Business Context and Reporting Period
Company: MUSTANG BIO, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: September 29, 2016
Reporting Period: The filing addresses events occurring on September 29, 2016, regarding the dismissal of the independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Change in Certifying Accountant: On September 29, 2016, the Company dismissed Mayer Hoffman McCann P.C. ("Mayer Hoffman") as its independent registered public accounting firm.
- Board Approval: The Board of Directors participated in and approved the decision to dismiss Mayer Hoffman.
- Successor Firm: The Company intends to retain BDO USA, LLP ("BDO") as its new independent registered public accounting firm. A separate Form 8-K will be filed upon formal engagement.
Management Commentary, Risks, and Contingencies
- Audit Opinion History: Mayer Hoffman's reports for the period from inception (March 13, 2015) to December 31, 2015, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles. However, the audit report included an explanatory paragraph regarding the uncertainty as to the Company's ability to continue as a going concern.
- Disagreements: The Company reported no disagreements with Mayer Hoffman on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant periods.
- Concurrence: Mayer Hoffman has concurred with the Company's statements regarding the dismissal and has furnished a letter to the SEC (Exhibit 16.1).
Investor Verification Checklist
- Verify the formal engagement of BDO USA, LLP by monitoring the upcoming Form 8-K filing.
- Review the attached letter from Mayer Hoffman McCann P.C. (Exhibit 16.1) for any additional context on the dismissal.
- Assess the "going concern" uncertainty noted in prior audit reports to understand the Company's current liquidity and operational status.
- Confirm the Company's financial health through subsequent periodic reports (10-K or 10-Q) as this 8-K contains no financial data.