Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 65

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 65
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SES has identified material weaknesses in its internal control over financial reporting. If SES is unable to successfully remediate these material weaknesses, or if it identifies additional material weaknesses in the future or otherwise fails to maintain an effective system of internal control over financial reporting, SES may be subject to increased risks and liabilities.

Although SES is not yet subject to the certification or attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the
“SOX Act”), in the course of preparation of our financial statements for the years ended December 31, 2024, 2023, and 2022 and in connection with the preparation of this prospectus, SES identified material weaknesses with respect to
its internal controls over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses SES identified relate to (i) lack of appropriately designed and maintained information technology general controls, including controls
to address segregation of duties, and (ii) the aggregation of deficiencies in the design and implementation of controls and insufficient risk assessment procedures over certain business processes, including controls to address segregation of
duties and documentation of evidence of the execution of controls.

SES has concluded that these material weaknesses arose because it did
not have business processes, systems, personnel and related internal controls that would have satisfied the accounting and financial reporting requirements of a public company under the SOX Act. None of the material weaknesses described above
resulted in misstatement to SES’s consolidated financial statements. However, the material weaknesses described above could result in a misstatement of one or more account balances or disclosures that would result in a material misstatement to
the annual or interim consolidated financial statements that would not be prevented or detected.

To address the identified material
weaknesses, SES has added qualified personnel and engaged third-party specialists to assist with evaluating and documenting the design and operating effectiveness of its internal controls over financial reporting and to assist with the remediation
of deficiencies, including implementing new controls and processes. SES intends to continue to take steps to remediate the material weaknesses described above through hiring additional personnel with public company experience, and further reviewing
and updating its accounting and business processes related to internal controls over financial reporting. SES may be unable to fully remediate these material weaknesses until these steps have been completed and have been operating effectively for a