Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX) Faces Corporate Shake-Up: EisnerAmper LLP Resigns as Auditor, Chairman Eric Floyd Steps Down
Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX), a pharmaceutical preparations company, experienced significant corporate changes as detailed in a recent SEC filing. The company's independent registered public accounting firm, EisnerAmper LLP, resigned on Monday, citing concerns about the company's ability to continue as a going concern. However, there were no adverse opinions or disagreements on accounting principles.
In response, Virpax swiftly appointed Bush & Associated CPA LLC as the new independent registered public accounting firm. Eric Floyd, Chairman of the Board, also resigned due to disagreements with the Board's policies and operations, particularly regarding salary reductions and the elimination of directors' and officers' insurance.
The company has provided the SEC with documentation confirming these changes, including EisnerAmper LLP's resignation letter and Eric Floyd's resignation letter. Additionally, Virpax Pharmaceuticals reported positive developments such as early repayment of a senior secured promissory note and positive results from a pilot study of its pain management product, Probudur.
Despite these changes, Virpax Pharmaceuticals has seen significant volatility in its stock performance, with a one-week price total return of -8.58% and a one-year price total return of -91.02%. Investors should consider the company's financial health and market performance before making any investment decisions.
Analysis:
- Virpax Pharmaceuticals faced corporate shake-ups with the resignation of its auditor and Chairman Eric Floyd.
- Positive developments include early repayment of debt and positive results from a pilot study of a pain management product.
- Stock performance has been volatile, with significant declines over various time frames.
- Investors should consider the company's financial position and market performance before investing in Virpax Pharmaceuticals.