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Marathon Digital Holdings, a pioneer in Bitcoin mining, introduced that it has canceled its webcast and convention name for the fourth quarter which was initially scheduled for right now at 4:30 p.m. japanese time. It additional acknowledged that its corresponding monetary outcomes have been postponed following an inquiry from the U.S. Securities and Exchange Commission (SEC) which has reportedly found accounting errors in Marathon’s previous couple of incomes experiences.

Marathon Digital Cancels Earnings Call

On February 22, 2023, Marathon Digital Holdings, Inc. obtained a remark letter from the Corporation Finance Staff of the SEC referring to, amongst different issues, sure accounting issues that had been discovered to be frivolous.

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After consulting with the corporate’s auditor, the Company’s Audit Committee of the Board of Directors reached the conclusion on February 27, 2023 that the beforehand issued audited consolidated monetary statements contained within the Company’s Annual Report on Form 10-Ok for the fiscal 12 months ended December 31, 2021 and the beforehand issued unaudited condensed consolidated monetary statements for the interim intervals in 2022 and 2021 ought to not be reissued attributable to sure accounting errors.

Additionally, related earnings releases and different monetary communications throughout these time intervals shouldn’t be relied on anymore, in keeping with the most recent announcement. Marathon Digital plans to make the required corrections, and the corporate will subsequently restate the Impacted Financial Statements.

Due to the truth that the crypto mining agency obtained feedback from the SEC on February 22, 2023 and the Audit Committee’s resolution to restate the Impacted Financial Statements, the agency is unable to complete and submit its Annual Report right now.

Marathon Digital anticipates submitting Form 12b-25 to the SEC, stating that it intends to file its 2022 Form 10-Ok on or earlier than fifteen days following the stipulated due date.

As issues presently stand, the share value of Marathon  (MARA) is buying and selling at $7.58, witnessing a big achieve of 6.54% up to now 24 hours.

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Pratik has been a crypto evangelist since 2016 & been by nearly all that crypto has to supply. Be it the ICO growth, bear markets of 2018, Bitcoin halving to until now – he has seen all of it.

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