---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-095673"
form_type: "8-K"
ticker: null
cik: "0001852407"
company_name: "Fintech Ecosystem Development Corp."
filed_at: "2023-12-14T23:59:59+00:00"
generated_at: "2026-06-07T13:04:16.718005+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Fintech Ecosystem restates Q2 2023 financials; overstates expenses by $789K

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-095673
- form_type: 8-K
- cik: 0001852407
- company_name: Fintech Ecosystem Development Corp.
- filed_at: 2023-12-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1852407/000121390023095673/0001213900-23-095673-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1852407/000121390023095673/ea190069-8k425_fintech.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-095673
- JSON: https://secwatch.observer/filing/0001213900-23-095673.json
- Plain text: https://secwatch.observer/filing/0001213900-23-095673.txt

## Key facts
- Auditor Changes
  Fintech Ecosystem Development Corp. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Marcum LLP
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1852407/000121390023095673/0001213900-23-095673-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.