Summary
AST SpaceMobile, Inc. (ASTS), formerly New Providence Acquisition Corp., filed this Form 8-K on July 9, 2021, to announce a significant change in its independent registered public accounting firm. Effective July 6, 2021, the company has appointed KPMG LLP to replace Marcum LLP. This change occurred after the completion of the fiscal year ending December 31, 2020, and the subsequent interim period. While the transition to KPMG marks a procedural change, the filing emphasizes that there were no disagreements with the former auditor, Marcum LLP, on any accounting principles or financial reporting matters. However, Marcum's prior audit reports included an explanatory paragraph expressing substantial doubt about AST SpaceMobile's ability to continue as a going concern, contingent on completing a business combination. The company also previously disclosed material weaknesses in internal controls. Investors should note that KPMG was not consulted on any prior significant accounting or auditing matters before their appointment.
Key Highlights
- 1AST SpaceMobile, Inc. has appointed KPMG LLP as its new independent registered public accounting firm, effective July 6, 2021.
- 2The company previously engaged Marcum LLP as its independent auditor.
- 3The change in auditors occurred without any disagreements between AST SpaceMobile and Marcum LLP regarding accounting principles, financial statement disclosures, or auditing procedures.
- 4Marcum LLP's previous audit reports contained an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern, dependent on the completion of a business combination.
- 5AST SpaceMobile had previously disclosed material weaknesses in its internal controls.
- 6KPMG LLP was not consulted by the company on any prior accounting principles or auditing matters that would have influenced the decision to change auditors.