SeaStar Medical will restate its financial statements for the fiscal year ended December 31, 2022 and for the interim periods ended March 31, 2023, June 30, 2023 and September 30, 2023. The restatement will impact the accounting treatment and classification of certain outstanding warrants and the prepaid forward purchase arrangement that was terminated in June 2023. Due to the additional audit procedures involved in the restatement, SeaStar Medical expects to file Form 12b-25 with the Securities and Exchange Commission, which provides issuers with a 15-day grace period to file an Annual Report on Form 10-K, which is deemed to have been timely filed.
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