TLGY Acquisition Corp (NASDAQ:TLGY), a company specializing in plastics and synthetic resins, has announced a change in its independent registered public accounting firm. The company's Audit Committee approved the dismissal of Marcum Asia CPAs LLP and the engagement of WithumSmith+Brown, PC (Withum) as its new accountant.
The change was reported in an 8-K filing with the U.S. Securities and Exchange Commission dated June 27, 2024. Marcum Asia's reports on TLGY's financial statements for the fiscal years ended December 31, 2023, and 2022, did not contain any adverse opinion, nor were they qualified or modified in terms of uncertainty, audit scope, or accounting principles. However, there was an explanatory paragraph noting substantial doubt about the company's ability to continue as a going concern due to its liquidity condition and mandatory liquidation date.
The filing indicated no disagreements or reportable events between TLGY and Marcum Asia during the two most recent fiscal years and the subsequent interim period up to June 27, 2024. Additionally, TLGY did not consult Withum on any accounting principles or auditing procedures prior to their engagement.
Withum's engagement as the new auditing firm commenced on June 28, 2024, following approval from the Audit Committee. The company has provided Marcum Asia with the disclosures made in the 8-K filing and has included Marcum Asia's letter to the SEC as part of the filing.
InvestingPro Insights
As TLGY Acquisition Corp (NASDAQ:TLGY) navigates through its current financial concerns, highlighted by the auditor change, a closer look at some key financial metrics can provide investors with a clearer picture of the company's health. According to recent data, TLGY's market capitalization stands at a modest $108.49 million, and the company is operating with a P/E ratio of 26.45. This ratio suggests that investors are paying $26.45 for every dollar of TLGY's earnings, which is relatively high when considering the company's near-term earnings growth.
InvestingPro Tips indicate that TLGY's management has been actively buying back shares, a sign that could be interpreted as confidence in the company's future prospects. Additionally, the stock is currently trading near its 52-week high, which may attract investors looking for companies with positive momentum. Despite some challenges, such as weak gross profit margins and short-term obligations exceeding liquid assets, TLGY has been profitable over the last twelve months, as evidenced by a basic and diluted EPS of $0.43.
For those looking to delve deeper into TLGY's financials and future outlook, there are additional InvestingPro Tips available. For a more comprehensive analysis, investors can visit https://www.investing.com/pro/TLGYU and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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