Business Context and Reporting Period
This Form 8-K is filed by Altus Midstream Company (not Kinetik Holdings Inc.) on December 17, 2018. The report addresses a change in the company's independent public accountants following the consummation of its initial business combination on November 9, 2018.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on governance and auditor changes rather than financial performance data.
Material Changes
- Dismissal of Auditor: The Board of Directors unanimously resolved to dismiss WithumSmith+Brown, PC as the independent public accountant.
- Engagement of New Auditor: The Board engaged Ernst & Young LLP (EY) to serve as the independent public accountant for the fiscal year ending December 31, 2018.
- Audit History: Withum's prior audit reports for the fiscal year ended December 31, 2017, and the period from inception (December 12, 2016) to December 31, 2016, contained no adverse opinions, disclaimers, or qualifications.
Management Commentary and Risks
Management confirmed there were no disagreements with Withum regarding accounting principles, financial statement disclosures, or auditing scope during the company's existence up to the date of this filing. Additionally, no reportable events occurred under Item 304(a)(1)(v) of Regulation S-K. The company also stated it did not consult EY on any accounting or auditing matters prior to their engagement.
Investor Verification Checklist
- Verify the effective date of the transition from WithumSmith+Brown, PC to Ernst & Young LLP.
- Review the letter from WithumSmith+Brown, PC (Exhibit 16.1) to confirm their agreement with the company's disclosures regarding the dismissal.
- Confirm the status of the initial business combination consummated on November 9, 2018, as the catalyst for this auditor change.