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In a significant corporate update, SuRo Capital Corp. (NASDAQ:SSSS), a Maryland-incorporated company with a market capitalization of $106.81 million, announced on Monday the change of its independent registered accounting firm. According to InvestingPro data, the company’s stock has experienced significant volatility, with a year-to-date decline of 16.67%, reflecting broader challenges in its financial performance. The company’s previous accounting firm, Marcum LLP, was replaced following Marcum’s acquisition by CBIZ (NYSE:CBZ) CPAs P.C. ("CBIZ") on November 1, 2024. As a result of this acquisition, SuRo Capital terminated its relationship with Marcum on April 3, 2025, and engaged CBIZ as its new accountant.
The transition to CBIZ was approved by the Audit Committee of SuRo Capital’s Board of Directors. The company’s financial statements for the fiscal years ending December 31, 2024, and 2023, audited by Marcum, did not contain any adverse opinion or any qualifications related to audit scope or accounting principles. For investors seeking deeper insights, InvestingPro offers comprehensive analysis of SuRo Capital’s financial health, including over 30 financial metrics and exclusive ProTips that help evaluate the company’s investment potential.
Furthermore, SuRo Capital reported no disagreements with Marcum on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, during the fiscal years in question or in the subsequent interim period through April 3, 2025. There were also no reportable events as described under Regulation S-K.
In compliance with standard practices, SuRo Capital provided Marcum with the disclosures made in this report prior to its filing and requested Marcum to furnish a letter to the Securities and Exchange Commission (SEC) regarding its agreement with the statements made. Marcum’s letter dated April 4, 2025, attached as Exhibit 16.1 to the filing, confirms its agreement with the disclosures.
The company has engaged CBIZ as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. Prior to the engagement, SuRo Capital had not consulted with CBIZ on any accounting principles or transactions, nor had it received any written or oral advice that influenced its accounting or auditing decisions.
This announcement is based on a press release statement and is intended to provide shareholders and the market with essential information regarding SuRo Capital Corp.’s accounting firm transition. With the company’s next earnings report scheduled for May 8, 2025, investors can access detailed financial analysis and earnings forecasts through InvestingPro’s exclusive research reports, which provide comprehensive insights into the company’s financial position, including its strong liquidity position with a current ratio of 46.96.
In other recent news, SuRo Capital Corp reported its fourth-quarter 2024 earnings, highlighting strategic investments in AI infrastructure. The company’s Net Asset Value (NAV) per share decreased by 16% year-over-year, standing at $6.68, with liquid assets totaling $23.6 million. Despite this decline, the company anticipates several IPOs in 2024-2025, including CoreWeave and Canva, which are expected to positively impact future value creation. Meanwhile, BTIG analysts maintained a Buy rating on Shutterfly, emphasizing the potential uplift from portfolio company CoreWeave’s upcoming IPO, targeting a valuation greater than $35 billion. Shutterfly’s NAV per share was reported at $6.68 for the fourth quarter of 2024, marking a slight decrease from the previous quarter.
JMP Securities analyst Devin Ryan raised the price target for Shutter Rock Capital to $8.00, citing the company’s strong position in AI sectors and an improving IPO environment. Ryan maintained a Market Outperform rating, highlighting the company’s potential for robust NAV growth and substantial dividends. Despite a markdown of approximately 19% for Learneo, BTIG analysts noted that Shutterfly’s substantial cash balance limits further risk to its NAV. Additionally, WHOOP saw an 8% increase, becoming the fifth largest holding in Shutterfly’s portfolio. Both companies are confident in their strategic positions and look forward to capitalizing on upcoming market opportunities.
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