Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: April 4, 2024
Reporting Period: The filing addresses events occurring on April 4, 2024, specifically regarding the resignation of the independent registered public accounting firm effective with the filing of the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is a procedural report regarding a change in the registrant's certifying accountant.
Material Changes
- Accountant Resignation: Mazars USA LLP ("Mazars") resigned as the Company's independent registered public accounting firm.
- Effective Date: The resignation is effective with the filing of the Form 10-Q for the quarter ended March 31, 2024, and no later than May 31, 2024.
- Audit History: Mazars' reports on consolidated financial statements for the years ended December 31, 2023, and 2022, and the effectiveness of internal controls as of December 31, 2023, contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements between the Company and Mazars regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedures during the fiscal years ended December 31, 2023 and 2022, or subsequent interim periods.
- Reportable Events: No reportable events occurred within the meaning of Item 304(a)(1)(v) of Regulation S-K.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on future performance. The primary risk disclosed is the transition of the independent auditor. Mazars has confirmed in a letter dated April 10, 2024, that it agrees with the statements made by the Company regarding its resignation.
Investor Verification Checklist
- Verify the appointment of a new independent registered public accounting firm to replace Mazars USA LLP.
- Review the upcoming Form 10-Q for the quarter ended March 31, 2024, to confirm the transition timeline and any impact on the audit opinion.
- Confirm that no undisclosed disagreements or reportable events exist between the Company and Mazars beyond what is stated in this 8-K.