Company – Scrape Financial
Risk Factors Summary

Risk Factors Update Summary

  • Transitioned Higher Education deposits and accounts from current to new partner bank, FCB, on December 1, 2023, with a net carrying value of $16.2 million.
  • Transitioning to a low-carbon economy may increase expenses and undermine strategies significantly.
  • Extended PLBPA agreement with T-Mobile to February 2025, allowing termination with 30 days notice.
  • Changes in technology or business strategies could result in impairment of assets.
  • Reduced annualized cost reductions from $18 million to $15 million in 2023, with $9 million savings realized and $6 million expected.
  • Perceived ineffective response to climate change could impact business model and strategies.
  • Decreased the number of outstanding warrants from 17,227,294 to 15,408,815 as of December 31, 2023.
  • Reduced full-time employees from approximately 275 to 200 as of December 31, 2023.
  • Decreased the number of private placement warrants from 5,475,408 to 4,815,960 as of December 31, 2023.
  • Transitioned partnership to FCB exposes transitional risks, including integration challenges and potential disruptions.

Full Text Changes in Most Recent 10-K

Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.

To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1725872&owner=exclude

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