Xos, Inc. Form 8-K Summary
Business Context and Reporting Period
Xos, Inc. filed a Form 8-K dated May 24, 2022, reporting a change in its independent registered public accounting firm. The filing references audited fiscal years ended December 31, 2021 and 2020 and an interim period through May 24, 2022.
Key Financial and Accounting Information
- The filing does not provide current revenue, profitability, cash flow, margin, debt, liquidity, or other operating metrics.
- WithumSmith+Brown, PC's March 30, 2022 audit report on the Company's 2021 and 2020 consolidated financial statements contained no adverse opinion, disclaimer, qualification, or modification related to uncertainty, audit scope, or accounting principles.
Material Changes Versus the Prior Comparable Period
- On May 24, 2022, the Audit Committee dismissed WithumSmith+Brown, PC as the Company's independent registered public accounting firm.
- On the same date, the Audit Committee approved the engagement of Grant Thornton LLP as the new independent registered public accounting firm.
- The Company reported no disagreements with Withum during fiscal years 2021 or 2020 concerning accounting principles, financial statement disclosure, or audit scope or procedures.
- The Company reported no reportable events during those fiscal years.
Guidance, Outlook, Risks, and Unusual Items
The filing provides no financial guidance or operating outlook. The auditor transition is the principal unusual item disclosed. The filing states that Grant Thornton was not consulted during the relevant periods regarding matters described in Items 304(a)(2)(i) or (ii) of Regulation S-K.
Important Facts for Investors to Verify
- Review the attached May 26, 2022 letter from Withum to the SEC for its response to the Company's disclosures.
- Confirm Grant Thornton's role and the scope of its engagement in subsequent SEC filings.
- Review subsequent audited or interim financial statements for any accounting, audit, or reporting developments following the auditor change.