09:12 AM EDT, 08/13/2024 (MT Newswires) -- Montana Technologies ( AIRJ ) said Tuesday it will restate its unaudited financial statements for the three months ended March 31.

In its Q1 financial statements, Montana said it consolidated the assets and operations of its AirJoule joint venture, but subsequently determined that its interest in the venture should have been accounted for based upon the equity method of accounting.

The decision to restate follows a consultation with the Securities and Exchange Commission, and investors should disregard the previously issued financial statements, the company said.

Montana said it will correct the error as soon as possible in an amendment to its Form 10-Q, initially filed on May 20.

Shares of Montana Technologies ( AIRJ ) were 2.2% higher in premarket trading.