General Fusion appoints PwC as auditor after $411.3 million restatement

General Fusion Group has appointed PwC as its independent auditor for fiscal 2026, effective Sept. 30, 2026. This follows the resignation of WithumSmith+Brown. The company also disclosed a restatement correcting valuation inputs for a subscription agreement liability, which was overstated by $411.3 million, leading to an overstatement of net loss for the March 31, 2026 quarter by the same amount. Management identified a material weakness in controls over valuing complex financial instruments and noted that disclosure controls were not effective as of March 31, 2026.