Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP), a biopharmaceutical company, announced the engagement of Astra Audit & Advisory, LLC as its new independent registered public accounting firm for the fiscal year ending December 31, 2024.
This change, effective immediately, was approved by the company's Audit Committee and Board of Directors on Monday.
The decision to change auditors comes as the company parts ways with its previous auditor, Turner, Stone & Company, LLP. The reports from Turner for the fiscal years ended December 31, 2023, and 2022 included a "going concern" explanatory paragraph but were otherwise unqualified.
Throughout the fiscal years 2022 and 2023, and up to September 24, 2024, Coeptis Therapeutics has stated that there were no disagreements with Turner on accounting principles or practices, financial statement disclosure, or auditing scope or procedures that would have necessitated a reference in their audit reports. Furthermore, there were no reportable events as defined by SEC regulations.
In compliance with SEC requirements, Turner has been provided with the disclosures in Coeptis Therapeutics' current report and has issued a letter, dated today, concurring with the company's statements. This letter is included as an exhibit in the SEC filing.
This corporate action is detailed in the company's latest filing with the Securities and Exchange Commission, which serves as the source of this report.
InvestingPro Insights
As Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP) transitions to a new auditor, investors should be aware of several key financial metrics and insights provided by InvestingPro. The company's market capitalization stands at a modest $7.19 million, reflecting its current position in the biopharmaceutical sector.
InvestingPro Tips highlight that COEP operates with a moderate level of debt, which could be a consideration given the auditor's previous "going concern" explanatory paragraph. Additionally, the company is not profitable over the last twelve months, with an adjusted operating income of -$17.02 million for the last twelve months as of Q2 2024. This aligns with another InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year.
The stock's performance has been challenging, with InvestingPro Data showing a one-year price total return of -85.33% as of the most recent data. This significant decline underscores the importance of the company's financial oversight and reporting, which the new auditor will now oversee.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for COEP, providing a deeper understanding of the company's financial position and market performance.
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