ENGLEWOOD, CO – Lightwave Logic, Inc. (NASDAQ:LWLG), a company specializing in miscellaneous plastic products, has reported a change in its independent registered public accounting firm. On Monday, Morison Cogen LLP resigned from their position, and the company's Audit Committee has appointed Stephano Slack LLC as the new certifying accountant.
The resignation of Morison, effective September 30, 2024, was not due to any adverse opinion or disagreements on financial statements for the fiscal years of 2023 and 2022. Lightwave Logic's financial disclosures during these periods and the subsequent interim period through September 30, 2024, did not result in any reportable events as defined by Regulation S-K.
The company has already initiated the transition, with Stephano Slack LLC taking over the accounting responsibilities for the fiscal year ending December 31, 2024. Prior to their engagement, Lightwave Logic had not consulted with Stephano Slack LLC regarding any accounting principles or transactions that might impact the audit opinion.
In other recent news, Lightwave Logic, a developer of advanced photonic devices, has made several significant strides in its operations. The company has reported cash and cash equivalents of $31.5 million as of March 31, 2024, which is expected to fund operations through August 2025. Lightwave Logic has also registered with the Securities and Exchange Commission (SEC) for the issuance of common stock under two separate agreements, a move that could potentially facilitate capital raising.
The company has expanded its board with the appointment of industry veterans Thomas M. Connelly, Jr., former DuPont (NYSE:DD) executive, and Yves LeMaitre, an optical network and datacenter optics executive. Connelly's expertise is expected to enhance the company's strategic industrial partnerships and commercial initiatives.
On the technological front, Lightwave Logic achieved a record-breaking low drive voltage below 1V at 200Gbps PAM4 in collaboration with Advanced Micro Foundry (AMF). This advancement is expected to enhance optical connectivity for AI computing clusters and foster the development of 800Gbps and 1.6T pluggable transceivers. Additionally, the company's Perkinamine® EO polymer material demonstrated world-class performance of 437.1Gbps using a PAM8 178GBaud signal through a plasmonic Mach Zehnder modulator. These are the recent developments from Lightwave Logic.
InvestingPro Insights
As Lightwave Logic navigates this transition in its accounting firm, investors may find additional context from InvestingPro's data and tips valuable. The company's market capitalization stands at $338.61 million, reflecting its position as a niche player in the miscellaneous plastic products industry.
InvestingPro Tips highlight that Lightwave Logic holds more cash than debt on its balance sheet, which could provide financial flexibility during this period of change. Additionally, the company boasts impressive gross profit margins, with the latest data showing a gross profit margin of 91.48% for the last twelve months as of Q2 2024.
However, it's worth noting that the stock has experienced significant volatility recently. InvestingPro data shows a 1-week price total return of -8.81% and a 6-month return of -39.0%, aligning with the InvestingPro Tip that the stock has taken a big hit over the last six months. This volatility may be a factor for investors to consider in light of the recent accounting firm change.
For those seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for Lightwave Logic, providing a deeper understanding of the company's financial position and market performance.
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