Business Context and Reporting Period
This Form 8-K is a current report filed by Ramaco Resources, Inc. on November 1, 2023. The filing addresses a change in the registrant's certifying accountants. The company is incorporated in Delaware and trades on the NASDAQ Global Select Market under the symbols METC, METCL, and METCB.
Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly procedural regarding the company's audit firm.
Material Changes
The primary material change reported is the transition of the company's independent registered public accounting firm. On November 1, 2023, Ramaco Resources received notice that its previous auditor, MCM CPAs & Advisors LLP ("MCM"), was acquired by Cherry Bekaert LLP ("Cherry Bekaert"). Consequently, the engagement letter was assigned to Cherry Bekaert, which will now fulfill the services previously provided by MCM.
Management Commentary and Risks
Management explicitly states that the change in auditors is not the result of any disagreement with MCM regarding accounting principles, financial statement disclosures, or auditing scope. Key points include:
- No consultations occurred with Cherry Bekaert prior to the acquisition regarding accounting principles or audit opinions.
- MCM's audit reports for the year ended December 31, 2022, did not contain adverse opinions, disclaimers, or modifications regarding uncertainty or scope.
- There were no "reportable events" or disagreements between the Company and MCM during the fiscal year ended December 31, 2022, or the interim periods through November 1, 2023.
Key Facts for Investor Verification
- Verify the transition of audit responsibilities from MCM CPAs & Advisors LLP to Cherry Bekaert LLP.
- Confirm that the change in auditors was driven solely by the acquisition of MCM and not by any disputes over financial reporting.
- Note that Cherry Bekaert has been requested to provide a letter to the SEC (Exhibit 16.1) confirming their agreement with the statements in this filing.