Chain Bridge I Financial Statements Not Reliable
Ticker: CBGGF · Form: 8-K · Filed: Jan 29, 2025 · CIK: 1845149
| Field | Detail |
|---|---|
| Company | Chain Bridge I (CBGGF) |
| Form Type | 8-K |
| Filed Date | Jan 29, 2025 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $200,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-reporting, audit-issues, restatement
TL;DR
Chain Bridge I says don't trust their old financials.
AI Summary
Chain Bridge I, a blank check company, announced on January 23, 2025, that its previously issued financial statements and related audit report should not be relied upon. This announcement pertains to the company's financial reporting and does not involve any specific business transactions or material events at this time.
Why It Matters
This filing indicates a potential issue with Chain Bridge I's past financial reporting, which could impact investor confidence and require restatements.
Risk Assessment
Risk Level: medium — Non-reliance on financial statements can signal accounting issues or internal control weaknesses that may require significant remediation.
Key Players & Entities
- Chain Bridge I (company) — Registrant
- January 23, 2025 (date) — Date of earliest event reported
- 8 The Green #17538 Dover, DE 19901 (address) — Principal executive offices
FAQ
What specific reasons led to the non-reliance on previously issued financial statements?
The filing states that the previously issued financial statements and related audit report should not be relied upon, but does not specify the exact reasons within this document.
What is the effective date of this announcement regarding the financial statements?
The date of the earliest event reported is January 23, 2025.
Does this filing indicate any changes to Chain Bridge I's business operations or strategy?
This filing specifically addresses the non-reliance on previously issued financial statements and does not mention any changes to business operations or strategy.
What is Chain Bridge I's SIC code?
Chain Bridge I's Standard Industrial Classification (SIC) code is 6770, which corresponds to 'BLANK CHECKS'.
Where is Chain Bridge I incorporated?
Chain Bridge I is incorporated in the Cayman Islands.
Filing Stats: 845 words · 3 min read · ~3 pages · Grade level 15.5 · Accepted 2025-01-29 17:08:09
Key Financial Figures
- $0.0001 — ed Class A ordinary shares, par value $0.0001 per share CBRRF OTC Markets Group O
- $200,000 — ix Bio (the "Bridge Financing Note") by $200,000. As a result, the Bridge Financing Note
Filing Documents
- tm254622d1_8k.htm (8-K) — 29KB
- 0001104659-25-007258.txt ( ) — 238KB
- cbrgu-20250123.xsd (EX-101.SCH) — 3KB
- cbrgu-20250123_def.xml (EX-101.DEF) — 26KB
- cbrgu-20250123_lab.xml (EX-101.LAB) — 35KB
- cbrgu-20250123_pre.xml (EX-101.PRE) — 25KB
- tm254622d1_8k_htm.xml (XML) — 4KB
02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On January 23, 2025, the Audit Committee of the Board of Directors (the "Audit Committee") of Chain Bridge I (the "Company") concluded that the unaudited consolidated interim financial statements included in the Quarterly Report on Form 10-Q for the three and nine month periods ended September 30, 2024 (the "Non-Reliance Periods"), should no longer be relied on because of the error described below. The Audit Committee's conclusion was made in consultation with the Company's independent registered public accounting firm, Frank, Rimerman + Co. LLP ("Frank, Rimerman"). The Company's management and the Audit Committee have discussed with Frank, Rimerman the matters disclosed in this filing. The Audit Committee determined that the unaudited consolidated balance sheet as of September 30, 2024, that was previously included in our Quarterly Report on Form 10-Q filed on November 19, 2024, should be restated due to an error understating the liability of that certain promissory note, dated June 26, 2024, issued to the Company by Phytaix Bio (the "Bridge Financing Note") by $200,000. As a result, the Bridge Financing Note and total general and administrative expenses were understated and net income was overstated. The impact of the error affects the unaudited condensed statements of operations, changes in shareholders' deficit, and cash flows for the periods ended September 30, 2024. The Company's management is currently endeavoring to make the necessary corrections. The required corrections are expected to impact adversely the Company's previously reported unaudited condensed interim financial statements for the Non-Reliance Periods. The Company will disclose in the to-be-filed amended Quarterly Report on Form 10-Q, the restated unaudited condensed interim financial statements for the Non-Reliance Periods (the "Restatement"). As a result, the unaudited co