8-K: Dominari Holdings Inc. Appoints CBIZ CPAs P.C. as New Independent Auditor Following Marcum LLP Acquisition

Dominari Holdings Inc. has replaced Marcum LLP with CBIZ CPAs P.C. as its independent auditor after CBIZ acquired Marcum's attest business.

Summary

• Dominari Holdings Inc. announced a change in its independent registered public accounting firm.
• On November 1, 2024, CBIZ CPAs P.C. acquired the attest business of Marcum LLP.
• As a result, on April 25, 2025, Marcum LLP resigned as Dominari Holdings Inc.'s auditor.
• With the approval of the Audit Committee, CBIZ CPAs P.C. was engaged as the new auditor for the fiscal year ending December 31, 2025.
• Marcum's reports for the fiscal years ended December 31, 2024 and 2023, did not contain any adverse opinions or disclaimers.
• There were no disagreements or reportable events between Dominari Holdings Inc. and Marcum LLP during the specified periods.
• Dominari Holdings Inc. did not consult with CBIZ CPAs P.C. regarding accounting principles or audit opinions prior to the engagement.

Sentiment

Score: 7

Explanation: The announcement is neutral to slightly positive as it reflects a standard business procedure (auditor change) following an acquisition, with no reported issues or disagreements.

Positives

• The transition to a new auditor appears to be smooth, with no reported disagreements or reportable events with the previous auditor, Marcum LLP.
• Marcum LLP's audit reports for the past two fiscal years were unqualified, indicating a clean audit history.

Future Outlook

The company will be audited by CBIZ CPAs P.C. for the fiscal year ending December 31, 2025.

Industry Context

Changes in auditing firms are common, especially following mergers and acquisitions within the accounting industry. Companies are required to disclose such changes to maintain transparency with investors.

Comparison to Industry Standards

• The process of changing auditors and disclosing the reasons for the change is standard practice and aligns with SEC regulations.
• Companies like Enron and WorldCom had auditor issues that led to significant financial scandals, so the SEC requires companies to disclose any disagreements with their auditors.
• The disclosure by Dominari Holdings Inc. is similar to what other publicly traded companies do when they change auditors, such as Tesla changing from Crowe Horwath to PricewaterhouseCoopers.

Stakeholder Impact

• Shareholders are informed about the change in the company's independent auditor.
• The change is not expected to have a significant impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

auditor, CBIZ CPAs P.C., Marcum LLP, Dominari Holdings Inc., accounting firm, audit, financial statements