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Investcorp AI Acquisition Corp. (NASDAQ:IVCA), a $96 million market cap company trading near its 52-week high of $13, has appointed CBIZ (NYSE:CBZ) CPAs as its new independent registered public accounting firm, effective from April 23, 2025, following the resignation of its previous auditor, Marcum LLP. The change was announced in a recent SEC filing dated April 22, 2025.According to InvestingPro data, the company’s shares are currently trading above their Fair Value, with a P/E ratio of 68x suggesting a premium valuation.
The company, which operates under the Blank Checks [6770] industry classification and is incorporated in the Cayman Islands, stated that the resignation of Marcum and the engagement of CBIZ CPAs were approved by the Audit Committee of the Board of Directors. Marcum’s resignation occurred after its attest business was acquired by CBIZ CPAs on November 1, 2024.
According to the filing, there were no disagreements between Investcorp AI and Marcum on any accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the fiscal years ended December 31, 2024, and December 31, 2023, or up to the resignation date. Furthermore, there were no reportable events as defined by SEC regulations.
Marcum’s reports on the company’s financial statements for the past two fiscal years did not contain any adverse opinion or disclaimer of opinion. They were not qualified or modified regarding uncertainty, audit scope, or accounting principles, except for a paragraph expressing substantial doubt about the company’s ability to continue as a going concern. This concern appears justified, as InvestingPro analysis shows a weak financial health score and a current ratio of 0.2, indicating potential liquidity challenges. Want deeper insights? InvestingPro offers 7 additional key tips about IVCA’s financial position and market performance.
The filing also states that during the fiscal years mentioned and up to the resignation date, Investcorp AI had not consulted with CBIZ CPAs regarding any accounting principles or contemplated transactions that might affect the audit opinions on the company’s financial statements.
Investcorp AI has provided Marcum with a copy of the report filed with the SEC and has requested a letter from Marcum to the SEC stating whether it agrees with the statements made by the company in the filing. Marcum’s letter, dated April 24, 2025, is attached as Exhibit 16.1 to the 8-K filing, confirming their agreement or noting any disagreements with the company’s statements.
This transition comes as Investcorp AI prepares for the fiscal year ending December 31, 2025, with CBIZ CPAs now responsible for auditing the company’s financial statements. Despite current market challenges, the stock has demonstrated relatively low volatility and has delivered an 8.2% return over the past year.
The information in this article is based on the company’s SEC filing and does not include any additional commentary or speculation.
In other recent news, Investcorp AI Acquisition Corp. has secured a loan agreement with its sponsor, ICE I Holdings Pte. Ltd., for up to $3 million. This development was disclosed in a recent SEC filing. The loan is intended for working capital purposes and carries no interest, with repayment due by the completion of the company’s initial business combination or by May 12, 2025, whichever comes later. The agreement allows the sponsor to convert the loan into warrants for Class A ordinary shares at a price of $1.00 per warrant. These warrants, similar to those from the company’s initial public offering, are not redeemable if held by initial purchasers or their transferees. If Investcorp AI Acquisition Corp. does not complete a business combination within the specified time, the warrants will expire without value. The company retains the right to prepay the loan without penalty, although the sponsor can convert the loan into warrants before any prepayment. The securities involved in this transaction are exempt from registration under the Securities Act of 1933.
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