Microvast Holdings, Inc 8-K, filed Mar 20, 2025
Microvast Holdings, Inc. (MVST)
About this 8-K
Microvast Holdings, Inc filed this 8-K on March 20, 2025, reporting on events of March 16, 2025.
Items reported
- Item 4.02: Earlier financial statements no longer reliable
- Item 9.01: Financial statements and exhibits
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SECURITIES AND EXCHANGE COMMISSION
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| Item 4.02. | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. |
On March 16, 2025, the Audit Committee of the Board of Directors of Microvast Holdings, Inc. (the “Company”), after consultation with the Company’s management and its accounting advisors, concluded that the previously reported financial statements as of and for the quarterly periods ended June 30, 2024 and September 30, 2024, should no longer be relied upon due to errors in such financial statements. These errors primarily relate to the previously recorded impairment associated with the Company’s industrial facility located in Clarksville, Tennessee (the “Clarksville Property”).
The Company is currently in the process of finalizing the reassessment of the impairment recorded for the Clarksville Property as of June 30, 2024.
The Company continues to assess the full impact of these errors on its internal control over financial reporting and its disclosure controls and procedures. Although this assessment is ongoing, the Company may identify one or more material weaknesses in its internal controls relating to these matters. The Company discussed the matters described in this Item 4.02 with the Company’s current independent registered public accounting firm, Deloitte Touche Tohmatsu Certified Public Accountants LLP, who has served as the Company’s independent registered public accounting firm since 2011.
Forward-Looking Statements
This current report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, the Company’s objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “plan,” “project,” “predict,” “outlook” “should,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements include, but are not limited to, statements regarding the timing of the reassessment of the aforementioned impairment, any impact associated with such reassessment, and the potential for identifying one or more material weaknesses in the Company’s internal controls relating to the aforementioned errors. Such forward-looking statements are based upon the current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control and are included in the Company’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission in the sections entitled “Risk Factors.” Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. Undue reliance should not be placed on forward-looking statements as a predictor of future performance, as forward-looking statements are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond the Company’s control. All information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof except as may be required under applicable securities laws.
Item 9.01 Financial Statement and Exhibits
(d) Exhibits
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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MICROVAST HOLDINGS, INC.
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| Date: March 20, 2025 | By: | /s/ Fariyal Khanbabi |
| Name: Fariyal Khanbabi | ||
| Title: Chief Financial Officer | ||