Item 4.02 Non-Reliance on Previously Issued
Financial Statements or Related Audit Report or Completed Interim Report.
On April 12, 2021, the Acting Director of the
Division of Corporation Finance and Acting Chief Accountant of the Securities and Exchange Commission (the SEC”) together issued
a statement regarding the accounting and reporting considerations for warrants issued by special purchase acquisition companies entitled
“Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)”
(the “Staff Statement”). Specifically, the Staff Statement focused on certain settlement terms and provisions related to certain
partial tender offers following a business combination, which terms are similar to those contained in the warrant agreement, dated as
of October 8, 2020, between Social Capital Hedosophia Holdings Corp. VI (the “Company”) and Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent. As a result of the Staff Statement, the Company reevaluated the accounting treatment
of (i) the 28,750,000 redeemable warrants (the “Public Warrants”) that were included in the units issued by the Company
in its initial public offering (the “IPO”) and (ii) the 11,000,000 redeemable warrants (together with the Public Warrants,
the “Warrants”) that were issued to the Company’s sponsor in a private placement that closed concurrently with the closing
of the IPO, and determined to classify the Warrants as derivative liabilities measured at fair value, with changes in fair value each
period reported in earnings. While the Company has not generated any operating revenues to date and will not generate any operating revenues
until after completion of its initial business combination, at the earliest, the change in fair value of the Warrants is a non-cash charge
and will be reflected in the Company’s statement of operations.
On June 18, 2021, the Company’s management
and the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) concluded that, in light of the
SEC Statement, it is appropriate to restate (i) certain items on the Company’s previously issued audited balance sheet dated as
of October 14, 2020, which was related to the IPO, and (ii) the Company’s previously issued audited financial statements as of December
31, 2020 and for the period from July 10, 2020 (inception) through December 31, 2020 (the “Relevant Periods”). Considering
such restatement, such audited financial statements, as well as the relevant portions of any communication which describes or are based
on such financial statements, should no longer be relied upon. The Company will file an amendment to its Annual Report on Form 10-K as
of December 31, 2020 and for the period from July 10, 2020 (inception) through December 31, 2020, which will include restated financial
statements for the Relevant Periods.
Going forward, unless we amend the terms of our
warrant agreement, we expect to continue to classify our warrants as a liabilities, which would require us to incur the cost of measuring
the fair value of the warrant liabilities, and which may have an adverse effect on our results of operations.
The Company’s management and the Audit Committee
have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with Marcum LLP, the Company’s
independent registered public accounting firm.
Cautionary Statement Regarding Forward-Looking Statements
This report includes “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, including relating to the filing of an amendment to the 10-K, other than statements of historical fact included in this
report are forward-looking statements. When used in this report, words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend” and similar expressions, as they relate to the Company or its 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 the Company or persons acting on its 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 Annual Report on Form 10-K, as it may be amended, filed with the SEC. Copies of such filings are available
on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after
the date of this release, except as required by law.