Manchester data firm Wejo has failed to file its most recent, Q2 2023, accounts to the US Securities and Exchange Commission, where the company’s shares traded prior to it entering administration last month.
A statement to the SEC blamed lack of staffing and resources for the oversight, adding that it may never be in a position to file the information: “As previously disclosed on July 18, 2023, joint administrators of Wejo Limited, an indirect, wholly owned subsidiary of Wejo Group Limited (the “Company”), were appointed on July 10, 2023, thereby commencing an Administration Proceeding in England,” it said. “Due to this Administration Proceeding and the resulting lack of staffing and other resources needed to complete its accounting, reporting and audit review processes, the Company has been unable to close its books for the second quarter of 2023. Consequently, the Company is unable to timely file a Form 10-Q for the quarter ended June 30, 2023, and can give no assurances as to when, or if ever, it will be in a position to file a Form 10Q. The Company does not intend to update this disclosure.”
Wejo added that it is still to decide whether all all companies in the wider Wejo Group should be wound up: “The Company continues to evaluate whether it will file ancillary insolvency proceedings for all of its other companies in the group in other jurisdictions, including in the United States and Bermuda,” it said.
Wejo may not have yet “evaluated” whether to wind up its ancillary businesses, which includes businesses in Germany, the US and Bermuda, where Wejo remains partly registered, but a Q&A sent to Wejo’s 200+ employees by administrators Leonard Curtis at the end of July left little dispute over their employment. It said: “All employees within the Wejo Group are redundant with effect from July 10 2023.”
Prolific North has attempted to contact Wejo and its appointed administrator for comment.
