Nikola Corp: auditor change — Nikola appoints Grant Thornton as auditor, dismisses EY; reports material weaknesses in internal controls

Nikola Corp

Audit committee approved Grant Thornton as new independent auditor, replacing EY, effective March 13, 2024.
EY's reports for fiscal years ended Dec 31, 2023 and 2022 were unqualified; no disagreements occurred.
Material weaknesses identified: ineffective ITGCs (user access and change management) and deficiencies in valuation/remeasurement of embedded derivative liabilities (Toggle Convertible Notes).
ITGC weakness is still being remediated; embedded derivative liability weakness was remediated as of Dec 31, 2023 10-K.
EY provided letter agreeing with dismissal disclosures, filed as Exhibit 16.1.

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

Nikola Corp engaged Grant Thornton LLP as its auditor.

Action: engagement
Auditor: Grant Thornton LLP

Exact text from the filing

Appointment of Independent Registered Public Accounting Firm On March 13, 2024, the audit committee of the Board of Directors (the "Audit Committee") of Nikola Corporation (the “Company”) approved the appointment of Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered public accounting firm, effective March 13, 2024.

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

Nikola Corp dismissed Ernst & Young LLP as its auditor.

Action: dismissal
Auditor: Ernst & Young LLP
Successor: Grant Thornton LLP

Exact text from the filing

on March 13, 2024, the Audit Committee dismissed EY as the Company’s independent registered public accounting firm.

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Source: SEC EDGAR

accession 0001731289-24-000092

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