Amedica to restate Q3 financials due failure to record cash charge related to preferred stock dividend

|About: Amedica Corporation (AMDA)|By:, SA News Editor

In a regulatory filing, Amedica (NASDAQ:AMDA) reports that it will restate its financial statements for Q3 2016 and the nine-month period ending September 30, 2016 due to the failure to record a one-time cash charge of $3.779M for the dividend related to the accretion of a discount on conversion of Series A Preferred Stock.

The adjustment will increase the net loss for Q3 and the nine-month period to $10.616M and $19.068M, respectively, and increase the loss per share to $0.46 and $1.21, respectively.

Update: In another regulatory filing, the company announces that it will be late filing its 2016 annual report. Under Nasdaq rules, it has 60 days to submit a plan to regain compliance with listing requirements.