Analyst Summary
- Magnachip Semiconductor Corporation’s Audit Committee approved the dismissal of Samil PricewaterhouseCoopers (Samil PWC) as the company’s independent registered public accounting firm, effective upon filing of the 2024 Form 10-K.
- The dismissal of Samil PWC was a result of a competitive request-for-proposal process initiated in October 2024, where proposals were solicited from three independent registered public accounting firms, including Samil PWC.
- The decision to dismiss Samil PWC was not due to any disagreements regarding accounting principles, practices, financial statement disclosure, or auditing scope or procedure.
- Ernst & Young Han Young (E&Y) was engaged as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, effective following the completion of Samil PWC’s engagement and execution of a satisfactory engagement letter.
- During the fiscal years ended December 31, 2023 and December 31, 2022 and through the appointment of E&Y on March 11, 2025, neither the Company nor anyone on its behalf consulted with E&Y regarding any of the matters set forth in Item 304(a)(2)(i) or (ii) of Regulations S-K.