other material
confidence high
sentiment negative
materiality 0.85
AltEnergy Acquisition restates Q1-Q3 2023 financials, non-reliance on prior filings
AltEnergy Acquisition Corp
- Non-reliance on unaudited Q1 (Mar 31), Q2 (Jun 30), Q3 (Sep 30) 2023 financials due to two accounting errors.
- Errors: incorrect presentation of capital contribution from non-redemption agreements and improper deferral of CFO consulting payments.
- Company will file Form 10-Q/A for each affected period to correct the misstatements.
- Management identified a material weakness in internal controls and will describe remediation in the amended filings.
- Discussed with audit committee and independent auditor Marcum LLP.