Cambium Networks shares surge 12.5% premarket after appointing BDO as new auditor to streamline audit coordination and address restatement needs.

Cambium Networks surged 12.50% in premarket trading after announcing it has appointed BDO USA, PC as its new independent auditor to streamline the restatement of financial statements for fiscal years 2023–2025. The move follows the dismissal of Grant Thornton, which had been engaged since April 2024 but failed to issue audit reports for any period. The change aims to resolve coordination challenges between auditors for restatements and address systemic material weaknesses in internal controls, including errors in revenue recognition under ASC 606 and delayed filings. While the company faces ongoing risks like Nasdaq delisting threats and operational challenges, the auditor transition signals proactive governance reforms, potentially restoring investor confidence in its path to financial compliance.