Brief: Edgio Discloses Non-Cash Restatement Of Certain Previously Issued Financials

Edgio

13/03/2023 12:24

March 13 (Reuters) - Edgio Inc  EGIO.O :
    * EDGIO DISCLOSES NON-CASH RESTATEMENT OF CERTAIN PREVIOUSLY
ISSUED FINANCIALS RELATED TO OPEN EDGE SOLUTION; ANNOUNCES
PRELIMINARY Q4 2022 RESULTS
    * EDGIO INC - NO ANTICIPATED IMPACT ON CASH, CASH FLOWS OR
BUSINESS OPERATIONS
    * EDGIO INC - EXPECTS PRELIMINARY Q4 2022 REVENUE OF $107 -
$109
MILLION AND CAPITAL EXPENDITURES OF APPROXIMATELY $2.5 MILLION
    * EDGIO INC - TOTAL CASH, CASH EQUIVALENTS AND SHORT-TERM
INVESTMENT BALANCE OF ABOUT $74 MILLION AS OF DECEMBER 31, 2022
    * EDGIO INC - CO, AUDIT COMMITTEE IDENTIFIED AN ERROR IN
CO'S
HISTORIC ACCOUNTING TREATMENT OF EDGIO'S OPEN EDGE SOLUTION
    * EDGIO - EXPECTS PRIMARY EFFECTS TO CORRECT ACCOUNTING MAY
RESULT
IN A REDUCTION IN REVENUE OF UP TO ABOUT $6.6 MILLION FOR
12-MONTH PERIOD ENDED DEC 31, 2020
    * EDGIO - EXPECTS PRIMARY EFFECTS TO CORRECT ACCOUNTING MAY
RESULT
IN A REDUCTION IN REVENUE OF UP TO ABOUT $16.7 MILLION FOR
12-MONTH PERIOD ENDED DEC 31, 2021
    * EDGIO - EXPECTS PRIMARY EFFECTS TO CORRECT ACCOUNTING MAY
RESULT
IN REDUCTION IN REVENUE OF UP TO ABOUT $23.0 MILLION FOR 9-MONTH
PERIOD ENDED SEPT 30, 2022
    * EDGIO INC - AS OF TODAY, CO HAS ABOUT $20.6 MILLION OF
CASH HELD
AT SILICON VALLEY BANK
    * EDGIO INC - WILL CONTINUE TO MONITOR SITUATION REGARDING
SILICON
VALLEY BANK & ANY IMPACT ON CO, OPERATIONS
    * EDGIO INC - HAS NO OUTSTANDING BALANCE UNDER ITS CREDIT
FACILITY
WITH SVB
    * EDGIO INC - WILL EXPERIENCE A DELAY IN FILING OF ITS FORM
10-K
AND EXPECTS TO FILE A NOTIFICATION OF LATE FILING ON FORM 12B-25
WITH SEC

Source text for Eikon:  ID:nBw218W8Ya 
Further company coverage:  EGIO.O 

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