Travelzoo restates 2022-2023 financials due to equity classification error

TRAVELZOO

Audit Committee concludes Dec 2022 and Mar 2023 financials no longer reliable due to mezzanine vs permanent equity misclassification.
Error relates to $4.6M minority interest in JFC Travel Group subject to expired put/call option.
Affected periods include annual 2022 10-K and quarterly 2022 and 2023 10-Qs.
Restatement will not impact total assets, results of operations, cash flows, or total liabilities and equity.
Company plans to file amended 10-K/A and 10-Q/As as soon as practicable.

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