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Investigation announced for Investors in shares of Greenrose Holding Company Inc. (OTC: GNRS)

12-07-2021 02:37 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in Greenrose Holding Company Inc. (OTC: GNRS) shares over potential securities laws violations.

An investigation for investors in Greenrose Holding Company Inc. (OTC: GNRS) shares over potential securities laws violations.

An investigation was announced over potential securities laws violations by Greenrose Holding Company Inc. in connection with certain financial statements.

Investors who purchased shares of Greenrose Holding Company Inc. (OTC: GNRS), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Greenrose Holding Company Inc. (OTC: GNRS) concerning whether a series of statements by Greenrose Holding Company Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On November 24, 2021, post-market, Greenrose Holding Company Inc. disclosed in a U.S. Securities and Exchange Commission filing that "[i]n connection with the preparation of its financial statements as of September 30, 2021, [Greenrose's management] has re-evaluated the Company's application of ASC 480-10-S99 to its accounting classification of the redeemable shares of common stock, par value $0.0001 per share (the ‘Public Shares'), issued as part of the units sold in the Company's initial public offering (the ‘IPO') on February 13, 2020.

Historically, a portion of the Public Shares was classified 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.
Pursuant to such re-evaluation, the Company's management has determined that the Public Shares include certain provisions that require classification of the Public Shares as temporary equity regardless of the minimum net tangible assets required to complete the Company's initial business combination." Accordingly, Greenrose advised that certain of the Company's financial statements would need to be restated and should no longer be relied upon, and that "[t]he Company's management has concluded that in light of the classification error described above, a material weakness exists in the Company's internal control over financial reporting and that the Company's disclosure controls and procedures were not effective[.]"

Shares of Greenrose Holding Company Inc. (OTC: GNRS) declined from $10.03 per share on November 9, 2021, to $5.14 per share on December 6, 2021.

Those who purchased shares of Greenrose Holding Company Inc. (OTC: GNRS) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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