Stablecoin Development Corp (SDEV): auditor change — SDEV restates 2025 financials; warrant error increases net loss from $22.1M to $630.8M

Stablecoin Development Corp

Audit committee concludes 2025 financials non-reliable due to pre-funded warrant accounting error.
Anti-dilution triggered by preferred stock conversion increased shares issuable from 1.08M to 22.66M; exercise price cut from $0.05 to $0.002385.
Warrant liability restated from $30.4M to $639.1M; net loss restated from $22.1M to $630.8M (all non-cash).
No impact on cash, revenue, operating expenses, or cash flows; 10-K/A to be filed.
Warrants reclassified from liability to equity after stockholder approval in March 2026.

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

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

Action: non reliance

Exact text from the filing

On April 27, 2026, the audit committee of the board of directors and management of the Company concluded that the Company’s previously issued audited consolidated financial statements for the year ended December 31, 2025, should no longer be relied upon because of an error in the Company’s accounting relating to certain outstanding pre-funded warrants issued on October 16, 2025

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Stablecoin Development Corp filing history →

Source: SEC EDGAR

accession 0001437749-26-013891

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