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Hycroft Mining Holding Corporation (NASDAQ: HYMC), a mining company with a market capitalization of $108.43 million and currently trading near its 52-week high of $4.60, announced a change in its independent registered public accounting firm. According to InvestingPro data, the company’s stock has shown remarkable momentum, delivering an 87% return over the past six months. This change follows the merger of Moss Adams LLP with Baker Tilly US, LLP, effective June 3, 2025. The combined entity will operate under the name Baker Tilly US, LLP. Consequently, Moss Adams has resigned as Hycroft Mining’s auditor, and Baker Tilly has been appointed as the new independent registered public accounting firm by the company’s Audit Committee.
The personnel from Moss Adams, including the team responsible for auditing Hycroft Mining’s financial statements, will continue their work under Baker Tilly. Moss Adams’ audit reports for the fiscal years ending December 31, 2023, and 2024, did not contain any adverse opinions or disclaimers, except for a note on going concern uncertainty for 2024. This concern appears warranted, as InvestingPro analysis reveals the company is quickly burning through cash with a total debt of $128.03 million, though it maintains strong liquidity with a current ratio of 16.17.
Hycroft Mining confirmed that there have been no disagreements with Moss Adams regarding accounting principles, financial statement disclosures, or auditing procedures during the past two fiscal years or the interim period ending June 3, 2025. Furthermore, there were no consultations with Baker Tilly on accounting principles or audit opinions prior to their appointment.
The company has requested Moss Adams to provide a letter to the Securities and Exchange Commission confirming their agreement with the statements made in this report. This letter, dated June 6, 2025, is included as an exhibit in the 8-K filing. The information in this report is based on a press release statement. Based on current market conditions and fundamentals, InvestingPro’s Fair Value analysis suggests the stock is currently overvalued. Discover more insights and 14 additional ProTips for HYMC with an InvestingPro subscription.
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