NICHOLAS FINANCIAL, INC. (NASDAQ:NICK) Files An 8-K Changes in Registrant’s Certifying AccountantItem 4.01.
Effective July2, 2018 (the “Effective Time”), the Audit Committee (the “Committee”) of the Board of Directors of Nicholas Financial, Inc. (the “Company”) approved the engagement of RSM US LLP (“RSM”) as the Company’s new independent registered public accounting firm for the fiscal year ending March31, 2019, and dismissed Dixon Hughes Goodman LLP (“DHG LLP”) as the Company’s independent registered public accounting firm.
The audit reports of DHG LLP on the Company’s consolidated financial statements for the fiscal years ended March31, 2018 and 2017 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the Company’s fiscal years ended March31, 2018 and 2017, and in the subsequent interim period preceding the Effective Time, there were no disagreements with DHG LLP on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of DHG LLP, would have caused DHG LLP to make reference to the subject matter of the disagreement(s) in connection with its report.
During the Company’s fiscal years ended March31, 2018 and 2017, and in the subsequent interim period preceding the Effective Time, there were no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).
The Company has provided a copy of the foregoing disclosures to DHG LLP and requested that DHG LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether DHG LLP agrees with the above statements. A copy of DHG LLP’s letter, dated July5, 2018, is filed as Exhibit 16.1 to this Form 8-K.
During the Company’s fiscal years ended March31, 2018 and 2017, and in the subsequent interim period preceding the Effective Time, neither the Company nor anyone acting on its behalf consulted with RSM with respect to either (i)the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the Company’s financial statements, and no written report or oral advice was provided to the Company that RSM concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing, or financial reporting issue, or (ii)any matter that was the subject of either a disagreement as defined in Item 304(a)(1)(iv) of Regulation S-K or a reportable event as described in Item 304(a)(1)(v) of Regulation S-K.
| Item 4.01 | Financial Statements and Exhibits. |
NICHOLAS FINANCIAL INC ExhibitEX-16.1 2 d678341dex161.htm EX-16.1 EX-16.1 Exhibit 16.1 July 5,…To view the full exhibit click here
About NICHOLAS FINANCIAL, INC. (NASDAQ:NICK)
Nicholas Financial, Inc. (Nicholas Financial-Canada) is a holding company. The Company’s business activities are conducted through its subsidiary, Nicholas Financial, Inc. (Nicholas Financial). Nicholas Financial is a specialized consumer finance company engaged primarily in acquiring and servicing automobile finance installment contracts (Contracts) for purchases of new and used automobiles and light trucks. Nicholas Financial also originates direct consumer loans (Direct Loans) and sells consumer-finance related products. Another subsidiary, Nicholas Data Services, Inc. (NDS), acts as the interim holding company for Nicholas Financial. The Company is engaged in the business of providing financing programs, primarily on behalf of purchasers of new and used cars and light trucks. The Company originates Direct Loans in Florida and North Carolina. As of March 31, 2016, the Company’s automobile finance programs were conducted in 18 states.
