Summary by Moomoo AI
Nogin, Inc. has filed a Notification of Late Filing with the SEC, indicating that it will not be able to submit its Form 10-K for the fiscal year ended December 31, 2023, within the prescribed time frame. The company anticipates reporting a total net revenue of approximately $49.5 million for 2023, a decrease from $94.5 million in 2022, and an operating loss of about $49.6 million, slightly lower than the previous year's $52.7 million loss. As of March 31, 2024, Nogin reported assets of approximately $48.8 million against liabilities of $157.9 million. These figures are preliminary and subject to change following the year-end closing process and review by management and the audit committee. The delay in filing is attributed to the company's focus on ongoing Chapter 11 bankruptcy proceedings, which were filed on December 5, 2023, and the recent resignation of its independent accounting firm, Grant Thornton, on March 27, 2024. The company warns that the common stock and warrants are effectively worthless as the restructuring plan does not provide for any distribution to common stockholders.