Business Context and Reporting Period
Company: Drilling Tools International Corp (DTI)
Filing Type: Form 8-K (Current Report)
Date of Report: May 15, 2025
Reporting Period: Fiscal year ending December 31, 2025 (for auditor appointment)
Primary Event: Change in Registrant's Certifying Accountant (Item 4.01)
Key Financial Metrics
This filing does not contain financial performance data. The document is a current report regarding a corporate governance change and does not disclose revenue, profit, cash flow, margins, debt, or liquidity figures.
Material Changes
- Appointment of New Auditor: The Audit Committee appointed Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Dismissal of Prior Auditor: Weaver and Tidwell, L.L.P. was dismissed as the independent registered public accounting firm effective May 15, 2025.
- Audit History: Weaver's reports for fiscal years 2023 and 2024 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: No disagreements occurred between the Company and Weaver regarding accounting principles, financial statement disclosure, or auditing scope during the fiscal years ended December 31, 2024 and 2023, or the interim period through May 15, 2025.
- Reportable Events: No reportable events occurred during the same periods.
Guidance, Outlook, and Risks
Consultation with New Auditor: The Company confirmed that neither it nor anyone acting on its behalf consulted Grant Thornton regarding the application of accounting principles to specific transactions, the type of audit opinion, or any matters that were subjects of disagreement or reportable events prior to the appointment.
Exhibits: A letter from Weaver and Tidwell, L.L.P. addressed to the SEC, dated May 20, 2025, confirming agreement with the disclosures, is filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the content of the letter from Weaver and Tidwell, L.L.P. (Exhibit 16.1) to confirm no undisclosed disagreements exist.
- Review the competitive selection process details to understand the rationale for the auditor change.
- Monitor future filings (10-K/10-Q) for the first financial statements audited by Grant Thornton LLP.
- Confirm that no other material events were omitted from the "Reportable Events" disclosure.