UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 4.01 Changes in Registrant’s Certifying Accountant
On November 24, 2021, the Audit and Finance Committee (the “Committee”) of the board of directors of CPI Aerostructures, Inc. (the “Company”) determined to engage RSM US LLP (“RSM”) as its principal accountants for the fiscal year ending December 31, 2021 subject to completion of RSM’s client acceptance process. The Committee will dismiss CohnReznick, LLP (“CohnReznick”), which is currently serving as the Company’s independent auditors, upon completion of their audit and the issuance of their report thereon, of the Company's restated consolidated financial statements as of and for the year ended December 31, 2020 and 2019, and their review of the Company’s consolidated financial statements as of and for the quarter ended March 31, 2021.
During the years ended December 31, 2019 and 2020 and the subsequent interim period through November 24, 2021, the Company has not consulted with RSM regarding either: (i) the application of accounting principles to any specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements; or (ii) any matter that was either the subject of a disagreement (as defined in Regulation S-K, Item 304(a)(1)(iv) and the related instructions) or “reportable events” (as defined in Regulation S-K, Item 304(a)(1)(v)).
The Company has given CohnReznick permission to respond fully to the inquiries of the successor principal accountant.
The audit report of CohnReznick on the restated consolidated financial statements of the Company and its subsidiaries as of and for the years ended December 31, 2020 and 2019 did not contain any adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope, or accounting principles.
During the years ended December 31, 2020 and 2019 and for the interim period through November 24, 2021, there were no (i) disagreements with CohnReznick on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to CohnReznick’s satisfaction, would have caused CohnReznick to make reference to the subject matter thereof in connection with its report for such year; or (ii) reportable events.
Pursuant to Item 304(a)(3) of Regulation S-K, a letter addressed to the Securities and Exchange Commission from CohnReznick is attached as Exhibit 16.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit | Description |
| 16.1 | Letter from CohnReznick LLP to the Securities and Exchange Commission dated November 24, 2021. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 24, 2021 | CPI AEROSTRUCTURES, INC. |
By: /s/ Douglas McCrosson | |
Douglas McCrosson Chief Executive Officer | |
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