SEC grants extension for submission of company’s revised financial statements
The Securities and Exchange Commission (SEC) recently granted Eternal Energy Public Company Limited (EE) an extension to submit revised financial statements for the years 2023 and the third quarter of 2024. This decision followed the SEC’s concerns regarding the appropriateness of assumptions used to assess asset impairment losses related to Cannabiz Way Co., Ltd. and CBD Bioscience Co., Ltd. The revised financial statements must undergo auditing and review by an auditor before being submitted by the new deadlines.
EE sought an extension due to the necessity for an Independent Financial Advisor (IFA) review and timing regarding the auditor. The SEC instructed EE to disclose relevant information in accordance with the Securities and Exchange Act B.E. 2535 (1992) and publicly disclose the amended financial statements and rectification reports through the SETLink Electronic System. The extended deadline for the revised financial statements for 2023 is February 28, 2025, and for the third quarter of 2024 is March 10, 2025.
This extension allows EE to address observed concerns and ensure the accuracy of its financial statements. It emphasizes the importance of transparency and accuracy in financial reporting. The additional time granted by the SEC demonstrates a commitment to ensuring investors access reliable and trustworthy information.
The SEC’s decision to extend the deadline reflects its dedication to upholding standards of financial reporting integrity. This move will enable EE to rectify any issues identified by the SEC and provide accurate and reliable financial information to its stakeholders. It highlights the SEC’s role in safeguarding the interests of investors and maintaining confidence in the capital market.
Overall, the extension granted by the SEC for EE to submit amended financial statements for 2023 and the third quarter of 2024 underscores the importance of transparency, accuracy, and accountability in financial reporting. It is a crucial step in ensuring that investors have access to reliable and trustworthy information to make informed decisions. By providing EE with the additional time needed to address concerns and revise its financial statements, the SEC reaffirms its commitment to upholding the integrity of the capital market.