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PARAMOUNT, Calif., March 11, 2022 (GLOBE NEWSWIRE) — Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant based foods, today announced that it will restate prior period financial statements for each of the quarterly periods ended March 31, 2021, June 30, 2021 and September 30, 2021 because the Company did not properly record the tax effects associated with the Company’s issuance of 825,000 shares of its common stock to Harrison Co. in June 2021 as partial consideration for services rendered in connection with the Company’s de-SPAC transaction that occurred in October 2020. The $4 million deferred tax asset that should have been recorded as of December 31, 2020 (with a corresponding offset to additional paid-in-capital) was determined to have an immaterial impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020. However, the impact of this error, when combined with other immaterial error corrections for the quarter ended March 31, 2021, was determined to be material to the Company’s consolidated balance sheet as of March 31, 2021. In June 2021, the Company recorded a full valuation allowance on all of its deferred tax assets. Accordingly, the increase in the valuation allowance associated with this deferred tax asset was also deemed to be material to the Company’s results of operations for the three and six months ended June 30, 2021 and the nine months ended September 30, 2021.
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