CytoDyn restates FY2021 and five quarterly periods; prior financials no longer reliable

CytoDyn Inc.

Audit Committee concludes FY2021 annual and five quarterly periods should not be relied upon.
Error: convertible note settlements accounted as extinguishments instead of induced conversions.
Restatement changes non-cash loss on debt settlement, APIC, accumulated deficit, and net loss.
Estimated understatement of net loss ranges from $2.6M to $24.3M across affected periods.
Material weakness in internal control over financial reporting identified for 2020-2021 periods.

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