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SAN DIEGO, CA – Inseego Corp. (NASDAQ:INSG), a key player in the communications equipment sector with annual revenue of $191.24 million, has announced a change in its certifying accountant, according to a recent 8-K filing with the U.S. Securities and Exchange Commission (SEC). The company disclosed that effective today, CBIZ (NYSE:CBZ) CPAs P.C. ("CBIZ") has been appointed as its new independent auditor following the acquisition of Marcum LLP's attest business on November 1, 2024.
Marcum LLP, which had been serving as Inseego's auditor, resigned on today's date as a direct result of the acquisition. The Audit Committee of Inseego's Board of Directors approved the engagement of CBIZ as the new auditor. Reports by Marcum for the fiscal years ending December 31, 2024, and December 31, 2023, contained no adverse opinions and were not qualified or modified in terms of audit scope or accounting principles.
The company's filing further clarifies that there were no disagreements or "reportable events" between Inseego and Marcum during the fiscal years in question or up to the date of Marcum's resignation. Additionally, Inseego did not consult with CBIZ on any accounting principles or auditing matters prior to their appointment.
Inseego has provided Marcum with a copy of the 8-K report, and Marcum has furnished a letter to the SEC, dated today, confirming their agreement with the statements made in the filing. This letter is included as an exhibit in the 8-K filing.
Inseego Corp. is known for its manufacturing operations in the communications equipment industry and is headquartered in San Diego, California. While the company posted negative earnings in the last twelve months, analysts project a return to profitability this year. The announcement of the auditor change comes without any reported issues from the previous fiscal years, indicating a seamless transition in the company's financial oversight. According to InvestingPro analysis, the company currently trades slightly below its Fair Value, with a strong free cash flow yield and volatile price movements. For deeper insights into Inseego's financial health and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, along with 10+ additional expert ProTips.
The information in this article is based on Inseego Corp.'s recent SEC filing.
In other recent news, Inseego Corp. reported a strong performance in its Q4 2024 earnings call, with a 33% year-over-year increase in revenue, reaching $48.1 million. The company's full-year revenue for 2024 grew by 40%, totaling $191.2 million, supported by strategic moves like the sale of its telematics business for $52 million. Inseego also significantly reduced its debt from $165 million to $56 million. Despite these positive financial results, Stifel analysts adjusted Inseego's stock price target to $11.00 from $12.00, maintaining a Hold rating. This decision follows a projected 26% sales decline for the March quarter, attributed to surplus inventory and product transitions. Inseego's new CEO, Juho Sarvikas, has outlined a strategy for consistent growth, focusing on expanding the product lineup and enhancing software offerings. The company anticipates sequential revenue growth starting in Q2 2025, with new product launches planned for mid-2025.
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