Digital World Acquisition Said Expects To Restate 2021 Audited Financials In Amended And Restated 2022 10-K To Be Filed With SEC; Said Audit Committee Concluded Co's Financial Statements For Yr Ended Dec 31, 2021 Should No Longer Be Relied Upon
Portfolio Pulse from Charles Gross
Digital World Acquisition Corp. (DWAC) has announced that it expects to restate its 2021 audited financials in an amended and restated 2022 10-K to be filed with the SEC. The company's audit committee has concluded that the financial statements for the year ended December 31, 2021, should no longer be relied upon.
October 16, 2023 | 9:22 pm
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Digital World Acquisition Corp. is expected to restate its 2021 financials, which may lead to uncertainty and potential negative impact on its stock price in the short term.
Restating financials often indicates issues with previous financial reporting, which can lead to uncertainty among investors. This uncertainty can negatively impact the stock price in the short term as investors reassess the company's financial health.
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