Street Calls of the Week
Boxlight Corporation (NASDAQ:BOXL) announced on Wednesday that its Audit Committee has dismissed Forvis Mazars, LLP as the company’s independent registered public accounting firm, effective immediately, and approved the engagement of Cherry Bekaert LLP as its new auditor for the fiscal year ending December 31, 2025.
According to a statement released in a filing with the Securities and Exchange Commission, Forvis Mazars’s audit reports on Boxlight’s consolidated financial statements for the years ended December 31, 2023, and December 31, 2024, did not contain any adverse opinion or disclaimer of opinion and were not qualified regarding uncertainty, audit scope, or accounting principles. However, the reports included an expression of substantial doubt about Boxlight’s ability to continue as a going concern.
Boxlight stated that during the two most recent fiscal years and through Wednesday, there were no disagreements between the company and Forvis Mazars on accounting principles, financial statement disclosures, or auditing procedures that would have required disclosure. There were also no reportable events as defined by SEC regulations.
The company also confirmed that during the same period, neither Boxlight nor anyone acting on its behalf consulted Cherry Bekaert regarding the application of accounting principles to a specific transaction or the type of audit opinion that might be rendered on the company’s financial statements. No written report or oral advice was provided by Cherry Bekaert that was a factor in the company’s decision-making, and there were no disagreements or reportable events involving Cherry Bekaert.
Boxlight has provided Forvis Mazars with a copy of its disclosures and requested a letter addressed to the SEC stating whether Forvis Mazars agrees with the company’s statements.
This information is based on a statement made in a press release and filed with the SEC. For investors seeking deeper insights into Boxlight’s financial health and future prospects, InvestingPro offers comprehensive analysis through its Pro Research Report, which is part of the coverage of over 1,400 US stocks, providing detailed metrics and expert analysis for informed investment decisions.
In other recent news, Box Inc. has seen a mix of analyst ratings following its recent developments. Raymond James reiterated its Outperform rating on Box, maintaining a $42.00 price target after the company’s second-quarter results exceeded expectations, with notable growth in key metrics. DA Davidson also maintained its Buy rating and a $45.00 price target, highlighting Box’s raised outlook for the year due to strong demand for its Enterprise Advanced tier, which is driving larger deal sizes and revenue growth.
Conversely, UBS downgraded Box from Buy to Neutral, adjusting its price target to $36.00, citing limited near-term upside despite a stable core business. However, UBS had previously maintained a Buy rating with a $42.00 price target after the BoxWorks conference, where several new AI products were announced. These products, including Box AI Search Agent and Box Shield Pro, offer additional monetization potential. DA Davidson expressed increased optimism about Box’s growth prospects, reiterating its Buy rating and $45.00 price target after the BoxWorks 2025 event. These recent developments indicate varying analyst opinions on Box’s future performance.
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