8-K: Retractable Technologies Appoints Baker Tilly US as New Independent Auditor Following Moss Adams Merger

Retractable Technologies, Inc. announced the appointment of Baker Tilly US, LLP as its new independent registered public accounting firm, succeeding Moss Adams LLP due to a merger.

Summary

• Retractable Technologies, Inc. (the "Company") was notified on June 2, 2025, that Moss Adams LLP, its independent registered public accounting firm, merged with Baker Tilly US, LLP, effective June 3, 2025.
• As a result of the merger, Moss Adams LLP resigned as the Company's auditors.
• The Audit Committee of the Company's Board of Directors approved the appointment of Baker Tilly US, LLP as the successor independent registered public accounting firm.
• Audit reports from Moss Adams for the years ended December 31, 2024, and 2023, did not contain any adverse opinions, disclaimers, qualifications, or modifications.
• There were no disagreements with Moss Adams on accounting principles, financial statement disclosure, or auditing scope/procedure during the years ended December 31, 2024, and 2023, and the subsequent interim period through June 2, 2025.
• The Company did not consult with Baker Tilly regarding accounting principles or audit opinions prior to their appointment.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. While an auditor change can sometimes signal underlying issues, this change is explicitly stated to be due to a merger, with no reported disagreements or adverse findings from the previous auditor. This indicates a smooth, administrative transition without negative implications for the company's financial reporting integrity.

Positives

• The transition to the new auditor, Baker Tilly US, LLP, appears seamless, stemming from a merger rather than performance issues.
• Moss Adams LLP's audit reports for 2024 and 2023 were clean, with no adverse opinions, disclaimers, or qualifications.
• There were no disagreements or reportable events with Moss Adams LLP, indicating a healthy relationship and compliance during their tenure.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's financial performance or strategic direction, focusing solely on the change in its independent registered public accounting firm.

Management Comments

• John W. Fort III, Vice President, Chief Financial Officer, and Chief Accounting Officer, signed the report on behalf of Retractable Technologies, Inc.

Industry Context

The accounting industry frequently experiences mergers and acquisitions among firms, which often lead to client transitions. This event reflects a common outcome of such consolidations, where the merged entity typically assumes the audit responsibilities of the acquired firm's clients, provided there are no conflicts or other issues.

Corporate Governance

Stakeholder Impact

• Shareholders: The change is administrative and does not indicate any issues with past financial statements or future financial health, maintaining confidence in financial reporting integrity.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Key Dates

Keywords

SEC filing, Form 8-K, auditor change, accounting firm, independent auditor, Baker Tilly US, Moss Adams, Retractable Technologies, corporate governance, financial reporting