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December 19 2023 - 3:01PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities
Exchange Act of 1934
December 13, 2023
Date of Report (date of earliest event reported)
Steel Connect, Inc.
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-35319 |
|
04-2921333 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
590
Madison Avenue, 32nd Floor New York New York |
|
10022 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(212) 520-2300
Registrant’s telephone number, including
area code
Not Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.01 par value |
|
STCN |
|
Nasdaq Capital Market |
Rights to Purchase Series D Junior Participating Preferred Stock |
|
-- |
|
Nasdaq Capital Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 4.01. Changes in Registrant’s Certifying Accountant.
(a) Dismissal of Independent Registered Public Accounting Firm
On December 13, 2023, the audit committee (the
“Audit Committee”) of the board of directors (the “Board”) of Steel Connect, Inc. (the “Company”)
approved the dismissal of BDO USA, P.C. (“BDO”), an independent registered public accounting firm, as its principal accountant,
effective on December 14, 2023.
BDO’s reports on the Company’s consolidated financial statements
as of and for the fiscal years ended July 31, 2023 and July 31, 2022 did not contain an adverse opinion or a disclaimer of opinion, nor
were they qualified or modified as to uncertainty, audit scope, or accounting principles.
During the Company’s fiscal years ended July 31, 2023 and July
31, 2022, and the subsequent interim period through the date of BDO’s dismissal, there were: (i) no “disagreements”
(as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) between the Company and BDO on
any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved
to the satisfaction of BDO, would have caused BDO to make reference to the subject matter of the disagreement in connection with its reports
on the Company’s consolidated financial statements for such years or any subsequent interim period through the date of dismissal,
and (ii) no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K).
In accordance with Item 304(a)(3) of Regulation S-K, the Company
provided BDO with a copy of this Current Report on Form 8-K and requested that BDO furnish the Company with a letter addressed to
the Securities and Exchange Commission stating whether it agrees with the above statements and, if not, stating the respects in which
it does not agree. Attached as Exhibit 16.1 hereto is a copy of BDO’s letter dated December 14, 2023.
(b) Newly Appointed Independent Registered Public Accounting
Firm
On December 13, 2023, the Audit Committee approved the engagement of
Deloitte & Touche LLP (“Deloitte”), an independent registered public accounting firm, as its principal accountant to audit
the Company’s financial statements. The Company’s engagement of Deloitte is subject to completion of Deloitte’s standard
client acceptance procedures and execution of an engagement letter.
During the Company’s fiscal years ended July
31, 2023 and July 31, 2022, and the subsequent interim period through December 13, 2023, neither the Company, nor someone on its behalf,
consulted Deloitte regarding either: (i) the application of accounting principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered with respect to the consolidated financial statements of the Company, and
neither a written report nor oral advice was provided to the Company by Deloitte that Deloitte concluded was an important factor considered
by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the
subject of a “disagreement” (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions
to Item 304 of Regulation S-K) or a “reportable event” (as that term is described in Item 304(a)(1)(v) of Regulation
S-K).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: December 19, 2023 |
Steel Connect, Inc. |
|
|
|
|
By: |
/s/ Ryan O’Herrin |
|
|
Name: |
Ryan O’Herrin |
|
|
Title: |
Chief Financial Officer |
2
Exhibit 16.1
December 14, 2023
Securities and Exchange Commission
100 F Street N.E.
Washington, D.C. 20549
We have been furnished with a copy of the response
to Item 4.01 of Form 8-K for the event that occurred on December 13, 2023, to be filed by our former client, Steel Connect, Inc. We agree
with the statements made in response to that Item insofar as they relate to our Firm.
Very truly yours,
/s/ BDO USA, P.C.
BDO USA, P.C., a Virginia professional corporation,
is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of
independent member firms.
BDO is the brand name for the BDO network and for each of the BDO Member
Firms.
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Entity Registrant Name |
Steel Connect, Inc.
|
Entity Central Index Key |
0000914712
|
Entity Tax Identification Number |
04-2921333
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
590
Madison Avenue
|
Entity Address, Address Line Two |
32nd Floor
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Entity Address, City or Town |
New York
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Entity Address, State or Province |
NY
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Entity Address, Postal Zip Code |
10022
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City Area Code |
212
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Trading Symbol |
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Security Exchange Name |
NASDAQ
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Rights To Purchase Series D Junior Participating Preferred Stock [Member] |
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