MAGNACHIP SEMICONDUCTOR Corp 8-K Analysis & Summary – 3/14/2025

⚠️This is not investment advice.

⚠️ This is an experimental project and this report is for informational purposes only and should not be considered investment advice. Conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions. ⚠️

Filing date:

03/14/2025


TLDR:

Magnachip Semiconductor Corporation dismissed Samil PricewaterhouseCoopers as their independent registered public accounting firm and engaged Ernst & Young Han Young for the fiscal year ending December 31, 2025.

ELI5:

Magnachip changed their accounting firm from Samil PWC to Ernst & Young after a bidding process. This is like a company switching from one tax preparer to another to get the best service.


Accession #:

0001193125-25-054810

Published on

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.

⚠️ This is an experimental project and this report is for informational purposes only and should not be considered investment advice. Conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions. ⚠️