NewsletterBreaking: NASDAQ-Listed Crypto Miner Marathon Digital Cancels Earnings Call After SEC Inquiry
Marathon Digital Holdings, a pioneer in Bitcoin mining, announced that it has canceled its webcast and conference call for the fourth quarter which was initially scheduled for today at 4:30 p.m. eastern time. It further stated that its corresponding financial results have been postponed following an inquiry from the U.S. Securities and Exchange Commission (SEC) which has reportedly discovered accounting errors in Marathon’s last few earning reports.
Marathon Digital Cancels Earnings Call
On February 22, 2023, Marathon Digital Holdings, Inc. received a comment letter from the Corporation Finance Staff of the SEC relating to, among other things, certain accounting matters that were found to be frivolous.
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After consulting with the company’s auditor, the Company’s Audit Committee of the Board of Directors reached the conclusion on February 27, 2023 that the previously issued audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the previously issued unaudited condensed consolidated financial statements for the interim periods in 2022 and 2021 should no longer be reissued due to certain accounting errors.
Additionally, associated earnings releases and other financial communications during these time periods shouldn’t be relied on anymore, according to the latest announcement. Marathon Digital plans to make the necessary corrections, and the company will therefore restate the Impacted Financial Statements.
Marathon Restates Financial Results
Due to the fact that the crypto mining firm received comments from the SEC on February 22, 2023 and the Audit Committee’s decision to restate the Impacted Financial Statements, the firm is unable to finish and submit its Annual Report at this time.
Marathon Digital anticipates submitting Form 12b-25 to the SEC, stating that it intends to file its 2022 Form 10-K on or before fifteen days following the stipulated due date.
As things currently stand, the share price of Marathon (MARA) is trading at $7.58, witnessing a significant gain of 6.54% in the past 24 hours.
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