GSR III Acquisition Corp, a blank check company, has changed its independent registered public accounting firm, according to a recent SEC filing. On Monday, the Audit Committee of the company decided to dismiss Grant Thornton LLP and engage MaloneBailey LLP (MB) for the fiscal year ending December 31, 2024.
The change of auditors was not due to any disagreements on financial disclosures or auditing procedures. Grant Thornton’s audit reports on the company’s financial statements for the period up to November 8, 2024, did not contain any adverse opinion but did include a note regarding substantial doubt about the company's ability to continue as a going concern.
The company, which has its executive offices in Austin, TX, has had no disagreements or reportable events with Grant Thornton during the period from its inception on May 10, 2023, through the date of dismissal. The filing also states that GSR III Acquisition Corp did not consult with MB on any accounting principles or auditing matters prior to their engagement.
InvestingPro Insights
As GSR III Acquisition Corp navigates its operational and financial strategies, including the recent change in auditors, InvestingPro data provides additional context for investors. The company's market capitalization stands at $261.26 million, reflecting its current valuation in the market. Notably, GSR III is trading near its 52-week high, with its price at 99.8% of this benchmark, indicating recent positive market sentiment despite the auditor's note on going concern.
InvestingPro Tips highlight that the stock generally trades with low price volatility, which may be of interest to risk-averse investors. However, it's important to note that the company is not profitable over the last twelve months, with an adjusted operating income of -$0.02 million. This aligns with the auditor's concerns about the company's ability to continue as a going concern.
For a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into GSR III Acquisition Corp's financial health and market position. There are 4 more InvestingPro Tips available for this stock, which could be valuable for investors considering the company's future prospects in light of its recent corporate actions.
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