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Nikola | 8-K: Current report

SEC announcement ·  Mar 18 16:41
Summary by Moomoo AI
On March 13, 2024, Nikola Corporation, a company listed on The Nasdaq Stock Market, reported a significant change in its financial oversight structure. The Audit Committee of Nikola's Board of Directors approved the appointment of Grant Thornton LLP as the new independent registered public accounting firm, effective immediately. This decision led to the dismissal of the previous auditor, Ernst & Young LLP (EY), which had provided unqualified audit reports for the fiscal years 2023 and 2022. Nikola disclosed that during these periods and the subsequent interim period, there were no disagreements with EY on accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have influenced their reports. However, the company acknowledged material weaknesses in internal control over financial reporting...Show More
On March 13, 2024, Nikola Corporation, a company listed on The Nasdaq Stock Market, reported a significant change in its financial oversight structure. The Audit Committee of Nikola's Board of Directors approved the appointment of Grant Thornton LLP as the new independent registered public accounting firm, effective immediately. This decision led to the dismissal of the previous auditor, Ernst & Young LLP (EY), which had provided unqualified audit reports for the fiscal years 2023 and 2022. Nikola disclosed that during these periods and the subsequent interim period, there were no disagreements with EY on accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have influenced their reports. However, the company acknowledged material weaknesses in internal control over financial reporting, particularly regarding IT general controls and the valuation of embedded derivative liabilities of the Company’s Toggle Convertible Notes. Nikola has since remediated the material weakness related to the derivative liabilities and is working on addressing the IT control issues. In compliance with regulatory requirements, EY has been provided with the disclosures made in the report and has submitted a letter to the SEC, dated March 18, 2024, confirming their agreement with the statements made by Nikola or noting any areas of disagreement.

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