Movella Holdings Inc.: auditor change — Movella Holdings restates Q3 2022 financials over $6.3M waiver misclassification

Movella Holdings Inc.

Management concluded Nov 14, 2022 Form 10-Q is no longer reliable; restatement needed for Deutsche Bank waiver accounting.
Deferred underwriting commission waiver of $6.3M was incorrectly recorded as a settlement gain rather than a credit to shareholders' deficit.
Restatement will be reflected in audited FY 2022 10-K; discussed with auditor WithumSmith+Brown.
Misclassification caused an overstatement of Q3 2022 net income by $6.3M and understatement of shareholders' deficit.

item 4.02

Key facts

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Movella Holdings Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: WithumSmith+Brown, PC

Exact text from the filing

uded that the Company’s previously issued unaudited financial statements for the three and nine months ended September 30, 2022 on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on November 14, 2022 should no longer be relied upon and that it is appropriate to restate the financial statements included in the Form 10-Q. As a result, the Company will reflect the necessary adjustments in its audited financial statements for the year ended December 31, 2022 on Form 10-K to be filed with the SEC. The Company’s management has discussed the matters disclosed pursuant to this Item 4.02(a) with the Company’s independent registered public accounting firm, WithumSmith+Brown, PC. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Source: SEC EDGAR

accession 0001193125-23-082953

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