MAIR Madison Air Solutions Corp

“The material weaknesses described above resulted in an error in the balance sheet classification of redeemable noncontrolling interests which resulted in an adjustment to the Predecessor's balance sheet as of December 31, 2025 and the restatement of the Predecessor's consolidated financial statements for the years ended December 31, 2024 and 2023.”

“Additionally, we did not design and maintain effective information technology ( IT ) general controls for information systems that are relevant to the preparation of our consolidated financial statements.”

“The Company did not design and maintain adequate formal internal controls over significant accounts and disclosures to achieve complete, accurate and timely financial accounting, reporting and disclosures, including controls related to segregation of duties and the preparation and review of journal entries.”

“Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of September 30, 2026 due to material weaknesses in internal control over financial reporting described below.”