Emerald Holding restates financials; material weakness in internal controls over preferred stock accounting

Emerald Holding, Inc.

2020 annual and Q1-Q3 2020, Q1-Q2 2021 financials no longer reliable due to Series A Preferred Stock misclassification as permanent equity.
Restatement reclassifies Series A Preferred Stock as temporary equity, overstating stockholders' equity and understating temporary equity.
Non-cash, non-operating correction; no impact on cash position, operating expenses, or cash flows.
Material weakness identified: controls over evaluation of preferred stock terms and conditions were not effective.
Company plans to file amended 10-K/10-Qs as soon as practicable.

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