Abpro Holdings, Inc. (ABPO): auditor change — Abpro Holdings restates FY22, FY23, Q3 2024 due to $3.3M liability understatement

Abpro Holdings, Inc.

Audit committee concluded prior-period financials should no longer be relied upon.
Estimated $3.3 million increase to accrued expenses, total liabilities, and accumulated deficit per period.
Error arose from understatement of liabilities under a license agreement.
Company will file restated financials in 2024 Form 10-K, not amend prior filings.
Discussed the matter with auditor Wolf & Company, P.C.

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

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

Action: non reliance

Exact text from the filing

the Audit Committee of the Board of Directors (the “Audit Committee”) of Abpro Holdings, Inc. (the “Company”), in consultation with Company management, determined that the Company’s financial statements (collectively, the “Prior Period Financial Statements”) as of the periods ended September 30, 2024, December 31, 2023 and December 31, 2022 (collectively, the “Non-Reliance Periods”) should no longer be relied upon.

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Abpro Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-25-032083

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