Nanophase restates Q1 2021 financials over PPP loan forgiveness timing; cites material weakness

SOLESENCE, INC.

Board determined Q1 2021 10-Q requires restatement to reflect PPP loan forgiveness; original filing no longer reliable.
PPP loan forgiveness approved Feb 2021 but notice received June 2021; gain to be reclassified to other income for Q1.
Material weakness identified in management review controls related to PPP loan forgiveness; corrective measures planned.
Company will file Form 10-Q/A to restate Q1 2021 consolidated financial statements.
Principal executive officer discussed matters with Board and independent auditor RSM US LLP.

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