Senmiao Technology restates Q3 FY2026 financials; warrants misclassified as equity

Senmiao Technology Ltd

Audit Committee concludes Dec 31, 2025 quarterly financials should no longer be relied upon due to warrant accounting error.
905,000 pre-funded warrants and 4,510,000 private placement warrants erroneously classified as equity instead of derivative liabilities.
Restatement will increase derivative liabilities by $4.925M and reduce additional paid-in capital by $2.829M as of Dec 31, 2025.
Understatement of gain on change in fair value of derivative liabilities of $813K for three and nine months ended Dec 31, 2025.
Company to file amended 10-Q; material weaknesses in ICFR contributed to errors.

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