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First Wave BioPharma Dismisses Mazars USA LLP as Independent Registered Public Accounting Firm

Strategic Insights

— 1 min read

First Wave BioPharma, Inc., a Delaware-based biopharmaceutical company, has dismissed Mazars USA LLP as its independent registered public accounting firm, effective immediately. This decision comes after Mazars' audit reports for the years ended December 31, 2020 and 2021 contained an explanatory paragraph stating there was substantial doubt about the Company's ability to continue as a going concern. Despite this, there were no disagreements between the Company and Mazars on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Key Takeaways:

  • First Wave BioPharma, Inc. has dismissed Mazars USA LLP as its independent registered public accounting firm, effective April 27, 2022.
  • The change in independent registered public accounting firm is not the result of any disagreement with Mazars.
  • Mazars' audit reports for the years ended December 31, 2020 and 2021 contained an explanatory paragraph stating there was substantial doubt about the Company's ability to continue as a going concern.
  • During the fiscal years ended December 31, 2020 and 2021 and through April 27, 2022, there were no disagreements between the Company and Mazars on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
  • The Company has engaged Marcum LLP as its new independent registered public accounting firm, effective as of and for the year ending December 31, 2022.
  • Neither the Company nor anyone on its behalf has consulted with Marcum regarding any matters that would be required to be disclosed in a Form 8-K under Item 304(a)(1)(iv) or Item 304(a)(1)(v) of Regulation S-K.
  • A copy of Mazars' letter to the SEC, dated May 3, 2022, is filed as Exhibit 16.1 to this Form 8-K.

Statistics:

  • The fiscal years ended December 31, 2020 and 2021.
  • The period of time during which Mazars USA LLP was the independent registered public accounting firm (effective immediately).
  • The amount of time the Company has engaged Marcum LLP as its new independent registered public accounting firm (effective as of and for the year ending December 31, 2022).
  • The number of Exhibit attached to this Form 8-K is: 16.1.

Sources:

  • First Wave BioPharma, Inc.'s Form 8-K, filed with the Securities and Exchange Commission on May 3, 2022.
  • Mazars USA LLP's letter to the SEC, dated May 3, 2022.

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