Emeren Announces Appointment of Marcum Asia as Auditor

Rhea-AI Summary

Emeren Group Ltd (NYSE: SOL) announced the appointment of Marcum Asia CPAs LLP as its independent registered public accounting firm for the fiscal year ended December 31, 2022, effective January 23, 2023. This decision followed careful evaluation and was ratified by the Board of Directors and Audit Committee. The change was not due to any disagreements with the former auditor, Grant Thornton Zhitong Certified Public Accountants LLP. Emeren expects the Holding Foreign Companies Accountable Act will not apply following Marcum Asia's audit report. Emeren has a global pipeline of ~3 GW in solar projects and operates in over 10 countries.

Positive

• Appointment of Marcum Asia as independent auditor may enhance financial oversight.
• Marcum Asia's recognition may strengthen investor confidence.

Negative

• Transition from Grant Thornton may create temporary disruptions.
• Lack of continuity in audit processes could raise concerns.

STAMFORD, Conn., Feb. 1, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced that Marcum Asia CPAs LLP ("Marcum Asia") was appointed as Emeren's independent registered public accounting firm for the fiscal year ended December 31, 2022, effective January 23, 2023.

Marcum Asia replaces Grant Thornton Zhitong Certified Public Accountants LLP ("Grant Thornton"), the Company's former independent auditor. After careful consideration and evaluation, the Company appointed Marcum Asia and the decision was ratified by the Company's Board of Directors and the Audit Committee. The Company's decision to change its auditor was unrelated to any disagreement between the Company and Grant Thornton regarding accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Marcum Asia is an independent public accounting firm headquartered in New York and subject to inspection by the Public Accounting Oversight Board (PCAOB).  As such, Emeren expects that the guidelines and provisions of the U.S. Holding Foreign Companies Accountable Act of 2020 (HFCAA) will not apply to it after the issuance of the audit report of Marcum Asia with respect to the Company's consolidated financial statements for the fiscal year ended December 31, 2022.

The Company has started to work with both Grant Thornton and Marcum Asia to ensure a smooth transition.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL) is a leading global solar project developer, owner, and operator with a ~3 GW pipeline of projects and IPP assets across Europe, North America, and Asia. The Company focuses on solar power project development, construction management and project financing services with local professional teams in more than 10 countries. For more information, go to www.emeren.com.

About Marcum Asia

Marcum Asia CPAs LLP is one of the top ranked independent public accounting firms that focuses on cross-border services for public and private companies in Asia.  The firm is one of the leading audit and assurance services providers to Asian companies listed on the U.S. stock markets. The firm is headquartered in New York City and has offices in Singapore and major cities in China, including Beijing, Tianjin, Shanghai, Guangzhou, and Hangzhou. To learn more, visit http://www.marcumasia.com.

Safe Harbor Statement

This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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SOURCE Emeren Group Ltd

FAQ

Why did Emeren Group Ltd change its auditor to Marcum Asia?

Emeren Group Ltd appointed Marcum Asia after careful evaluation, and the decision was ratified by the Board of Directors and Audit Committee, not due to any disagreements.

What impact does the change of auditor have on SOL stock?

The appointment of Marcum Asia may enhance financial oversight, positively impacting investor confidence in SOL.

When did Emeren announce the change of auditors?

The announcement was made on February 1, 2023, effective from January 23, 2023.

What is the significance of the Holding Foreign Companies Accountable Act for Emeren?

Emeren expects that the guidelines of the Holding Foreign Companies Accountable Act will not apply after Marcum Asia issues its audit report.