DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01 Change in Registrant’s Certifying Accountant.
Technologies, Inc.), a Delaware corporation (the Company)
consummated the previously announced acquisition of Dasan Network
Solutions, Inc., a California corporation (DNS), through the merger
of a wholly owned subsidiary of the Company with and into DNS, with
DNS surviving as a wholly owned subsidiary of the Company (the
Merger). As previously disclosed, the Merger is treated as a
reverse acquisition for accounting purposes with DNS as the
acquirer of the Company and, as such, the historical financial
statements of DNS will become the historical financial statements
of the Company. to guidance from the SEC staff, a reverse
acquisition results in a deemed change of the accounting firm
unless the same accounting firm reported on the financial
statements of both the registrant and the accounting acquirer.
LLP,>whose resignation was reported in a Current Report on Form
8-K filed by the Company on October 17, 2016.
PricewaterhouseCoopers (Samil PwC). On November 29, 2016, the Audit
Committee of the Companys Board of Directors approved a change in
accountants by making a determination to
engage>PricewaterhouseCoopers LLP (PwC LLP) to be the Companys
principal accountant and to dismiss Samil PwC effective
immediately.>>
for the fiscal years ended December 31, 2015 and 2014 did not
contain an adverse opinion or disclaimer of an opinion and were not
modified as to uncertainty, audit scope, or accounting principles.
In addition, for the fiscal years ended December 31, 2015 and 2014
and the subsequent interim periods through September 8, 2016 for
DNS and from September 9, 2016 to November 29, 2016 for the Company
there were (i) no disagreements between the DNS and the Company and
Samil PwC on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure and
of which, if not resolved to Samil PwC’s satisfaction, would have
caused Samil PwC to make reference thereto in their reports and
(ii) no “reportable events” within the meaning of Item
304(a)(1)(v) of Regulation S-K other than the material weaknesses
described below. >
(a) lack of resources that are knowledgeable about U.S. GAAP and
SEC reporting matters to allow the company to prepare the required
filings on an accurate and timely basis as a U.S. domestic
registrant, and (b) lack of knowledge and experience in preparing
financial statements under U.S. GAAP and that comply with SEC
reporting matters on a timely and accurate basis as a U.S. domestic
registrant
subsequent interim periods through September 8, 2016 for DNS and
from September 9, 2016 to November 29, 2016 for the Company>,
neither DNS nor the Company, or anyone acting on their behalf
consulted with PWC regarding: (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 consolidated financial statements of DNS or the Company, and
neither a written report nor oral advice was provided to DNS or the
Company that was an important factor considered by the Company in
reaching a decision as to any accounting, auditing or financial
reporting issue or (ii) any matter that was either the subject of a
disagreement or a reportable event, as those terms are defined in
Item 304(a)(1) of Regulation S-K, other than the material
weaknesses described above.
making in the Form 8-K and requested that Samil PwC furnish a
letter addressed to the Securities and Exchange Commission stating
whether or not it agrees with the Statements made herein. A copy of
Samil PwC’s letter dated December 1, 2016 is filed as Exhibit 16.1
|
>(d)
|
Exhibits
|
|
16.1
|
Letter of Samil PricewaterhouseCoopers dated December 1,
2016, to the Securities and Exchange Commission. |
About DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI)
DASAN Zhone Solutions, Inc., formerly Zhone Technologies, Inc., designs, develops and manufactures communications network equipment for telecommunications operators and enterprises across the world. The Company’s products provide enterprise solutions that enable both network service providers and enterprises to deliver high speed fiber access, while transporting voice, video and data to the end user. In addition to its product offerings in its core business, it offers FiberLAN Passive Optical local area network (LAN), which provides an alternative to switched copper-based LANs. The customers of its FiberLAN business include hospitality, government, education, manufacturing and business enterprises. Its products span two categories: SLMS Products, and Legacy, Service and Other Products. Its SLMS Products include Broadband Aggregation and Service, Customer Premise Equipment (CPE), Zhone Management System and FiberLAN Passive Optical LAN. DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) Recent Trading Information
DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) closed its last trading session down -0.02 at 1.08 with 41,278 shares trading hands.
