Accelerate Diagnostics, Inc: auditor change — Accelerate Diagnostics restates 2022 quarterly reports; notes misclassification, going concern doubt

Accelerate Diagnostics, Inc

Restating Q1-Q3 2022 interim financials due to misclassification of $56.6M of 2.50% Senior Convertible Notes as non-current liability.
Previously issued $171.5M notes; exchanged $114.9M for stock, promissory note, and warrants between Sep 2021 and Aug 2022.
Amended 10-Qs will include disclosure expressing substantial doubt about ability to continue as a going concern.
Management expects to report material weakness in internal control over financial reporting for affected periods.
Restatement does not materially impact statements of operations, cash flows, or stockholders' deficit.

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

Accelerate Diagnostics, Inc reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Ernst & Young LLP

Exact text from the filing

hould no longer be relied upon due to the error in the balance sheet classification of the Company’s 2.50% Senior Convertible Notes due 2023 (the “Notes”) described below. In March and April 2018, the Company issued $171.5 million aggregate principal amount of Notes, which have a maturity date of March 15, 2023, unless earlier converted or repurchased. Between September 2021 and August 2022, the Company entered into certain exchange transactions pursuant to which the Company exchanged $114.9 million aggregate principal amount of Notes for one or a combination of: shares of the Company’s common stock, a secured promissory note and/or warrants to purchase the Company’s common stock. As of the date of this Current Report on Form 8-K, $56.6 million aggregate principal amount of Notes remain outstanding. The balance sheets contained in each of the 2022 Interim Financial Statements classified

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Source: SEC EDGAR

accession 0001104659-23-017653

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