Powerfleet, Inc. (AIOT): Nasdaq/NYSE listing notice — Powerfleet restates FY2021-2023 financials over preferred stock accounting; Nasdaq late-filing notice received

Powerfleet, Inc.

Restatement corrects Series A preferred redemption premium: increases net loss by ~$5M (2021), $6M (2022), $5M (9M 2023).
No adverse impact on previously reported revenue, net loss, cash flows or adjusted EBITDA.
Company expects to report a material weakness in internal control over financial reporting.
Received Nasdaq notice for late 2023 Form 10-K; has 60 days to submit compliance plan; stock continues trading.
Plans to file 2023 Form 10-K in April 2024 and restated financials for affected periods.

item 3.01 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

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

Action: non reliance

Exact text from the filing

On April 5, 2024, the audit committee of the board of directors of the Company (the “Audit Committee”), following a comprehensive review with the Company’s management, concluded that the Company’s previously released financial statements for the fiscal years ended December 31, 2021 and 2022, and for each of the interim periods during the 2022 and 2023 fiscal years (collectively, the “Non-Reliance Periods”), should no longer be relied upon.

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Powerfleet, Inc. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: late filing
Rules: 5250(c)(1)

Exact text from the filing

April 2, 2024, Powerfleet, Inc. (the “Company”) received written notice (the “Nasdaq Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”), as required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5250(c)(1). Under Nasdaq rules, the Company has 60 calendar days from the date of the Nasdaq Notification Letter to submit to Nasdaq a plan to regain compliance with

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18 auditor changes filed in the last 30 days. Browse all auditor changes →

Powerfleet, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-013385

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