Business Context and Reporting Period
This Form 8-K Current Report was filed by ACM Research, Inc. on May 16, 2022. The filing primarily addresses a change in the company's independent registered public accounting firm for the fiscal year ending December 31, 2022.
Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Dismissal of Previous Auditor: On May 16, 2022, the company dismissed BDO China Shu Lun Pan Certified Public Accountants LLP (BDO China), which had audited the company from 2015 through 2021. The dismissal was driven by the Audit Committee's requirement to select a firm subject to inspection by the Public Company Accounting Oversight Board (PCAOB), a status BDO China does not hold.
- Engagement of New Auditor: The Audit Committee approved the engagement of Armanino LLP as the new independent registered public accounting firm on May 12, 2022, effective May 19, 2022. Armanino is subject to PCAOB inspection.
- Audit History: The reports issued by BDO China for fiscal years 2021 and 2020 were unqualified and did not contain adverse opinions or disclaimers. The company reported no disagreements or reportable events with BDO China during the relevant periods.
Outlook, Risks, and Contingencies
The company will seek ratification of the engagement of Armanino LLP at its Annual Meeting of Stockholders scheduled for June 30, 2022. The filing notes that no consultations were made with Armanino regarding accounting principles or reportable events prior to their engagement. No specific financial risks or contingencies are detailed in this report.
Key Facts for Investor Verification
- Verify the ratification of Armanino LLP as the independent auditor at the June 30, 2022 Annual Meeting.
- Review the letter from BDO China (Exhibit 16.1) to confirm their agreement with the company's disclosures regarding the dismissal.
- Monitor future filings for the first audited financial statements prepared under the supervision of Armanino LLP.
- Confirm that the transition between auditors did not result in any undisclosed disagreements or reportable events.