Neptune Wellness Solutions Inc.: auditor change — Neptune Wellness restates Q1 FY2024 financials, completes 1:40 reverse split, settles class action for $2.75M

Neptune Wellness Solutions Inc.

Non-reliance on Q1 FY2024 financials due to accounting policy error; restatement increases cost of sales by $1.47M, decreases SG&A by same, no net loss impact.
Completed 1:40 reverse stock split; shares reduced from ~24.1M to ~0.6M; trading on Nasdaq begins Sept 8.
Final court approval of Gong v. Neptune shareholder class action settlement; Company to issue $2.75M in common shares within 31 days.
Restatement corrects cost classification for June 30, 2023 and 2022 periods; no effect on cash flows or financial position.

item 3.03 item 5.03 item 4.02 item 8.01 item 9.01

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

Neptune Wellness Solutions Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

The effect of the restatement is to increase cost of sales by $1,468,648 with an offsetting decrease in selling, general and administrative expense for the three month period ended June 30, 2023, and a decrease in cost of sales by $1,585,120 with an offsetting increase in selling, general and administrative expense for the three month period ended June 30, 2022.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Neptune Wellness Solutions Inc.: Filed Articles of Amendment to effect a 1-for-40 share consolidation of common shares (effective 2023-09-06).

Change: charter amendment
Effective: 2023-09-06

Exact text from the filing

On September 6, 2023, the Company filed Articles of Amendment to the Articles of Incorporation of the Company to effect a 1-for-40 share consolidation (the "share consolidation") of the common shares of the Company (the "Common Shares").

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Source: SEC EDGAR

accession 0000950170-23-047321

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