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Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP), a biopharmaceutical company, has announced that its previously issued financial statements for several periods in 2023 and 2024 should no longer be relied upon due to accounting errors. The revelation came to light following an internal review and discussions with the company's independent auditor, Turner, Stone & Company, L.L.P.
Specifically, financial statements for the quarter ending September 30, 2023, the year ending December 31, 2023, and the quarter ending March 31, 2024, along with related communications and registration statements, have been flagged for inaccuracies. The errors pertain to the improper accounting of note agreements, which should have been recorded as subscription receivables rather than notes receivable.
Coeptis Therapeutics made this determination on Thursday, August 9, 2024, after the company's Audit Committee, in consultation with management, identified these discrepancies. The company has confirmed that the balance of the subscription receivables in question has been settled as of August 12, 2024.
The company has committed to restating the affected financial statements as soon as possible. The Chief Financial Officer has already discussed the issue with the Audit Committee and the independent auditors.
This news comes after the company previously recognized weaknesses in its disclosure controls and procedures for the year ending December 31, 2022, and parts of 2023. In response, Coeptis Therapeutics appointed a full-time Chief Financial Officer in 2023 to improve control processes.
Investors and stakeholders are advised that forward-looking statements related to the restatement process and its consequences are subject to various risks and uncertainties. These include potential legal or regulatory actions, the cost and resource allocation required to address the restatements, and the impact on the company's reputation and stock value.
The information in this article is based on a press release statement from Coeptis Therapeutics Holdings, Inc. The company's shares are traded on the Nasdaq Capital Market under the ticker symbols COEP for common stock and COEPW for warrants.
In other recent news, Coeptis Therapeutics Holdings, Inc. faces the possibility of delisting from the Nasdaq Capital Market due to its stock price not meeting the required minimum bid. The company received a notification from Nasdaq, stating that its common stock had failed to maintain the minimum bid price of $1.00 over the preceding 30 business days. Coeptis was previously given a 180-day period to address this issue and regain compliance, but it failed to meet the Nasdaq's Minimum Bid Price Requirement. The company does not qualify for an additional 180-day grace period as it does not meet Nasdaq's minimum stockholders’ equity initial listing requirement of $5 million.
As part of recent developments, Coeptis plans to appeal the delisting determination by requesting a hearing before a Nasdaq Hearing Panel. This appeal, if granted, would temporarily stay the suspension of trading and delisting of its common stock. In its appeal, Coeptis intends to present a plan to regain compliance, which may include a reverse stock split, subject to the approval of its Board of Directors and stockholders. However, there is no assurance that the company will be able to regain compliance with the Minimum Bid Price Requirement or meet other Nasdaq listing criteria, successfully implement a reverse stock split, or win the appeal.
InvestingPro Insights
Amidst the backdrop of Coeptis Therapeutics' financial restatements, a closer look at the company's metrics and market sentiment is crucial for investors. As per InvestingPro data, Coeptis Therapeutics holds a market capitalization of 7.98 million USD. The company's performance over the last year has been notably turbulent, with a 1-year price total return of -81.53%, reflecting significant investor caution. Furthermore, the adjusted P/E ratio as of the last twelve months leading into Q1 2024 stands at -0.48, underscoring the company's current lack of profitability.
Two InvestingPro Tips that are particularly pertinent to Coeptis Therapeutics at this juncture include the observation that the stock price often moves in the opposite direction of the market and that analysts do not anticipate the company will be profitable this year. These insights may guide investors in understanding the stock's recent performance and setting future expectations. For a more comprehensive analysis, there are additional InvestingPro Tips available, which can be accessed for Coeptis Therapeutics through InvestingPro.
Investors should also note that Coeptis Therapeutics does not pay a dividend, which could influence investment decisions, especially for those seeking income-generating assets. The company's next earnings date is projected to be on August 16, 2024, which will be a significant event for stakeholders to assess the company's progress on restating its financials and its overall financial health.
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