SES AI delays 10-K filing, expects material weaknesses; 2022 cash usage $61M below guidance

SES AI Corp

Unable to complete 10-K on time; filed NT 10-K for 15-day grace period; expects to file by March 16, 2023.
Became large accelerated filer, lost EGC status; first-time SOX 404 compliance; expects material weaknesses in internal controls.
2022 cash usage ~$61M, below prior guidance of $75-85M; available liquidity ~$390M as of Dec 31, 2022.
CEO states three A-sample lines built under budget and ahead of time; transitioning to B-sample and commercial production.

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