Montana Technologies to Restate Previously Issued Financial Statements
Montana Technologies (NASDAQ: AIRJ) has announced it will restate its previously issued unaudited financial statements for the three months ended March 31, 2024. This decision follows a consultation with the SEC and was made by the Board of Directors, management, and the Audit Committee. The restatement is necessary because the company incorrectly consolidated the assets and operations of its AirJoule joint venture in its Q1 financial statements, instead of using the equity method of accounting.
As a result, investors are advised not to rely on the previously issued financial statements, related earnings releases, or other communications derived from these statements. Montana Technologies plans to correct this error by filing an amendment to its Form 10-Q (initially filed on May 20, 2024) with the SEC as soon as possible.
Montana Technologies (NASDAQ: AIRJ) ha annunciato che riemetterà i suoi precedenti bilanci finanziari non revisionati per i tre mesi conclusi il 31 marzo 2024. Questa decisione segue una consultazione con la SEC ed è stata presa dal Consiglio di Amministrazione, dalla direzione e dal Comitato di Revisione. La riemissione è necessaria perché l'azienda ha erroneamente consolidato le attività e le operazioni della sua joint venture AirJoule nei suoi bilanci finanziari del primo trimestre, anziché utilizzare il metodo del patrimonio netto.
Di conseguenza, gli investitori sono avvisati di non fare affidamento sui precedenti bilanci finanziari, sui comunicati relativi agli utili o su altre comunicazioni derivate da questi bilanci. Montana Technologies prevede di correggere questo errore presentando una modifica al suo Modulo 10-Q (inizialmente presentato il 20 maggio 2024) alla SEC il prima possibile.
Montana Technologies (NASDAQ: AIRJ) ha anunciado que volverá a emitir sus estados financieros no auditados previamente emitidos para los tres meses que finalizaron el 31 de marzo de 2024. Esta decisión sigue una consulta con la SEC y fue tomada por la Junta Directiva, la gerencia y el Comité de Auditoría. La reemisión es necesaria porque la compañía consolidó incorrectamente los activos y operaciones de su empresa conjunta AirJoule en sus estados financieros del primer trimestre, en lugar de utilizar el método de la participación.
Como resultado, se aconseja a los inversores no confiar en los estados financieros emitidos anteriormente, en los comunicados de ganancias relacionados o en otras comunicaciones derivadas de estos estados. Montana Technologies planea corregir este error presentando una enmienda a su Formulario 10-Q (presentado inicialmente el 20 de mayo de 2024) ante la SEC lo antes posible.
몬태나 테크놀로지스 (NASDAQ: AIRJ)는 2024년 3월 31일로 종료된 3개월 동안의 이전에 발행된 미감사 재무제표를 재작성할 것이라고 발표했습니다. 이 결정은 SEC와의 상담 후 이루어졌으며, 이사회, 경영진, 감사위원회에 의해 결정되었습니다. 재작성은 회사가 1분기 재무제표에서 AirJoule 합작 투자 사업의 자산과 운영을 잘못 통합했기 때문입니다. 따라서 투자자는 이전의 재무제표에 의존하지 말 것을 권고합니다, 관련 수익 발표 또는 이 재무제표에서 파생된 기타 커뮤니케이션에 대해서도요. 몬태나 테크놀로지스는 가능 한 한 빨리 SEC에 10-Q 양식 수정안을 제출하여 이 오류를 수정할 계획입니다 (2024년 5월 20일에 처음 제출됨).
Montana Technologies (NASDAQ: AIRJ) a annoncé qu'elle révisera ses états financiers non audités précédemment publiés pour les trois mois se terminant le 31 mars 2024. Cette décision fait suite à une consultation avec la SEC et a été prise par le Conseil d'Administration, la direction et le Comité d'Audit. La révision est nécessaire car la société a consolidé de manière incorrecte les actifs et les opérations de sa coentreprise AirJoule dans ses états financiers du premier trimestre, au lieu d'utiliser la méthode d'équité.
En conséquence, il est conseillé aux investisseurs de ne pas se fier aux états financiers précédemment publiés, aux communiqués de résultats ou à d'autres communications dérivées de ces états. Montana Technologies prévoit de corriger cette erreur en déposant une modification de son formulaire 10-Q (déposé initialement le 20 mai 2024) auprès de la SEC dès que possible.
Montana Technologies (NASDAQ: AIRJ) hat bekannt gegeben, dass es seine zuvor veröffentlichten nicht geprüften Finanzberichte für die drei Monate bis zum 31. März 2024 neu aufstellen wird. Diese Entscheidung folgte einer Konsultation mit der SEC und wurde vom Vorstand, der Geschäftsführung und dem Prüfungsausschuss getroffen. Die Neufeststellung ist notwendig, da das Unternehmen die Vermögenswerte und Geschäfte seines Joint Ventures AirJoule in den Finanzberichten des ersten Quartals falsch konsolidiert hat, anstatt die Eigenkapital-Methode anzuwenden.
Folglich wird den Investoren geraten, nicht auf die zuvor veröffentlichten Finanzberichte, die damit verbundenen Gewinnmitteilungen oder andere Mitteilungen, die auf diesen Berichten basieren, zu vertrauen. Montana Technologies plant, diesen Fehler durch Einreichung einer Änderung seines Formulars 10-Q (das ursprünglich am 20. Mai 2024 eingereicht wurde) bei der SEC so schnell wie möglich zu korrigieren.
- Company proactively initiated consultation with SEC to address accounting issues
- Swift action taken to correct financial reporting errors
- Transparent communication to investors about the restatement
- Need to restate Q1 2024 financial statements due to accounting errors
- Incorrect consolidation of AirJoule joint venture assets and operations
- Potential impact on investor confidence and stock price
- Delay in providing accurate financial information to stakeholders
Insights
This restatement of financial statements is a significant development for Montana Technologies. The shift from consolidated accounting to the equity method for the AirJoule joint venture will likely result in material changes to the company's financial position.
The restatement of financial statements raises regulatory compliance concerns. By acknowledging that previous financial statements should no longer be relied upon, Montana Technologies may face increased SEC scrutiny. The company's proactive approach in initiating consultation with the SEC is prudent, potentially mitigating regulatory risks. However, this situation could still lead to:
- Potential SEC investigations
- Shareholder lawsuits alleging misrepresentation
- Temporary loss of investor confidence
The company must ensure transparent communication and swift filing of the amended 10-Q to maintain credibility and minimize legal exposure.
This restatement could have ripple effects on Montana Technologies' market perception. The AirJoule technology is central to the company's value proposition and changes in its financial representation may impact investor sentiment. Key considerations include:
- Potential stock price volatility as the market digests this information
- Reassessment of the company's true financial position and growth trajectory
- Increased analyst scrutiny on the AirJoule joint venture's performance and structure
Long-term implications will depend on the magnitude of the restatement and the company's ability to rebuild trust through transparent and accurate reporting going forward.
RONAN, Mont., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Montana Technologies Corporation (NASDAQ: AIRJ), (“Montana Technologies” or the “Company”), the developer of the transformational AirJoule® technology for atmospheric water generation, today announced it will be restating its previously issued unaudited financial statements for the three months ended March 31, 2024.
Investors should no longer rely upon the previously issued financial statements cited above. Similarly, any earnings releases and other investor communications derived from such financial statements should no longer be relied upon.
The Company’s Board of Directors, in consultation with management and upon the recommendation of the Audit Committee of the Board of Directors, made the decision to restate the first quarter financial statements following the results of a Company-initiated consultation process with the Securities and Exchange Commission (the “SEC”). In the Company’s first quarter financial statements, the Company consolidated the assets and operations of its AirJoule joint venture into its financial statements, but the Company has subsequently determined that the Company’s interest in the AirJoule joint venture should instead have been accounted for based upon the equity method of accounting.
The Company intends to correct the error referenced above in an amendment to its Form 10-Q initially filed with the SEC on May 20, 2024 for the quarter ended March 31, 2024. The amendment will be filed with the SEC as soon as possible.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Montana Technologies and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “may,” “will,” “should,” “anticipate,” “believe,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements, including the timing to get the Amendment on file with the SEC, are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Montana Technologies expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release.
Montana Technologies cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Montana Technology’s control. These risks include, but are not limited to, our status as an early stage Company with limited operating history, which may make it difficult to evaluate the prospects for our future viability; our initial dependence on revenue generated from a single product; significant barriers we face to deploy our technology; the dependence of our commercialization strategy on our relationships with BASF, CATL, Carrier, GE Vernova, and other third parties history of losses, and the other risks and uncertainties described under the heading “Risk Factors” in our SEC filings including in our Registration Statement (See Risk Factors) on Form S-1 filed with the SEC on June 27, 2024. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Montana Technologies’ SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
About Montana Technologies Corporation
Montana Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule®, an atmospheric thermal energy and water harvesting technology that provides efficient and sustainable air dehumidification and pure water from air. Designed to reduce energy consumption and generate material cost efficiencies, AirJoule® is being commercialized through a joint venture with GE Vernova and through partnerships with Carrier Global Corporation and BASF. For more information, visit www.mt.energy.
Contacts
Investor Relations:
Tom Divine – Vice President, Investor Relations and Finance
investors@mt.energy
Media:
media@mt.energy
FAQ
Why is Montana Technologies (AIRJ) restating its Q1 2024 financial statements?
When will Montana Technologies (AIRJ) file the amended Form 10-Q?
What should investors do regarding Montana Technologies' (AIRJ) previously issued Q1 2024 financial statements?
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