Renovaro restates Q1 2024 financials due to IPR&D asset impairment error; files lawsuit for fraud

Lunai Bioworks Inc.

Concluded Q1 2024 financials contained material misstatement in IPR&D asset impairment; assets overstated, net loss understated.
Error linked to termination of License Agreement for RENB-HV-01, which was deprioritized and terminated by licensor.
Company will restate Q1 2024 Form 10-Q, expects to file amended report week of Aug 19, 2024.
Filed suit against Weird Science LLC and others alleging fraudulent concealment of murder-for-hire scheme to induce 2018 merger.
Seeks equitable relief including return of shares received in merger and damages.

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