BioRestorative Therapies restates financials due to warrant classification error; no cash impact

BioRestorative Therapies, Inc.

Previously issued annual (FY2023) and quarterly (Q1'22–Q3'23) financial statements should no longer be relied upon.
Restatement reclassifies 2,645,000 public warrants ($10 exercise), 1,856,938 private warrants ($10), and 235,970 underwriter warrants ($12.50) from equity to liabilities.
Non-cash adjustments affect balance sheet and fair value changes in operations; no impact on cash, revenue, operating expenses, or loss from operations.
Company plans to file amended 10-K by June 28, 2024, and concurrently file Q1 2024 10-Q.
Audit committee discussed matter with independent auditor Marcum LLP.

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