Montana Technologies (NASDAQ: AIRJ) to restate financial statements for Q1 2024 due to errors.

From GlobeNewswire: 2024-08-13 08:29:00

Montana Technologies Corporation (NASDAQ: AIRJ) has announced it will be restating its previously issued unaudited financial statements for the three months ended March 31, 2024. Investors are advised not to rely on the previously issued financial statements and related communications. The restatement decision was made following a consultation process with the SEC.

In the first quarter financial statements, Montana Technologies consolidated the assets and operations of its AirJoule joint venture incorrectly. The Company has decided that its interest in the AirJoule joint venture should have been accounted for based on the equity method of accounting. An amendment to the Form 10-Q filed with the SEC on May 20, 2024, will correct this error.

The information in the press release contains forward-looking statements regarding Montana Technologies’ future financial and operational performance. These statements are based on management’s current expectations and assumptions about future events and are subject to numerous risks and uncertainties, as highlighted in the Risk Factors section of the company’s SEC filings.

Montana Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule®, an atmospheric thermal energy and water-harvesting technology. The technology aims to provide efficient and sustainable air dehumidification and pure water from the air. AirJoule® is being commercialized through a joint venture with GE Vernova and partnerships with Carrier Global Corporation and BASF.



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