Company: FOACW
Filing Date: 2025-05-20
Form Type: 10-K/A
Source: 0001828937-25-000032
Chunk: 103

Company: Finance of America Companies Inc.
Filing Date: 2025-05-20
Form: 10-K/A
Chunk 103
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 presentation of amounts associated with certain nonrecourse securitization transactions in the Company’s Consolidated Statements of Cash Flows and the related disclosures within the Notes to Consolidated Financial Statements for the year ended December 31, 2024, and quarterly unaudited condensed consolidated financial statements for the quarterly periods ended September 30, 2024, June 30, 2024, and March 31, 2024. As a result, we are restating our previously issued consolidated financial statements and related notes for the year ended December 31, 2024. Subsequent to the filing of this Form 10-K/A, the Company will file amendments to its Quarterly Reports on Form 10-Q for the quarters ended September 30, 2024 and June 30, 2024, which will include unaudited condensed consolidated financial statements for the periods covered by such reports, to revise for the restatement described in this Form 10-K/A. As a result, we have become subject to increased accounting and legal fees. Additionally, these restatements may have the effect of eroding investor confidence in the Company and our financial reporting and accounting practices and processes and ultimately adversely impact the price of our securities.

The Company is a “controlled company” within the meaning of the NYSE rules and, as a result, qualifies for exemptions from certain corporate governance requirements. The stockholders of the Company do not have the same protections afforded to stockholders of companies that are subject to such requirements.

The Company’s principal stockholders are parties to a stockholders agreement (the “Stockholders Agreement”) and as of December 31, 2024, beneficially owned 67.6% of the combined voting power of the Company’s Class A Common Stock and Class B Common Stock, par value $0.0001 per share (“Class B Common Stock”). As a result, the Company is a “controlled company” within the meaning of the NYSE corporate governance standards. Under these corporate governance standards, a company of which more than 50% of the voting power in the election of directors is held by an individual, group, or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements. For example, controlled companies:

• are not required to have a board of directors that is composed of a majority of “independent directors,” as defined under the NYSE rules;

• are not required to have a compensation committee that is composed entirely of independent directors; and

• are not