Exela Technologies, Inc.: auditor change — Exela Technologies restates FY2021 financials after going concern disclosure error

Exela Technologies, Inc.

Audit committee on Nov 9, 2022 determined FY2021 audited financials should no longer be relied upon.
Error: contingent liability from true-up guaranties under March 7, 2022 Revolving Loan Exchange not considered in going concern evaluation.
Restatement reclassifies certain long-term debt from noncurrent to current on Dec 31, 2021 balance sheet.
No impact on retained earnings, equity, or net assets; KPMG amended audit report includes going concern explanatory paragraph.

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

Exela Technologies, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: KPMG LLP

Exact text from the filing

on November 9, 2022, the audit committee of the Company’s board of directors concluded, after discussion with the Company’s management, that the audited financial statements included within the Original 10-K should be restated and should no longer be relied upon.

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Source: SEC EDGAR

accession 0001104659-22-118697

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