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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
Date of Report (Date of earliest event reported):
August 1, 2024
Complete Solaria, Inc.
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-40117 |
|
93-2279786 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
45700 Northport Loop East, Fremont, CA |
|
94538 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (510) 270-2507
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 obligations of the registrant under any of the following provisions:
| ☐ | 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, par value $0.0001 per share |
|
CSLR |
|
The Nasdaq Global Market |
|
|
|
|
|
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
CSLRW |
|
The 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
Dismissal of Independent Registered Public
Accounting Firm
On August 1, 2024, Complete Solaria, Inc. (the
“Company”) notified Deloitte & Touche LLP (“Deloitte”) of its dismissal, effective as of the
same day, as the Company’s independent registered public accounting firm. Deloitte served as the Company’s independent registered
public accounting firm since the closing of the merger with Freedom Acquisition I Corp on July 18, 2023. The decision to change the independent
public accounting firm was approved by the Audit Committee of the Company’s Board of Directors (the “Audit Committee”).
During the years ended December 31, 2022 and 2023
and the subsequent interim period through July 31,2024, there were no: (1) disagreements with Deloitte within the meaning of Item 304(a)(1)(iv)
of Regulation S-K on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures,
which disagreements, if not resolved to Deloitte’s satisfaction, would have caused them to make reference in connection with their
opinion to the subject matter of the disagreement, or (2) reportable events under Item 304(a)(1)(v) of Regulation S-K and the related
instructions thereto, except with respect to the material weaknesses as described below.
As previously disclosed in the Company’s
Annual Report on Form 10-K, including Item 9A thereof, for the fiscal year ended December 31, 2023, the Company determined that material
weaknesses in the Company’s internal control over financial reporting existed because (a) the Company did not have sufficient full-time
accounting personnel, (i) to enable appropriate reviews over the financial close and reporting process, (ii) to allow for appropriate
segregation of duties, and (iii) with the requisite experience and technical accounting knowledge to identify, review and resolve complex
accounting issues under generally accepted accounting principles in the U.S. (“GAAP”), and (b) with respect to inventory controls
related to the completeness, existence, and cut-off of the inventories held at third parties, and controls related to the calculation
of adjustments to inventory for items considered excessive and obsolete. Additionally, the Company did not adequately design and/or implement
controls related to conducting a formal risk assessment process.
The audit reports of Deloitte on the Company’s
consolidated financial statements as of and for the years ended December 31, 2022 and 2023 did not contain an adverse opinion or a disclaimer
of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that there was an explanatory
paragraph describing conditions that raised substantial doubt about the Company’s ability to continue as a going concern in Deloitte’s
audit opinions dated April 6, 2023 and April 1, 2024.
The Company has provided Deloitte with a copy
of this Form 8-K prior to its filing with the SEC. The Company requested Deloitte to furnish the Company with a letter addressed to the
SEC stating whether or not Deloitte agrees with the above statements, as required by Item 304(a)(3) of Regulation S-K. A copy of Deloitte’s
letter is filed as Exhibit 16.1.
New Independent Registered Public Accounting
Firm
On August 1, 2024, following the dismissal of
Deloitte, the Audit Committee, after a competitive process to review the appointment of the Company’s independent registered public
accounting firm, approved the engagement of BDO USA, P.C. (“BDO”) as the Company’s
independent registered public accounting firm.
During the Company’s years ended December
31, 2022 and 2023 and through July 31, 2024, neither the Company, nor anyone on its behalf, consulted BDO 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
on the Company’s financial statements; 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) or “reportable event” (as that term is defined in Item 304(a)(1)(v) of
Regulation S-K).
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
SIGNATURES
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.
|
Complete Solaria, Inc. |
|
|
Dated: August 1, 2024 |
|
|
|
|
|
By: |
/s/ Thurman J. Rodgers |
|
|
Thurman J. Rodgers |
|
|
Chief Executive Officer |
2
Exhibit 16.1
August 1, 2024
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549-7561
Dear Sirs/Madams:
We have read Item 4.01 of Complete Solaria, Inc.’s Form 8-K dated August
1, 2024, and have the following comments:
| 1) | We agree with the statements made in paragraphs one through five of Item 4.01. |
| 2) | We have no basis on which to agree or disagree with other statements made therein. |
Yours truly,
/s/ DELOITTE & TOUCHE LLP
v3.24.2.u1
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Aug. 01, 2024 |
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Amendment Flag |
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Document Period End Date |
Aug. 01, 2024
|
Entity File Number |
001-40117
|
Entity Registrant Name |
Complete Solaria, Inc.
|
Entity Central Index Key |
0001838987
|
Entity Tax Identification Number |
93-2279786
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
45700 Northport Loop East
|
Entity Address, City or Town |
Fremont
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
94538
|
City Area Code |
510
|
Local Phone Number |
270-2507
|
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Common Stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
Trading Symbol |
CSLR
|
Security Exchange Name |
NASDAQ
|
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
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Title of 12(b) Security |
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
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