Tavia Acquisition Corp. (NASDAQ:TAVI), a $138 million market cap company that falls under the blank check classification, has made a key change in its financial oversight. According to InvestingPro data, the company's stock currently trades at $10.11, showing remarkably low price volatility in recent months. On Monday, the company's Audit Committee decided to part ways with its former independent registered public accounting firm, Marcum LLP, effective immediately.
The dismissal of Marcum, which had been handling Tavia's financial statements since the company's inception on March 7, 2024, was not due to any disagreements over accounting practices or principles. The financial statements in question, including the company's balance sheets as of March 31, 2024, and December 5, 2024, did not carry any adverse opinions or disclaimers. These reports included an explanatory paragraph highlighting concerns about the company's ability to continue as a going concern. This aligns with InvestingPro's current financial health assessment, which rates the company's overall health as "Fair" with a score of 1.9 out of 5.
In the period leading up to the dismissal and the subsequent interim period, Tavia Acquisition Corp. reported no disputes with Marcum on matters of accounting principles, financial statement disclosure, or auditing scope or procedure. Moreover, there were no reportable events that could have influenced Marcum's opinion on the company's financial statements.
Concurrent with the dismissal of Marcum, Tavia's Audit Committee brought on WithumSmith+Brown PC (Withum) as the new independent registered public accounting firm. Withum will be responsible for auditing the company's financial statements for the fiscal year ended December 31, 2024. Prior to Withum's formal engagement on January 20, 2025, Tavia had not consulted with the firm on any accounting principles or transactions that could impact the audit opinion.
Marcum has submitted a letter to the Securities and Exchange Commission (SEC), dated January 24, 2025, confirming their agreement with Tavia's statements regarding their dismissal. This letter is included as Exhibit 16.1 in the Current Report on Form 8-K filed by Tavia.
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