Business
SeaStar Medical to Restate Financials, Sets Business Update Call for April 17
Restatement of non-cash items is not expected to materially impact cash position or operations DENVER, March 27, 2024 (GLOBE NEWSWIRE) -- SeaStar Medical
About this update from Seastar Medical Holding Corporation
[{"type":"text","content":"Restatement of non-cash items is not expected to materially impact cash position or operations DENVER, March 27, 2024 (GLOBE NEWSWIRE) -- SeaStar Medical Holding Corporation (Nasdaq: ICU), a commercial-stage medical device company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, announces that it will restate its financial statements for the fiscal year ended December 31, 2022 and for the interim periods ended March 31, 2023, June 30, 2023 and September 30, 2023. The restatement will impact the accounting treatment and classification of certain outstanding warrants and the prepaid forward purchase arrangement that was terminated in June 2023. Due to the additional audit procedures involved in the restatement, SeaStar Medical expects to file Form 12b-25 with the Securities and Exchange Commission (SEC), which provides issuers with a 15-day grace period to file an Annual Report on Form 10-K, which is deemed to have been timely filed. “The restatement is not expected to have a material impact on our business operations or our cash position, but rather is related to the reporting of non-cash accounting items,” said Eric Schlorff, Chief Executive Officer of SeaStar Medical. “We pursued a Special Purpose Acquisition Company (SPAC) as our route to become a public company in late 2022 due to the challenging market conditions at that time. Many SPACs, including ours, relied on a host of complex financial instruments. Unfortunately, we determined that certain complex financial instruments required accounting treatment that differed from our previous judgment, which led to the need for a restatement. “Importantly, we continue to make progress with our pivotal adult acute kidney injury (AKI) study with 23 subjects enrolled, including two additional subjects since our last update two weeks ago. With our commercial launch of the Quelimmune™ pediatric therapeutic device, the first critically ill child with AKI and sepsis or septic condition is expected to be treated at a well-recognized children’s hospital in the second quarter of 2024,” he added. “We are excited to provide access to our symposium, New Therapies in Pediatric Acute Kidney Injury, held at the AKI-CRRT 2024 conference earlier this month, with key opinion leaders from our Scientific Advisory Board sharing valuable insights into AKI ...