ALPHATIME ACQUISITION CORP
AlphaTime Acquisition Corp, a Cayman Islands-incorporated SPAC, filed an 8-K reporting the dismissal of independent auditor UHY LLP and the engagement of Inbergo CPA LLP, both approved by the board and audit committee on September 22, 2026. UHY's prior audit report for fiscal years ended December 31, 2024 and 2023 included a going-concern explanatory paragraph. The Company had previously disclosed a material weakness in internal controls over related-party transaction review in its Q3 2025 10-Q.
- Auditor UHY LLP dismissed effective October 14, 2026, after board and audit committee approval on September 22, 2026.
- UHY's prior audit report contained a going-concern explanatory paragraph regarding substantial doubt about the Company's ability to continue.
- Management previously identified a material weakness in internal controls over related-party transaction review, disclosed in the Q3 2025 10-Q.
- No disagreements between the Company and UHY on accounting principles, audit scope, or procedures during the relevant periods.
- Successor auditor Inbergo CPA LLP engaged on September 22, 2026; no prior consultations on specified transactions or disagreements.
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An auditor change at a SPAC with a prior going-concern flag and an unresolved material weakness raises red flags about financial reporting quality ahead of any business combination.
SPAC auditor changes, particularly when the outgoing firm flagged going-concern doubt and a material weakness, often signal heightened financial reporting risk ahead of a pending business combination.
The dismissed auditor UHY had issued a going-concern warning, and a material weakness in internal controls over related-party transactions remains unresolved. The new auditor Inbergo CPA LLP has no prior history with the Company, introducing transition risk.