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<title>tzoo-20230802</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="c-1" name="dei:EntityCentralIndexKey" id="f-21">0001133311</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:AmendmentFlag" format="ixt:fixed-false" id="f-22">FALSE</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-23">Travelzoo</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="tzoo-20230802.xsd"></link:schemaRef></ix:references><ix:resources><xbrli:context id="c-1"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001133311</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2021-06-01</xbrli:startDate><xbrli:endDate>2021-06-01</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="ia956fd87423b4554b376d5c65730a756_1"></div><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">WASHINGTON, DC 20549</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">____________________________________________________</span></div><div style="margin-top:5pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">8-K</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">____________________________________________________</span></div><div style="margin-top:5pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pursuant To Section 13 or 15(d) of the</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securities Exchange Act of 1934</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Date of Report (Date of earliest event reported):&#160;&#160;<ix:nonNumeric contextRef="c-1" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="f-2">August 2, 2023</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________________________</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center;text-indent:18pt"><img src="tzoo-20230802_g1.jpg" alt="image0a212a14.jpg" style="height:40px;margin-bottom:5pt;vertical-align:text-bottom;width:173px"/></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="f-3">Delaware</ix:nonNumeric></span></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFileNumber" id="f-4">000-50171</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-5">36-4415727</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:1.12pt;padding-right:1.12pt;text-align:center"><span 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offices)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Zip Code)</span></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;</span></div><div style="padding-left:4.5pt;padding-right:4.5pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Registrant&#8217;s telephone number, including area code (<ix:nonNumeric contextRef="c-1" name="dei:CityAreaCode" id="f-11">212</ix:nonNumeric>) <ix:nonNumeric contextRef="c-1" name="dei:LocalPhoneNumber" id="f-12">516-1300</ix:nonNumeric></span></div></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Former Name or Former Address, if Changed Since Last Report)</span></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________________________</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">see</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> General Instruction A.2. below):</span></div><div><span><br/></span></div><div style="padding-left:54pt;text-align:justify;text-indent:-54pt"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="f-13">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></div><div style="margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:-54pt"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="f-14">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></div><div style="margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:-54pt"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="f-15">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#160;&#160;&#160;&#160;&#160;&#160;Pre-commencement 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style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.856%"><tr><td style="width:1.0%"></td><td style="width:26.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.784%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.784%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.018%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New 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Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934&#160;(&#167;240.12b-2&#160;of this chapter)</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;       Emerging growth company&#160;&#160;&#160;  </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" 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style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="ia956fd87423b4554b376d5c65730a756_7"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 4.02.&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:109%">In connection with the preparation of the financial statements of Travelzoo (the &#8220;Company&#8221;) for the quarter ended June 30, 2023, management of the Company realized that the presentation of mezzanine and permanent equity had not been correctly updated in the December 31, 2022 consolidated balance sheet and consolidated statement of stockholders&#8217; equity. </span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:109%">Specifically, pursuant to that certain Stock Purchase Agreement, dated January 13, 2020, as amended (the &#8220;SPA&#8221;), by and between the Company and JFC Travel Group Co. (&#8220;JFC&#8221;), JFC sold 60% of its shares to the Company and the remaining 40% of the shares continued to be held by the founders of JFC (the &#8220;Minority Shares&#8221;). The Minority Shares were subject to a call/put option exercisable by the Company or the holders of the Minority Shares, as applicable, in Q1 2022, subject to the achievement of a certain target. The Minority Shares, as a Non-Controlling Interest (NCI), were recorded as mezzanine equity due to the embedded options of the SPA in the consolidated balance sheet and statement of stockholders&#8217; equity as of December 31, 2022 in the amount of approximately $4.6 million. When the put/call option expired in January 2022, it required a reclassification of NCI from temporary equity to permanent equity. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:109%"> </span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%">As a result, on August 2, 2023, the Audit Committee (the &#8220;Audit Committee&#8221;) of the Board of Directors (the &#8220;Board&#8221;) of the Company, in conjunction with management, concluded that due to the matter discussed above, the following previously issued consolidated financial statements (specifically, the consolidated balance sheet and consolidated statement of stockholders&#8217; equity contained therein) and certain other information of Travelzoo should no longer be relied upon: (i) the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023, included in our Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) on May 12, 2023; (ii) the consolidated financial statements as of and for the year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the SEC on March 31, 2023; (iii) the unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022, included in our Quarterly Report on Form 10-Q filed with the SEC on November 14, 2022; (iv) the unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, included in our Quarterly Report on Form 10-Q filed with the SEC on August 10, 2022; (v) the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022, included in our Quarterly Report on Form 10-Q filed with the SEC on May 12, 2022; and (vi) the information discussed herein that is contained in any previously issued or filed press releases, earnings releases, presentations, or other such documents including those posted on the Company&#8217;s website.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:105%">We plan to file amendments to the previously issued consolidated financial statements listed above on Forms 10-Q/A and 10-K/A as soon as practicable. We intend to update the following sections within the respective reports: (i) Quarterly Reports on Form 10-Q: Part I, Item 1, Financial Statements; Part I; and (ii) Annual Report on Form 10-K:  Part II, Item 8, Financial Statements and Supplementary Data. </span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:109%">The Company does not expect any of the above changes to have any impact on its previously reported total assets, results of operations, cash flows or total liabilities and equity.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:109%">The Company&#8217;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 its former auditors, RSM US LLP, and current auditors KPMG LLP.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Forward-Looking Statements</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:112%">This Current Report on Form 8-K includes &#8220;forward-looking statements&#8221; within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;estimates,&#8221; &#8220;assumes,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;seeks,&#8221; or other similar expressions. Such statements may include, but are not limited to, statements regarding the impact of the Company&#8217;s restatement of certain historical financial statements and any proposed remediation measures with respect to identified material weaknesses. These statements are based on current expectations on the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><span><br/></span></div><div style="margin-bottom:8pt;margin-top:11pt"><span><br/></span></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="ia956fd87423b4554b376d5c65730a756_10"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:4.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:52.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.835%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:35.491%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">TRAVELZOO</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date:</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">August 8, 2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Lijun Qi</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lijun Qi</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Principal Accounting Officer</span></div></td></tr></table></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
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tzoo-20230802
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
____________________________________________________
FORM
8-K
____________________________________________________
CURRENT REPORT
Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 2, 2023
____________________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________________
Delaware
000-50171
36-4415727
(State or Other
Jurisdiction of
Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
590 Madison Avenue
,
35th Floor
New York
,
New York
10022
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code (
212
)
516-1300
(Former Name or Former Address, if Changed Since Last Report)
____________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
TZOO
The NASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
☐
Item 4.02.
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
In connection with the preparation of the financial statements of Travelzoo (the "Company") for the quarter ended June 30, 2023, management of the Company realized that the presentation of mezzanine and permanent equity had not been correctly updated in the December 31, 2022 consolidated balance sheet and consolidated statement of stockholders' equity.
Specifically, pursuant to that certain Stock Purchase Agreement, dated January 13, 2020, as amended (the "SPA"), by and between the Company and JFC Travel Group Co. ("JFC"), JFC sold 60% of its shares to the Company and the remaining 40% of the shares continued to be held by the founders of JFC (the "Minority Shares"). The Minority Shares were subject to a call/put option exercisable by the Company or the holders of the Minority Shares, as applicable, in Q1 2022, subject to the achievement of a certain target. The Minority Shares, as a Non-Controlling Interest (NCI), were recorded as mezzanine equity due to the embedded options of the SPA in the consolidated balance sheet and statement of stockholders' equity as of December 31, 2022 in the amount of approximately $4.6 million. When the put/call option expired in January 2022, it required a reclassification of NCI from temporary equity to permanent equity.
As a result, on August 2, 2023, the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of the Company, in conjunction with management, concluded that due to the matter discussed above, the following previously issued consolidated financial statements (specifically, the consolidated balance sheet and consolidated statement of stockholders' equity contained therein) and certain other information of Travelzoo should no longer be relied upon: (i) the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2023, included in our Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC") on May 12, 2023; (ii) the consolidated financial statements as of and for the year ended December 31, 2022, included in our Annual Report on Form 10-K filed with the SEC on March 31, 2023; (iii) the unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022, included in our Quarterly Report on Form 10-Q filed with the SEC on November 14, 2022; (iv) the unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2022, included in our Quarterly Report on Form 10-Q filed with the SEC on August 10, 2022; (v) the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022, included in our Quarterly Report on Form 10-Q filed with the SEC on May 12, 2022; and (vi) the information discussed herein that is contained in any previously issued or filed press releases, earnings releases, presentations, or other such documents including those posted on the Company's website.
We plan to file amendments to the previously issued consolidated financial statements listed above on Forms 10-Q/A and 10-K/A as soon as practicable. We intend to update the following sections within the respective reports: (i) Quarterly Reports on Form 10-Q: Part I, Item 1, Financial Statements; Part I; and (ii) Annual Report on Form 10-K:  Part II, Item 8, Financial Statements and Supplementary Data.
The Company does not expect any of the above changes to have any impact on its previously reported total assets, results of operations, cash flows or total liabilities and equity.
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 its former auditors, RSM US LLP, and current auditors KPMG LLP.
Forward-Looking Statements
This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements may include, but are not limited to, statements regarding the impact of the Company's restatement of certain historical financial statements and any proposed remediation measures with respect to identified material weaknesses. These statements are based on current expectations on the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRAVELZOO
Date:
August 8, 2023
By:
/s/ Lijun Qi
Lijun Qi
Principal Accounting Officer