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SUNation Energy, Inc. (NASDAQ:SUNE) announced Thursday that its Audit Committee has dismissed UHY LLP as the company’s independent registered public accounting firm and appointed CBIZ (NYSE:CBZ) CPAs P.C. as its new auditor. The decision was made on July 18 by the Audit Committee of the Board of Directors, according to a statement issued in a Securities and Exchange Commission filing.
The company reported that during the two most recent fiscal years ended December 31, 2023 and December 31, 2024, and the interim period through July 15, 2025, there were no disagreements with UHY on accounting principles, financial statement disclosures, or auditing procedures. With the company’s next earnings report scheduled for August 14, 2025, investors tracking SUNation’s financial performance can access detailed financial health metrics and Fair Value analysis through InvestingPro’s comprehensive toolkit. The audit reports issued by UHY for these periods contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
SUNation Energy stated that UHY was provided with a copy of the SEC filing prior to its submission and was requested to furnish a letter addressed to the SEC confirming its agreement with the statements made in the filing. This letter, dated July 24, 2025, was included as an exhibit to the report.
The appointment of CBIZ CPAs P.C. as the new independent registered public accounting firm will cover the fiscal year ending December 31, 2025, and related interim periods. While SUNation’s stock currently appears undervalued according to InvestingPro’s Fair Value analysis, investors should note the company’s negative EBITDA of -$7.77 million and concerning current ratio of 0.52. The company also reported that, during the two most recent fiscal years and the subsequent interim period, neither SUNation Energy nor anyone acting on its behalf consulted with CBIZ regarding the application of accounting principles to any transaction or the type of audit opinion that might be rendered on the company’s financial statements. There were also no matters that constituted disagreements or reportable events as defined by SEC regulations.
This information is based on a press release statement included in a filing with the Securities and Exchange Commission.
In other recent news, SUNation Energy has made several strategic financial moves. The company terminated all outstanding Series A Common Stock Purchase Warrants from its February 2025 offering, preventing 652,174 shares from entering the market. This decision involved a one-time payment of approximately $267,392 to warrant holders. Additionally, SUNation Energy has secured a $1 million line of credit from its affiliate, MBB Energy, LLC, to support working capital and corporate needs. This credit line carries an annual interest rate of 8% and is accessible for one year.
In another development, SUNation Energy restructured a $5.49 million Long Term Promissory Note, extending the repayment schedule to 36 monthly installments, providing more flexibility for growth. Furthermore, the Nasdaq Hearings Panel confirmed that SUNation Energy is in compliance with Nasdaq Listing Rules, allowing the company to maintain its listing on the Nasdaq Stock Market. These recent developments reflect SUNation Energy’s efforts to strengthen its financial position and support its long-term growth initiatives.
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