Quest Pharmatech (TSE:QPT) has released an update.
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Quest PharmaTech Inc. has refiled its fiscal 2023 financial statements due to a material misstatement in the valuation of OQP Bio bonds, leading to a significant write-down and a non-cash impairment charge. The revised valuation, conducted by an independent third party, reflects a considerably lower fair value for the OQP Bio bonds. Additionally, the company has appointed Mr. Bradley J. Glass as a new director, pending regulatory approval.
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