Tempo Automation (NASDAQ:TMPO) stock is soaring higher on Monday after the company selected its next independent registered public accounting firm.
The company chose WithumSmith+Brown PC to act as its independent registered public accounting firm for its fiscal 2023 year. The audit committee of Tempo Automation’s board of directors is behind this choice.
Tempo Automation is replacing BDO USA, LLP, which acted as its independent registered public accounting firm for the last two fiscal years. This comes after the firm included a going concern statement in its evaluation of the company’s financials for fiscal 2022.
What This Means for TMPO Stock
Investors are reacting well to Tempo Automation choosing a new independent registered public accounting firm. It’s likely that they are hoping for a better evaluation of the company when results for fiscal 2023 come in.
To go along with this, shares of TMPO stock are seeing incredibly heavy trading as of Monday morning. As of this writing, more than 8 million shares of the company’s stock have changed hands. To put that in perspective, the company’s daily average trading volume of only about 127,000 shares.
Tempo Automation is an electronics development and manufacturing company that operates out of San Francisco, California. Its low trading volume and market capitalization of $18.99 million earnings TMPO the penny stock designation.
TMPO stock is up 114.3% as of Monday morning.
Investors looking for more of the most recent stock market news are in luck!
We’ve got all of the hottest stock market news worth reading about on Monday! That includes the biggest pre-market stock movers this morning, the latest on the housing bubble, and more. You can catch up on all of this news at the links below!
More Monday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- Housing Bubble Fears: What the Case-Shiller Report Means for Homeowners
- MULN Stock: 10 Things to Know About Mullen’s MAEO
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
