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Amidst ongoing restructuring efforts, iLearningEngines, Inc. has announced significant changes to its leadership team and auditor relationship, according to a recent 8-K filing with the Securities and Exchange Commission. On Monday, Thomas Oliver relinquished his role as Interim Chief Executive Officer to become Chief Business Officer. Concurrently, the Board appointed Bonnie-Jeanne Gerety as the new Interim Chief Executive Officer, while she continues as Interim Chief Financial Officer.
The software services company, which trades over-the-counter under the symbols AILE and AILEW, also disclosed the resignation of its independent registered public accounting firm, Marcum LLP, effective February 13, 2025. The resignation follows Marcum’s advice of material weaknesses in the company’s internal control over financial reporting, as previously reported in the company’s Form S-4 filed on January 5, 2024. Despite no disagreements on accounting principles or auditing procedures, Marcum LLP has withdrawn its reliance on financial statements for the years 2023 and 2022, as communicated to the Audit Committee on November 15, 2024.
In addition to these executive changes, the company has terminated all employees except for Winston Mar, the Chief Restructuring Officer from CR3 Partners, as part of its bankruptcy proceedings. The company, along with its affiliated entities, filed for Chapter 11 bankruptcy on a date prior to the report, and is currently operating under the jurisdiction of the Bankruptcy Court as debtors-in-possession.
Trading in iLearningEngines’ securities has been cautioned as highly speculative and risky due to the Chapter 11 Cases. The company has warned that stockholders could face a significant or complete loss of investment, depending on the outcome of the bankruptcy proceedings.
The information provided in the 8-K filing is based on a press release statement and does not include any speculative or forward-looking statements beyond what has been disclosed by the company.
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