Transphorm, Inc.: auditor change — Transphorm dismisses Marcum, hires KPMG as auditor; prior report had going concern doubt

Transphorm, Inc.

Audit committee dismissed Marcum LLP and engaged KPMG LLP as independent auditor, effective June 29, 2023.
Marcum's FY23 audit report included an explanatory paragraph expressing substantial doubt about Transphorm's ability to continue as a going concern.
No disagreements or reportable events with Marcum, except previously disclosed material weakness in internal controls.
Material weakness relates to insufficient finance staffing, impacting inventory, joint venture accounting, revenue, and other areas.

item 4.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Transphorm, Inc. dismissed Marcum LLP as its auditor.

Action: dismissal
Auditor: Marcum LLP
Successor: KPMG LLP

Exact text from the filing

(a) Dismissal of Independent Registered Public Accounting Firm On June 29, 2023, the Audit Committee of the Board of Directors (the “Audit Committee”) of Transphorm, Inc. (the “Company”) dismissed Marcum LLP (“Marcum”) as the Company’s independent registered public accounting firm.

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Transphorm, Inc. engaged KPMG LLP as its auditor.

Action: engagement
Auditor: KPMG LLP

Exact text from the filing

(b) Engagement of Independent Registered Public Accounting Firm Also on June 29, 2023, following a competitive request-for-proposal process, the Audit Committee approved the engagement of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2024, effective immediately.

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Source: SEC EDGAR

accession 0001715768-23-000056

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