Aspira Women's Health Inc. (AWHL): auditor change — Aspira Women's Health to restate 2022 and Q3 2022 financials due to warrant accounting error

Aspira Women's Health Inc.

Warrant liability fair value corrected from $7.75M to $3.98M, a $3.77M overstatement.
Offering cost allocation adjusted: $543K moved from G&A expense to equity; $574K reclassified to non-operating expense.
Material weakness identified in internal control over financial reporting related to complex transaction accounting.
Error has no effect on cash, cash equivalents, or revenues; cash flow classification also corrected.
Company will amend 2022 10-K and restate Q3 2022 10-Q; steps underway to remediate controls.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Aspira Women's Health Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Audit Committee of the Board of Directors (the “Audit Committee”) of Aspira Women’s Health Inc. (the “Company”) and the Company’s management determined that its previously issued financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022, as well as the previously filed Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 (collectively, the “Prior Period Financial Statements”), should be restated and should no longer be relied upon

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Source: SEC EDGAR

accession 0000926617-23-000083

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