P3 Health Partners Says "Management Anticipates That It Will Be Disclosing In The Form 10-K Substantial Doubt About The Co's Ability To Continue As A Going Concern As The Co Does Not Currently Have Sufficient Cash Resources To Support Its Planned Operations For At Least 12 Months"
Portfolio Pulse from Benzinga Newsdesk
P3 Health Partners Inc. announced it will delay its Annual Report filing due to the need for more time to finalize its 2023 Financial Statements and disclosures. The company also revealed ongoing material weaknesses in its internal controls over financial reporting and anticipates disclosing substantial doubt about its ability to continue as a going concern, citing insufficient cash resources to support operations for the next 12 months.
March 13, 2024 | 3:13 pm
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P3 Health Partners Inc. is facing significant financial and operational challenges, including delays in filing its Annual Report, ongoing internal control weaknesses, and substantial doubt about its ability to continue as a going concern.
The delay in filing the Annual Report, combined with the admission of material weaknesses in internal controls and the explicit warning about the company's ability to continue as a going concern, are strong indicators of financial distress. These factors are likely to negatively impact investor confidence and the stock price in the short term.
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