NWTN (NWTN) has released an update.
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NWTN Inc. has advised that their previously issued financial statements for the year ended December 31, 2022, and the first half of 2023 should not be relied upon and will be restated due to improper accounting treatment of obligations related to a pledge agreement supporting a $200 million investment by Al Ataa. Shareholders guaranteed Al Ataa a minimum annual return and reimbursement for any investment loss, with an escrow agreement of $100 million in place to secure these promises. The financial restatements will reflect these guarantees as an expense, significantly impacting the company’s reported financial position.
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