Material Event (Form 8-K)

Other Events.

On April 12, 2021, the staff of the Securities and Exchange Commission (the 'SEC') issued a public statement entitled 'Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies' ('SPACs') (the 'Statement'). In the Statement, the SEC staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC's balance sheet as opposed to equity.

L Catterton Asia Acquisition Corp (the 'Company') has previously classified its public and private placement warrants ('Warrants') issued in connection with its initial public offering and private placement as equity within the Company's financial statements, and after discussion and evaluation, including with the Company's independent auditors, the Company has concluded that its warrants should be presented as liabilities as of the initial public offering date reported at fair value with subsequent fair value remeasurement at each reporting period.

On May 24, 2021, the audit committee of the board of directors of the Company concluded, after discussion with the Company's management, legal counsel and auditors, that the Company's audited balance sheet as of March 15, 2021 filed as Exhibit 99.1 to the Company's Current Report on Form 8-K filed with the SEC on March 19, 2021 (the 'Form 8-K') should no longer be relied upon due to changes required to reclassify the Warrants as liabilities to align with the requirements set forth in the Statement. The Company plans to reflect this reclassification of the Warrants in its upcoming Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, to be filed with SEC.

The Company does not expect any of the above changes will have any impact on its cash position and cash held in the trust account.

In addition, the audit report of Marcum LLP included in the Company's Form 8-K filed on March 4, 2021 should no longer be relied upon.

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