Stardust Power Inc. (NASDAQ:SDST) Changes Independent Registered Public Accounting Firm – WithumSmith+Brown, PC (Withum) Dismissed, KNAV CPA LLP (KNAV) Engaged
Stardust Power Inc., a leading company in primary smelting and refining of nonferrous metals, made a significant announcement regarding a change in its independent registered public accounting firm. The board, based on the audit committee's recommendation, approved the dismissal of WithumSmith+Brown, PC (Withum) and the engagement of KNAV CPA LLP (KNAV) as the new auditor.
Withum had been associated with Stardust Power Inc. since 2020, including the period leading up to the company's business combination on July 8, 2024. The reports from Withum for fiscal years ending December 31, 2023, and 2022 were free from any adverse opinion or disclaimer. There were no disagreements on accounting principles or practices, financial statement disclosure, or auditing scope. Additionally, there were no reportable events as described under SEC regulations.
The newly appointed firm, KNAV, had previously served as the auditor for Stardust Power Inc.'s target in the business combination. During the two most recent fiscal years, Stardust Power Inc. did not consult KNAV on any accounting principles or auditing matters that would have influenced their decision-making process.
This transition in Stardust Power Inc.'s financial oversight comes as the company continues its operations in the nonferrous metals sector, with its headquarters in Greenwich, CT. The company has not provided any additional comments on the reasons for the change in their accounting firm.
In other recent news, Stardust Power signed a $4.7 million engineering agreement with Primero USA, Inc. related to the development of their Muskogee Lithium facility in Oklahoma. The services provided by Primero USA will support the procurement of major equipment and the delivery of a Front End Loading-3 (FEL-3) report for the facility.
Analysis:
Stardust Power Inc.'s change in its independent registered public accounting firm indicates a shift in its financial oversight. This news may impact investors, as it showcases the company's commitment to transparency and accountability. Additionally, the engineering agreement with Primero USA highlights Stardust Power's continued growth and development in the nonferrous metals sector.
Investors should consider the company's recent performance and market position, as indicated by InvestingPro data. While the company has shown significant returns over the last week and month, high price volatility and lack of profitability are essential factors to consider. Investors seeking more in-depth analysis can access InvestingPro Tips to make informed investment decisions.