1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 28, 2025.
−Removed: Based on such evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of March 28, 2025, the Company’s disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting in Vertex Aerospace Services Holding Corp (Vertex) which we acquired on July 5, 2022.
+Added: The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 27, 2025.
+Added: Based on such evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of June 27, 2025, the Company’s disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting that originated in Vertex Aerospace Services Holding Corp (Vertex) which we acquired on July 5, 2022.
Notwithstanding the identified material weaknesses discussed in Part II, "Item 9A.
3 unchanged sentences
In addition, the design of disclosure controls and procedures must reflect the fact that there may be resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
−Removed: Remediation Efforts to Address the Material Weakness
+Added: Remediation Efforts to Address the Material Weaknesses
As previously disclosed in Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2024, management concluded that there were two material weaknesses in our internal control over financial reporting related to two of the subsidiaries within Vertex.
−Removed: In response to the material weaknesses identified, management developed a remediation plan to address the underlying causes of the material weaknesses, which was subject to senior management review and oversight of the Audit Committee of the Board of Directors.
−Removed: The Company is implementing plans to address each of the material weaknesses as previously disclosed in Part II, "Item 9A.
+Added: In response to the material weaknesses identified, management developed a remediation plan to address the underlying causes of the material weaknesses, which was subject to senior management review and oversight of the Audit Committee of the Company's board of directors (the Board).
+Added: The Company is continuing with its implementation plans to address each of the material weaknesses as previously disclosed in Part II, "Item 9A.
Controls and Procedures" of our Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: Management has and will continue to enhance the risk assessment process and design of internal control over financial reporting at the two subsidiaries.
−Removed: This includes enhancement and revisions of the design of existing information technology general controls (ITGCs) over user access, change management and logical access.
+Added: Management has and is continuing to enhance the risk assessment process and design of internal control over financial reporting at the two subsidiaries.
+Added: This includes enhancement and revisions of the design of existing information technology general controls (ITGCs) over change management and logical access.
These material weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.
6 unchanged sentences
Changes in Internal Control over Financial Reporting
−Removed: Other than in connection with aspects of our remediation plan, there were no changes in the Company’s ICFR during the period ended March 28, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
+Added: Other than in connection with aspects of our remediation plan, there were no changes in the Company's ICFR during the period ended June 27, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's ICFR.
OTHER INFORMATION
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.