GWG Holdings unable to file 2021 annual report, stock plummets

GWG Holdings Inc. is unable to file its annual report for the year ended Dec. 31, 2021, within the prescribed time period due to additional time required to complete its financial statements and related disclosures to be included in the 2021 Form 10-K.

The company's stock plunged over 20% as of 12 p.m. ET on April 4.

According to the company's filing, it had previously disclosed that its former independent registered public accounting firm Grant Thornton LLP had notified the company on Jan. 6 that it will not stand for reappointment as an independent registered public accounting firm.

GWG Holding has not yet engaged an auditor to audit its financial statements for the year ended Dec. 31, 2021, but is in the process of reviewing potential candidates.