Dragoneer Growth Opportunities Corp. III Provides Update on Periodic Reporting
June 04 2021 - 4:00PM
Business Wire
As previously disclosed in the Form 12b-25 filed on May 18, 2021
by Dragoneer Growth Opportunities Corp. III (Nasdaq: DGNU) (the
“Company”) with the U.S. Securities and Exchange Commission (the
“SEC”), the Company is reevaluating the accounting treatment of the
Company’s private placement warrants (the “Warrants”) and of the
forward purchase agreement between the Company and Dragoneer
Funding III LLC (the “Forward Purchase Agreement”), in light of the
SEC’s recently issued “Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies (“SPACs”)” (the “Staff Statement”). This Staff Statement
issued on April 12, 2021 informed market participants that warrants
issued by SPACs and former SPACs may need to be reclassified as
liabilities with non-cash fair value adjustments recorded in
earnings at each reporting period.
The Company is working diligently with its auditors in order to
determine the appropriate treatment of the Warrants and of the
Forward Purchase Agreement in accordance with the Staff
Statement.
Given the time and focus dedicated to the process for
determining the appropriate treatment of the Warrants and of the
Forward Purchase Agreement, the Company requires additional time to
complete its customary quarterly review and reporting process and
the filing of its Form 10-Q for the first quarter ended March 31,
2021 (the “Form 10-Q”) and was unable to file the Form 10-Q by the
May 17, 2021 deadline. As a result, the Company received a
Notification of Deficiency by the Listing Qualifications Department
at Nasdaq on May 28, 2021 indicating that it is in violation of
Nasdaq Listing Rule 5250(c)(1). The Form 10-Q will be filed as soon
as is practicable.
About Dragoneer Growth Opportunities Corp. III
Dragoneer Growth Opportunities Corp. III is a blank check
company formed by an affiliate of Dragoneer Investment Group, LLC
(“Dragoneer”). Dragoneer is a San Francisco-based, growth-oriented
investment firm with over $17 billion in long-duration capital from
many of the world’s leading endowments, foundations, sovereign
wealth funds, and family offices. The firm has a history of
partnering with management teams growing exceptional companies
characterized by sustainable differentiation and superior economic
models. The firm’s track record includes public and private
investments across industries and geographies, with a particular
focus on technology-enabled businesses.
Forward-Looking Statements
This press release may include “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
included in this press release are forward-looking statements. When
used in this press release, words such as “anticipate,” “believe,”
“estimate,” “expect,” “intend” and similar expressions, as they
relate to us or our management team, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of management, as well as assumptions made by, and
information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or
persons acting on our behalf are qualified in their entirety by
this paragraph. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s registration statement and prospectus relating to the
Company’s initial public offering filed with the SEC. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210604005593/en/
Cassandra Bujarski / Nate Johnson Sard Verbinnen & Co (310)
201-2040
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