ENSV - Enservco stock slides on plans to amend previous financial statements

Enservco (NYSE:ENSV) has dropped -8.74% pre-market after it announced plans to restate its financial statements on three Form 10-Q filings from 2021.  The amendments are not related to operating matters and will not affect the company's reported revenue, operating expenses, operating loss, or adjusted EBITDA. Additionally, the well-site services provider plans to extend the filing date of its 2021 Form 10-K for up to 15 days to incorporate the restatements and the debt refinancing transactions announced today. Commenting on the matter, CEO Rich Murphy said, "The restatements were required for two reasons: First, our auditors believe that the Company was not eligible for the full amount of employee retention tax credits that we recorded pursuant to the CARES Act; and second, the Company erred in accounting for a warrant issuance in connection with the February 2021 conversion of subordinated debt to equity."  Enservco also announced debt reduction, retiring its $13.8M senior revolving

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Enservco stock slides on plans to amend previous financial statements