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Tattooed Chef 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 $4M deferred tax asset that should have been recorded as of December 31, 2020 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. The company further expects that the restatements will have no effect on its future operations.

Tattooed Chef unveiled its innovation line-up for 2022 coinciding with the brand's presence at this year's Natural Products Expo West show, March 8-12 at the Anaheim, Calif. Convention Center. The new slate of innovation brings the total product count to 140 products in 10 categories now available in 2022. Tattooed Chef is expanding out of the freezer aisle and releasing snacks that include plant based bars and chips. The new bar portfolio is a first-of-its-kind brain fuel oat butter bar powered with adaptogens that help to reduce stress, promote mental balance and provide long-lasting focus. The new tortilla chips are gluten free, grain free, and a better-for-you chip alternative that doesn't taste like an alternative. Tattooed Chef is also expanding into new frozen product categories: Burritos, Quesadillas and Mexican Entrees. Drawing inspiration from classic Mexican flavors, the new products include a variety of tasty plant-based meat alternatives and ingredient combinations like the Plant Based Chorizo and Egg Burrito, the Plant Based Al Pastor Quesadilla and Plant Based Chicken Mole Enchiladas. In addition, the Company is significantly expanding its vegan line by incorporating vegan eggs and proprietary meat alternatives, such as plant based pork into various meals. The Company is also releasing new nutrient-packed meals, from globally inspired dishes such as the Japanese Breakfast Bowl and Plant Based Chicken Burrito Bowl to nostalgic fan favorites with a twist such as the Spiccolli Wood-fired Pizza and Cauliflower Spaghetti White Bolognese.