CENAQ restates Q1 2022 financials due to unaccrued deal expenses; non-reliance issued

Verde Clean Fuels, Inc.

Audit committee concluded March 31, 2022 financials should no longer be relied upon.
Failure to recognize accrued expenses in connection with proposed initial business combination led to restatement.
No impact on cash position or trust account; expects to file amended 10-Q.
Material weakness in internal control over financial reporting and ineffective disclosure controls identified.
Discussed remediation plan with auditor Marcum LLP.

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