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SRAX Announces Non-Reliance on Previously Issued Financial Statements
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Social Reality, Inc. (NASDAQ: SRAX), a digital marketing and consumer data management technology company, today announced that on April 7, 2019, management of Social Reality, Inc. (the “Company”) concluded and the audit committee of the Company has concurred that the Company’s previously issued quarterly and year-to-date unaudited consolidated financial statements for March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 and that its audited consolidated financial statements for the year ending December 31, 2017 should no longer be relied upon. Similarly, related press releases, earnings releases, and investor communications describing the Company’s financial statements for these periods should no longer be relied upon. The errors identified are all non-cash and primarily related to the Company’s classification of certain outstanding warrants with provisions that allow the warrant holder to force cash redemption under certain circumstances.
Based on its preliminary assessment, the Company is providing the following estimates regarding the aggregate impact of these errors on consolidated total current liabilities, total liabilities, equity, other income, net income (loss) and income (loss) per share, calculated in accordance with accounting principles generally accepted in the U.S., for each of the periods presented:
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SOCIAL REALITY, INC. |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
|
NINE MONTH PERIOD ENDED SEPTEMBER 30, 2018 |
|||||||
|
(Unaudited) |
|||||||
|
AS |
Restated |
||||||
|
YTD  |
YTD |
||||||
|
2018 |
Adjustments |
2018 |
|||||
|
Revenues |
$ 8,823,592 |
$ 8,823,592 |
|||||
|
Cost of revenue |
2,902,179 |
2,902,179 |
|||||
|
Gross profit |
$ 5,921,413 |
$ 5,921,413 |
|||||
|
Loss from operations |
$ (8,492,866) |
$ (8,492,866) |
|||||
|
Other income (expense) |
|||||||
|
Total interest expense |
$ (2,772,448) |
$ (2,772,448) |
|||||
|
Loss on repricing of Series A warrants |
$ – |
$ – |
|||||
|
Accretion of put warrants |
$ 800,000 |
$ 800,000 |
|||||
|
Accretion of debenture warrants |
$ 800,000 |
$ 800,000 |
|||||
|
Accretion of Leapfrog warrants |
$ 600,000 |
$ 600,000 |
|||||
|
Loss (Gain) on Sale of Fixed Assets |
$ 23,978,389 |
$ 23,978,389 |
|||||
|
Other Income |
$ 21,210,439 |
$ 2,200,000 |
$ 23,410,439 |
||||
|
Net Income (loss) |
$ 12,717,573 |
$ 2,200,000 |
$ 14,917,573 |
||||
|
Net (loss) income pershare, basic |
$ 1.59 |
$ 1.86 |
|||||
|
Net (loss) income pershare, diluted |
$ 1.59 |
$ 1.86 |
|||||
|
Weighted average shares outstanding, basic |
8,008,717 |
– |
8,008,717 |
||||
|
Weighted average shares outstanding, diluted |
8,008,717 |
– |
8,008,717 |
||||
|
SOCIAL REALITY, INC. |
|||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||
|
YEAR ENDED DECEMBER 31, 2017 |
|||||
|
AS |
Restated |
||||
|
Full Year |
Full Year |
||||
|
2017 |
Adjustments |
2017 |
|||
|
Revenues |
$ 23,348,714 |
$ 23,348,714 |
|||
|
Cost of revenue |
9,328,893 |
9,328,893 |
|||
|
Gross profit |
$ 14,019,821 |
$ 14,019,821 |
|||
|
Loss from operations |
$ (3,843,679) |
$ (3,843,679) |
|||
|
Other income (expense) |
|||||
|
Total interest expense |
$ (2,815,203) |
$ (2,815,203) |
|||
|
Loss on repricing of Series A warrants |
$ – |
$ (100,000) |
$ (100,000) |
||
|
Accretion of put warrants |
$ 500,000 |
$ 500,000 |
|||
|
Accretion of debenture warrants |
$ (700,000) |
$ (700,000) |
|||
|
Accretion of Leapfrog warrants |
$ (1,500,000) |
$ (1,500,000) |
|||
|
Loss (Gain) on Sale of Fixed Assets |
$ – |
$ – |
|||
|
Other Income |
$ (2,815,203) |
$ (1,800,000) |
$ (4,615,203) |
||
|
Net Income (loss) |
$ (6,658,882) |
$ (1,800,000) |
$ (8,458,882) |
||
|
Net (loss) income pershare, basic |
$ (0.81) |
$ (1.02) |
|||
|
Weighted average shares outstanding, basic |
8,253,851 |
– |
8,253,851 |
||
|
SOCIAL REALITY, INC. |
|||||
|
CONDENSED AND CONSOLIDATED BALANCE SHEET |
|||||
|
SEPTEMBER 30, 2018 |
|||||
|
(Unaudited) |
|||||
|
September 30 |
September 30 |
||||
|
2018 |
2018 |
||||
|
As Reported |
Adjustments |
As Restated |
|||
|
Total assets |
34,341,324 |
– |
34,341,324 |
||
|
Liabilities and stockholders’ equity |
|||||
|
Current liabilities: |
|||||
|
Accounts payable and accrued expenses |
2,475,229 |
2,475,229 |
|||
|
Leapfrog warrant liability |
– |
1,000,000 |
1,000,000 |
||
|
Warrant liability – Series A |
– |
1,300,000 |
1,300,000 |
||
|
Debenture warrant liability |
– |
1,600,000 |
1,600,000 |
||
|
Total current liabilities |
2,475,229 |
3,900,000 |
6,375,229 |
||
|
Secured convertible debentures, net |
2,943,109 |
– |
2,943,109 |
||
|
Total liabilities |
5,418,338 |
3,900,000 |
9,318,338 |
||
|
Total stockholders’ equity |
28,922,886 |
(3,900,000) |
25,022,886 |
||
|
Total liabilities and stockholders’ equity |
34,341,224 |
– |
34,341,224 |
||
|
SOCIAL REALITY, INC. |
||||||
|
CONDENSED AND CONSOLIDATED BALANCE SHEET |
||||||
|
DECEMBER 31, 2017 |
||||||
|
Restated |
||||||
|
December 31, |
December |
|||||
|
2017 |
Adjustments |
2017 |
||||
|
Total assets |
23,605,699 |
– |
23,605,699 |
|||
|
Liabilities and stockholders’ equity |
||||||
|
Current liabilities: |
||||||
|
Accounts payable and accrued expenses |
5,010,815 |
5,010,815 |
||||
|
Leapfrog warrant liability |
1,700,000 |
1,700,000 |
||||
|
Warrant liability – Series A |
2,100,000 |
2,100,000 |
||||
|
Debenture warrant liability |
2,500,000 |
2,500,000 |
||||
|
Total current liabilities |
5,010,815 |
6,300,000 |
11,310,815 |
|||
|
Secured convertible debentures, net |
1,711,146 |
– |
1,711,146 |
|||
|
Total liabilities |
6,721,961 |
6,300,000 |
13,021,961 |
|||
|
Total stockholders’ equity |
16,883,738 |
(6,300,000) |
10,583,738 |
|||
|
Total liabilities and stockholders’ equity |
23,605,699 |
– |
23,605,699 |
|||
Since the Company has not yet fully completed its review, the estimates regarding the impact set forth above are preliminary and remain subject to change.
In connection with the restatement, management has determined that a material weakness related to the accounting for financing transactions in the Company’s internal control over financial reporting existed for the periods from March 31, 2017 through December 31, 2018. The Company’s chief executive officer and chief financial officer have concluded that the Company’s disclosure controls and procedures were not effective at the reasonable assurance level as of March 31, 2017 through December 31, 2018, and the Company’s management has concluded that its internal control over financial reporting was not effective as of December 31, 2018.
The Company anticipates that it will file amended Quarterly Reports on Form 10-Q for the periods ended March 31, 2018, June 30, 2018 and September 30, 2018, to amend and restate its financial condition and financial results for the affected periods as soon as practicable.
About SRAX
Social Reality, Inc. (NASDAQ: SRAX) is a digital marketing and consumer data management technology company. SRAX’s technology delivers the tools to unlock data to reveal brands core consumers and their characteristics across marketing channels. Through its blockchain identification graph technology platform, BIGtoken, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data thereby providing everyone in the Internet ecosystem choice, transparency, and compensation. SRAX’s technology and tools deliver a digital competitive advantage for brands in the CPG, automotive, investor relations and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform. For more information on SRAX, visit www.srax.com.
SOURCE SRAX
Martin Sjolund appointed President and Chief Executive Officer, effective June 17, 2025
Vikram Atal to serve as senior advisor through December 31, 2025
NORFOLK, Va., April 7, 2025 /PRNewswire/ — PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced that its Board of Directors has appointed President of PRA Group Europe Martin Sjolund to serve as President and Chief Executive Officer (CEO), effective June 17, 2025. Sjolund succeeds current President and CEO Vikram Atal, who announced that he will retire and serve as a senior advisor through December 31, 2025. Sjolund will be appointed to the Board upon assuming the role of President and CEO, and Atal will retire from the Board at that time.
“On behalf of the Board, I want to thank Vik for his leadership of PRA Group during a pivotal time,” said Executive Chair of the Board Steve Fredrickson. “Today’s announcement is the culmination of the Board’s ongoing succession planning process and commitment to enabling long-term, profitable growth.”
“It has been a privilege to lead PRA Group through this transformative time in the company’s history,” said Atal. “Since March 2023, I have worked closely with Martin, and I am highly confident in his ability to further strengthen our global leadership position. His strong track record in our European business, extensive industry knowledge, thoughtful leadership and commitment to our culture and customers will build on our strengths and create meaningful value for our shareholders in the years to come.”
“I am honored to have the opportunity to lead PRA Group as we enter our next phase of growth,” said Sjolund. “As a team, we have already achieved record global portfolio purchases and double-digit cash growth, expanded our leadership team, improved operational processes and strengthened our capital structure. These actions have positioned us to continue driving the company forward while delivering value to our shareholders.”
About Martin Sjolund
Sjolund has served as President of PRA Group Europe since 2018, providing leadership across 15 markets in Europe, Canada and Australia. During his tenure, Sjolund oversaw nearly $3 billion of successful portfolio investments across Europe, all while significantly improving the profitability of the European business. He led our expansion into two new markets, modernized the IT infrastructure and contact platforms, enhanced the data and analytics function and ultimately created one of Europe’s most cost-efficient debt buying platforms.
Before being promoted to his current role, Sjolund served as Chief Operating Officer of Europe from 2015 until 2018. He was previously Director of Group Strategy and Corporate Development (Europe), a position he also held at Aktiv Kapital from 2011 until PRA Group acquired Aktiv Kapital in 2014.
Prior to joining Aktiv Kapital, Sjolund held leadership positions in global technology companies and was a management consultant with McKinsey & Company in Singapore and London. Sjolund holds an MBA from the University of Chicago and is a graduate of Georgetown University.
About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.
News Media Contact:
Elizabeth Kersey
Senior Vice President, Communications and Public Policy
(757) 641-0558
Elizabeth.Kersey@PRAGroup.com
Investor Contact:
Najim Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
IR@PRAGroup.com
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STOCKHOLM, April 7, 2025 /PRNewswire/ — Between 31 March 2025 and 4 April 2025 EQT AB (LEI code 213800U7P9GOIRKCTB34) (“EQT”) has repurchased in total 602,996 own ordinary shares (ISIN: SE0012853455).
The repurchases form part of the repurchase program of a maximum of 4,931,018 own ordinary shares for a total maximum amount of SEK 2,500,000,000 that EQT announced on 11 March 2025. The repurchase program, which runs between 12 March 2025 and 16 May 2025, is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052.
EQT ordinary shares have been repurchased as follows:
|
Date: |
Aggregated volume |
Weighted average |
Aggregated |
|
31 March 2025 |
106,000 |
304.2864 |
32,254,358.40 |
|
1 April 2025 |
115,000 |
313.2291 |
36,021,346.50 |
|
2 April 2025 |
115,000 |
315.0153 |
36,226,759.50 |
|
3 April 2025 |
140,000 |
300.9577 |
42,134,078.00 |
|
4 April 2025 |
126,996 |
276.3182 |
35,091,306.13 |
|
Total accumulated over week 14 |
602,996 |
301.3749 |
181,727,848.53 |
|
Total accumulated during the repurchase program |
2,043,962 |
312.7275 |
639,203,038.72 |
All acquisitions have been carried out on Nasdaq Stockholm by Skandinaviska Enskilda Banken AB on behalf of EQT.
Following the above acquisitions and as of 4 April 2025, the number of shares in EQT, including EQT’s holding of own shares is set out in the table below.
|
Ordinary shares |
Class C shares1 |
Total |
|
|
Number of issued shares2 |
1,241,510,911 |
496,056 |
1,242,006,967 |
|
Number of shares owned by EQT AB3 |
61,968,153 |
– |
61,968,153 |
|
Number of outstanding shares |
1,179,542,758 |
496,056 |
1,180,038,814 |
|
1) Carry one tenth (1/10) of a vote |
|||
A full breakdown of the transactions is attached to this announcement.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/repurchases-of-shares-by-eqt-ab-during-week-14–2025,c4132039
The following files are available for download:
|
https://mb.cision.com/Main/87/4132039/3373049.pdf |
EQT Transactions 20250331 to 20250404 |
|
EQT AB Group |
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Fintech PR
Digital Wealth Management Platforms (DWMP) Market Disruptions: The $18.59 Billion Opportunity Vendors Can’t Afford to Miss
Digital Wealth Management Platforms (DWMP) Market Set for Explosive Growth, Projected to Reach $18.59 Billion by 2030
MIDDLETON, Mass., April 7, 2025 /PRNewswire/ — QKS Group, a premier market intelligence and advisory firm, has unveiled its latest comprehensive analysis of the global Digital Wealth Management Platforms (DWMP) Market, providing crucial insights for industry leaders aiming to capitalize on this rapidly evolving segment. The newly released reports- ‘Market Share: Digital Wealth Management Platforms (DWMP), 2024, Worldwide & Regional Report’ and ‘Market Forecast: Digital Wealth Management Platforms (DWMP), 2025-2030, Worldwide & Regional Report’ – reveal a projected market valuation of $18.59 billion by 2030, growing at a CAGR of 16.16% from 2025 to 2030. This analysis equips businesses with the strategic intelligence needed to navigate the dynamic DWMP landscape and make informed decisions as the market scales new heights.
The Next Growth Frontier in Digital Wealth Management Platforms (DWMP)
Digital Wealth Management Platforms (DWMPs) are reshaping financial services by integrating AI, machine learning, data analytics, and blockchain to deliver automated, data-driven wealth management. These platforms unify disparate systems, providing real-time portfolio visibility and personalized financial advice aligned with client goals and risk profiles. AI-powered automation streamlines tasks such as portfolio rebalancing, onboarding, and reporting, improving operational efficiency. Embedded compliance tools ensure regulatory adherence with minimal manual oversight. Blockchain enhances transaction transparency and data integrity in asset transfers. DWMPs support omnichannel client engagement, enabling 24/7 access via digital portals and mobile apps. As fintech competition rises, DWMPs equip institutions with scalable, secure, and agile solutions to remain competitive in a digital-first landscape.
According to Sriram S R, Senior Analyst at QKS Group, “The accelerating adoption of Digital Wealth Management Platforms (DWMPs) is driven by the convergence of AI-powered financial analytics, real-time data integration, and the demand for hyper-personalized, regulatory-compliant client experiences. By unifying front-to-back-office functions, automating routine advisory tasks, and enabling seamless omnichannel engagement, DWMPs empower wealth managers to scale operations, enhance portfolio performance, and remain agile in an increasingly digital and client-centric financial ecosystem.”
Key Market Insights from QKS Group’s Report
- Global and Regional Market Analysis: An in-depth examination of worldwide and regional DWMP adoption trends, competitive landscapes, and future growth projections.
- Competitive Benchmarking: A comparative analysis of top DWMP vendors, their market positioning, and strategic differentiators.
- Industry Adoption Trends: Insights into which sectors are investing most heavily in DWMP solutions and why.
- Technology Disruption & AI’s Role in DWMP: Explore how AI, predictive and prescriptive analytics, cloud-native architectures, Digital Banking and Digital applications, and API-driven integrations are redefining Digital Wealth Management Platforms -enabling hyper-personalized advice, real-time portfolio insights, and intelligent automation across the wealth management lifecycle.
Market Leaders & Competitive Landscape
The report covers key industry players, including Additiv, Avaloq, Backbase, Blackrock, Broadridge, Comarch, Crealogix, EdgeVerve (Finacle), Envestnet, Finastra, Intellect Design, InvestCloud, Linedata, LSEG, Nest Wealth, Prometeia, SS&C Tech, TCS and others.
Why This Matters for DWMP Vendors
For CEOs, CFOs, and CSOs of Digital Wealth Management Platform (DWMP) providers, these insights are critical for identifying emerging demand patterns, optimizing go-to-market strategies, and staying ahead of fintech disruptors. As financial institutions accelerate digital transformation and prioritize hyper-personalized client engagement, vendors must offer DWMP solutions with advanced AI capabilities, open APIs, and end-to-end data integration- empowering advisors with real-time intelligence and enabling scalable, compliant, and client-centric advisory models.
Get Access to Exclusive Market Insights (single report or subscription offering)
Market Share: Digital Wealth Management Platforms, 2024, Worldwide
https://qksgroup.com/market-research/market-share-digital-wealth-management-platforms-2024-worldwide-5241
Market Forecast: Digital Wealth Management Platforms, 2025-2030, Worldwide
https://qksgroup.com/market-research/market-forecast-digital-wealth-management-platforms-2025-2030-worldwide-4764
The comprehensive research package includes:
- Most Comprehensive Market Forecast Analysis: A separate market forecast report for each of the regions, including North America, Asia Pacific, European Union, MEA, Latin America
- Unmatched Competitive Analysis: A separate market share report for each of the regions, including North America, Asia Pacific, European Union, MEA, Latin America
- QKS TrendsNXT on DWMP Market
- QKS TAMSAM Insights report on DWMP Market
- Exclusive Analyst Advisory Sessions for strategic decision making and validation
About QKS Group
QKS Group, formerly Quadrant Knowledge Solutions, is a leading global advisory and research firm, dedicated to empowering technology innovators to accelerate their growth journeys and enable technology adopters to achieve their digital transformation objectives.
Click below to learn more about Competitive Intelligence Service: https://www.youtube.com/watch?v=bhUQYdKd90A
To gain access to the full market insights, growth forecasts, and competitive analysis, Connect:
Shraddha Roy
PR & Media Relations
QKS Group
Regus Business Center
35 Village Road, Suite 100,
Middleton Massachusetts 01949
United States
Email: shraddha.r@qksgroup.com
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View original content:https://www.prnewswire.co.uk/news-releases/digital-wealth-management-platforms-dwmp-market-disruptions-the-18-59-billion-opportunity-vendors-cant-afford-to-miss-302422091.html
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