Bitcoin mining pioneer Marathon Digital Holdings announced that it has canceled its fourth quarter webcast and conference call, originally scheduled for today at 4:30 p.m. eastern time. It also said its corresponding financial results were delayed following an investigation by the US Securities and Exchange Commission (SEC), which reportedly discovered accounting errors in Marathon’s latest earnings reports.
Marathon Digital cancels solicitation of winnings
On February 22, 2023, Marathon Digital Holdings, Inc. received a comment letter from the SEC’s Corporation Finance Staff regarding, among other things, certain accounting matters deemed frivolous.
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After consultation with the company’s auditor, the Company’s Audit Committee of the Board of Directors concluded 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 year then ended as of December 31, 2021 and the previously issued unaudited condensed consolidated financial statements for the interim periods of 2022 and 2021 should no longer be reissued due to certain accounting errors.
In addition, related earnings releases and other financial communications during these time periods should no longer be relied upon, according to the latest announcement. Marathon Digital plans to make the necessary corrections and therefore the company will restate the Affected Financial Statements.
Marathon redefines financial results
Due to the fact that the cryptocurrency mining company received comments from the Securities and Exchange Commission on February 22, 2023 and the decision of the Audit Committee to restate the Affected Financial Statements, the company is unable to complete and submit its Annual Report at this time.
Marathon Digital expects to file Form 12b-25 with the SEC, stating that it intends to file its 2022 Form 10-K on or before fifteen days after the projected closing date.
As things stand today, the Marathon (MARA) share price is trading at $7.58, a significant gain of 6.54% in the last 24 hours.
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