Pluristem Therapeutics Inc. (PSTI) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Pluristem Therapeutics Inc. on March 25, 2021. The report discloses a material change in the company's independent registered public accounting firm. The company is incorporated in Nevada and its common stock trades on The Nasdaq Global Market under the symbol PSTI.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of the external auditor.
Material Changes
- Dismissal of Former Auditor: On March 25, 2021, the Audit Committee dismissed Kost, Forer, Gabbay & Kasierer (a member of Ernst & Young Global) as the independent registered public accounting firm. This dismissal is effective after the completion of the review of consolidated financial statements for the three months ending March 31, 2021.
- Appointment of New Auditor: On March 25, 2021, the Audit Committee appointed Kesselman & Kesselman (a member of PricewaterhouseCoopers International Limited) as the new independent registered public accounting firm for the fiscal year ending June 30, 2021.
- Audit History: The former auditor's reports for fiscal years ended June 30, 2020, and 2019 contained no adverse opinions or disclaimers, except for an explanatory paragraph in the 2019 report regarding substantial doubt about the company's ability to continue as a going concern.
- Disagreements: The company reported no "disagreements" or "reportable events" with the former auditor during the fiscal years ended June 30, 2020 and 2019, or the interim period through March 25, 2021.
Guidance, Outlook, and Risks
The filing does not contain updated financial guidance, management commentary on future operations, or new risk factors. The primary disclosure relates to the transition of audit services. The former auditor has provided a letter to the SEC agreeing with the statements made in this report.
Key Facts for Investor Verification
- Verify the effective date of the new auditor's engagement relative to the Q1 2021 financial review.
- Review the former auditor's letter (Exhibit 16.1) for any additional context regarding the dismissal.
- Monitor upcoming financial filings to assess the impact of the auditor change on the audit opinion for the fiscal year ending June 30, 2021.
- Note the historical "going concern" qualification in the 2019 audit report and verify if this status has been resolved in subsequent filings.