Reservoir Media, Inc. Announces Appointment of New Auditor and Reports on Financial Statements

Strategic Insights -

Reservoir Media, Inc., a Delaware corporation, has announced the appointment of Deloitte & Touche LLP as its independent registered public accounting firm to audit its consolidated financial statements for the year ending March 31, 2022. This decision was made by the audit committee of the company's board of directors on August 6, 2021. The appointment comes after the company's recent business combination with Reservoir Holdings, Inc. As a result of the appointment, Marcum LLP, the company's previous auditor, was dismissed. The company's financial statements for the period from February 13, 2019 (inception) through December 31, 2019, and for the year ended December 31, 2020, were reviewed by Marcum without any adverse opinions or disclaimers.

Key Takeaways:

  • Reservoir Media, Inc. has appointed Deloitte & Touche LLP as its new auditor, effective from August 6, 2021, to audit the company's consolidated financial statements for the year ending March 31, 2022.
  • The company's previous auditor, Marcum LLP, was dismissed following the appointment of Deloitte & Touche LLP.
  • Marcum LLP's report on the company's financial statements for the period from February 13, 2019 (inception) through December 31, 2019, and for the year ended December 31, 2020, did not contain any adverse opinions or disclaimers.
  • The company reported that there were no disagreements with Marcum LLP on any matter of accounting principles or practices, financial statement disclosures, or audit scope or procedures.
  • The company has provided Marcum LLP with a copy of the disclosures made in response to Item 304(a) of Regulation S-K under the Securities Exchange Act of 1934 and has requested a letter from Marcum LLP stating whether they agree with the statements made by the company.
  • Deloitte & Touche LLP has provided a letter to the Securities and Exchange Commission, agreeing with the statements made by the company.

Statistics:

  • 59,714,705 shares of common stock of Reservoir Media, Inc. are being resold by the selling stockholders, as mentioned in the Prospectus dated July 28, 2021.
  • The closing price of Reservoir Media, Inc.'s common stock on August 6, 2021, was $7.38 per share.
  • The closing price of Reservoir Media, Inc.'s warrants on August 6, 2021, was $1.00 per warrant.

Sources:

  • Prospectus Supplement No. 5 Filed Pursuant to Rule 424(b)(3) (to prospectus dated July 28, 2021) Registration No. 333-257610
  • Current Report on Form 8-K, filed with the Securities and Exchange Commission on August 9, 2021
  • Letter from Marcum LLP to the Securities and Exchange Commission, dated August 9, 2021