HONG KONG - Metalpha Technology Holding Limited (NASDAQ:MATH), a company specializing in digital asset-focused wealth management, has announced the appointment of OneStop Assurance PAC as its new independent registered public accounting firm. The appointment, effective as of Monday, is for auditing the company's financial statements for the fiscal year ending March 31, 2024.
The decision to change from the previous auditor, WWC, P.C., was made after a comprehensive evaluation and has received approval from both the Audit Committee and the Board of Directors of Metalpha.
The reports from WWC, P.C. for the fiscal years ending March 31, 2021, through March 31, 2023, did not contain any adverse opinion or disclaimer of opinion. However, they included an explanatory paragraph about the substantial doubt concerning the company's ability to continue as a going concern.
Metalpha has reported that there were no disagreements with WWC, P.C. on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the fiscal years and the subsequent interim period leading up to the recent change.
In compliance with regulatory standards, Metalpha has provided WWC, P.C. with the disclosures regarding the change of auditors and has requested that WWC, P.C. submit a letter to the Securities and Exchange Commission (SEC) confirming their agreement with the statements made. WWC, P.C. has submitted this letter, dated today, as part of a Form 6-K furnished with the SEC.
Metalpha Technology Holding Limited, founded in 2015 and publicly listed since October 20, 2017, is focused on providing investment services and wealth management in the digital asset space. The company positions itself as an innovator in blockchain technology and digital asset management, aiming to lead in the sector by offering institutional-grade services with transparency.
This news is based on a press release statement and provides the latest factual information regarding Metalpha's auditor appointment.
InvestingPro Insights
In the wake of Metalpha Technology Holding Limited's (NASDAQ:MATH) recent announcement regarding their new auditor, OneStop Assurance PAC, investors may find value in the latest financial metrics and expert analysis from InvestingPro. With a market capitalization of $55.79 million, Metalpha's financial position is a critical factor in assessing its future prospects.
InvestingPro Data shows a challenging financial picture for Metalpha, with a negative Price/Earnings (P/E) ratio of -1.88, indicating that the company is not currently profitable. The Price/Earnings to Growth (PEG) ratio for the last twelve months as of Q1 2024 stands at -1.29, suggesting that investors may have concerns about the company's future earnings growth.
Moreover, the Operating Income Margin during the same period is significantly negative at -206.12%, reflecting operational challenges.
Despite these figures, the stock has experienced a 4.17% price total return over the past week. Still, the 1-month and 3-month price total returns have been less favorable at -15.17% and -20.11% respectively. On a more positive note, the 6-month price total return shows a slight increase of 0.67%, and the 1-year price total return stands at a robust 54.08%, highlighting a longer-term upward trend in the stock price.
InvestingPro Tips suggest that investors should pay close attention to the company's next earnings date on August 9, 2024, as it will provide further insights into Metalpha's financial health and strategic direction. Additionally, with the stock trading at 66.52% of its 52-week high and a fair value estimation of $1.44 by InvestingPro, investors might consider the current share price of $1.51 as a potential reflection of the market's sentiment towards the company's value.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, which could provide more nuanced insights into Metalpha's financial trajectory. To access these tips and to enhance your investment strategy, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This offer could be particularly beneficial in light of the recent auditor change and its potential implications for the company's financial reporting and transparency.
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