Bowlero Corp.

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After the market closed on May 17, 2023, Bowlero Corp., announced Q3 2023 financial results.  As part of those results, Bowlero disclosed that its disclosure controls and procedures were not effective because of a material weakness related to certain financial reporting processes, including acquisition accounting, accounting for fixed assets, and certain financial reporting disclosures. The Company also noted, “Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger.”

Shares of Bowlero Corp. stock dropped more than 20% in early intraday trading after the market opened on May 18, 2023.

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