RYTHM, Inc. (RYM): auditor change — Agrify restates Q1-Q3 2022 financials; reclassifies warrants as liabilities

RYTHM, Inc.

Audit committee determines warrants from Jan and Mar 2022 private placements were misclassified as equity.
301,575 warrants issued Jan 28, 2022 and 688,111 warrants issued Mar 23, 2022 must be recorded as liabilities.
Non-cash fair value changes will be reflected in statement of operations; prior filings no longer reliable.
Affected periods: March 31, June 30, September 30, 2022; amended Qs to be filed ASAP.
Marcum LLP consulted and agrees with the conclusion.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

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

RYTHM, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On April 12, 2023, the Audit Committee of the Board of Directors (the "Audit Committee") of Agrify Corporation (the "Company"), in consultation with management of the Company and the Company’s independent registered public accounting firm, Marcum LLP ("Marcum"), concluded that the Company’s previously issued unaudited condensed consolidated interim financial statements as of and for the fiscal periods ended March 31, 2022, June 30, 2022 and September 30, 2022 included in the Company’s Quarterly Reports on Form 10-Q for such periods should no longer be relied upon.

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Source: SEC EDGAR

accession 0001213900-23-030258

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