Fintech Ecosystem Development Corp.: auditor change — Fintech Ecosystem restates Q2 2023 financials; overstates expenses by $789K

Fintech Ecosystem Development Corp.

Audit Committee on Dec 9, 2023, concluded Q2 2023 10-Q should no longer be relied upon.
Error: overstatement of formation/operating expenses by $789,396 due to excise tax accounting on stock redemptions.
Restatement does not affect balance sheet assets/liabilities or income tax expense.
Company will amend the 10-Q as soon as practicable.
Management concluded disclosure controls ineffective due to material weakness; remediation plan underway.

item 4.02 item 9.01

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

Fintech Ecosystem Development Corp. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Marcum LLP

Exact text from the filing

On December 9, 2023, the Audit Committee of the Board of Directors (the “Audit Committee”) of Fintech Ecosystem Development Corp. (the “Company”), after discussion with management, determined that (i) the Company’s condensed consolidated financial statements as of June 30, 2023, and for the three and six months then ended, included in the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2023 (the “Original Filing,” and the such quarterly period covered therein, the “impacted period”), should no longer be relied upon.

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Source: SEC EDGAR

accession 0001213900-23-095673

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