Chain Bridge I (CBRRF): auditor change — Chain Bridge I restates Q3 2024 financials due to $200K liability understatement, cites material weakness

Chain Bridge I

Audit Committee determined unaudited Q3 2024 interim financial statements cannot be relied upon due to error.
Bridge Financing Note liability understated by $200,000; expenses understated and net income overstated.
Error identified as a material weakness in internal control over financial reporting; disclosure controls ineffective.
No impact on cash position or trust account; company will file amended Form 10-Q with restated statements.
Management plans to devote significant effort and resources to remediate internal control weaknesses.

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 0.95

Chain Bridge I reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Frank, Rimerman + Co. LLP

Exact text from the filing

On January 23, 2025, the Audit Committee of the Board of Directors (the "Audit Committee") of Chain Bridge I (the "Company") concluded that the unaudited consolidated interim financial statements included in the Quarterly Report on Form 10-Q for the three and nine month periods ended September 30, 2024 (the "Non-Reliance Periods"), should no longer be relied on because of the error described below.

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Source: SEC EDGAR

accession 0001104659-25-007258

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