Business
SS Innovations Issues Update on Status of Audit Process and Trading Market for Common Stock
FORT LAUDERDALE, Fla., Aug. 30, 2024 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (OTC: SSII), developer of
About this update from Ss Innovations International Inc.
[{"type":"text","content":"FORT LAUDERDALE, Fla., Aug. 30, 2024 (GLOBE NEWSWIRE) -- SS Innovations International, Inc. (the “Company” or “SS Innovations”) (OTC: SSII), developer of innovative surgical robotic technologies dedicated to making world-class robotic surgery affordable and accessible to a global population, today issued an update to its shareholders and the investment community on the status of its audit process and the trading market for its common stock. As previously reported in its Securities and Exchange Commission (“SEC”) filings, in May 2024, the Securities and Exchange Commission entered an order barring BF Borgers CPA PC (“Borgers”), the Company’s then independent registered public accounting firm, from appearing or practicing before the SEC as an accountant. As a result, Borgers could no longer act as the independent registered public accounting firm for the Company (or several hundred other public companies who had also engaged Borgers). Consequently, the Company terminated the engagement of Borgers and retained BDO India (“BDO”) as its independent registered public accounting firm. Given the circumstances giving rise to Borgers’ dismissal, the Company asked BDO to re-audit the Company’s financial statements as of and for the years ended December 31, 2023 and December 31, 2022, and contemporaneously therewith undertook an internal review of certain accounting policies and internal controls and procedures. In the course of this internal review and while BDO is performing the reaudit, the Company determined and reported in an August 14, 2024 Form 8-K filing with the SEC that, among other items, it would restate its audited financial statements for the years ended December 31, 2023 and December 31, 2022 and its interim unaudited financial statements for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023 and March 31, 2024. Please refer to the August 14, 2024 Form 8-K filing for full details. The Company is working diligently with BDO to complete the audit and the restated financial statements and file the required amendments to its SEC reports. Moreover, as further reported by the Company in its August 14, 2024 Form 8-K filing, the Company’s Form 10-Q Quarterly Report for the quarter ended June 30, 2024 would not be filed on a timely basis. As the Company was not able to meet the filing deadline, OTC Markets, Inc. move...