---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-024157"
form_type: "8-K"
ticker: "SHFS"
cik: "0001854963"
company_name: "SHF Holdings, Inc."
filed_at: "2025-08-14T23:59:59+00:00"
generated_at: "2026-05-17T13:27:00.164072+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# SHF Holdings restates Q1 2025 results; stock-based compensation error adds $500K to loss

## Summary
- Company concludes Q1 2025 financials should no longer be relied upon due to incorrect Black-Scholes inputs for stock option awards.
- Restatement increases previously reported operating expenses and net loss by approximately $500,000.
- Amended Form 10-Q for quarter ended March 31, 2025 to be filed as soon as practicable.
- Error involved incorrect expected term and stock price assumptions in option valuation model.

## SEC filing metadata
- accession: 0001641172-25-024157
- form_type: 8-K
- ticker: SHFS
- cik: 0001854963
- company_name: SHF Holdings, Inc.
- filed_at: 2025-08-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854963/000164117225024157/0001641172-25-024157-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854963/000164117225024157/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-024157
- JSON: https://secwatch.observer/filing/0001641172-25-024157.json
- Plain text: https://secwatch.observer/filing/0001641172-25-024157.txt

## Key facts
- Auditor Changes
  SHF Holdings, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: reviously filed with the Securities and Exchange Commission on May 16, 2025, should no longer be relied upon due to an error in the calculation of stock-based compensation expense. Similarly, any previously issued or filed reports, press releases, earnings releases, and investor presentations or other communications describing the Company’s financial statements and other related financial information covering the Non-Reliance Period should no longer be relied upon. The fair value of certain stock option awards was not calculated correctly for the Non-Reliance Period. The Black-Scholes option pricing model contained incorrect inputs, specifically for the expected term and stock price, which required adjustment to properly determine the fair value of the awards. This restatement is expected to result in an increase of approximately $500,000 to previously reported operating
  evidence_url: https://www.sec.gov/Archives/edgar/data/1854963/000164117225024157/0001641172-25-024157-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.