AMERICAN COASTAL INSURANCE Corp (ACIC): auditor change — American Coastal restates Q1 2023 financials, net income understated by $6.4M

AMERICAN COASTAL INSURANCE Corp

Identified accounting errors in Q1-23 and Q1-22 discontinued ops and income tax; net income understated by ~$6.4M for Q1-23.
Board determined prior financials should no longer be relied upon; plans to file Form 10-Q/A promptly.
Q2 2023 core income (non-GAAP) of $26.2M ($0.60/share) improved 345% YoY; combined ratio 67.7%.
Stockholders' equity at June 30, 2023: $112.4M or $2.59 per share.
Company changed name to American Coastal Insurance Corp. (ACIC) effective Aug 15, 2023.

item 4.02 item 7.01 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

AMERICAN COASTAL INSURANCE Corp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company determined that the Company's previously issued unaudited condensed consolidated financial statements as of and for the quarterly periods ended March 31, 2023 and March 31, 2022 included in the associated Form 10-Q filing with the Securities and Exchange Commission ("SEC"), should no longer be relied upon solely as a result of the above-described error

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AMERICAN COASTAL INSURANCE Corp filing history →

Source: SEC EDGAR

accession 0001401521-23-000110

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