BioLife Solutions, Inc. Announces Change of Auditor to Grant Thornton LLP

Rhea-AI Summary

BioLife Solutions, Inc. (Nasdaq: BLFS) announced the approval of Grant Thornton LLP as its new independent registered public accounting firm, effective April 6, 2022. This decision comes after the Audit Committee dismissed its previous auditor following a proposal process for the fiscal year ending December 31, 2022. The company filed a Form 8-K detailing these changes, indicating a strategic move to bolster its financial oversight as it continues to provide innovative bioproduction solutions for the cell and gene therapy markets.

Positive

• Engagement of Grant Thornton LLP enhances financial oversight.
• Strategic decision following a thorough proposal process.

Negative

• None.

News Market Reaction – BLFS

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In the trading session that priced this news, BLFS declined 7.71%, reflecting a notable negative market reaction.

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BOTHELL, Wash., April 7, 2022 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of class-defining bioproduction products and services for the cell and gene therapies (CGT) and the broader biopharma markets, today announced that its Audit Committee (the "Committee") approved the engagement of Grant Thornton LLP ("Grant Thornton") as the Company's new independent registered public accounting firm, effective April 6, 2022. The Company dismissed its prior registered independent public accounting firm following its request for proposal process in connection with the audit for the fiscal year ending December 31, 2022.

On April 7, 2022, the Company filed a Form 8-K describing in further detail the determinations of the Committee described herein in accordance with Form 8-K and the rules and regulations described therein.

About BioLife Solutions

BioLife Solutions is a leading supplier of class-defining bioproduction tools and services for the cell and gene therapy and broader biopharma markets. Our tools portfolio includes our proprietary CryoStor® and HypoThermosol® biopreservation media for shipping and storage, the ThawSTAR® family of automated, water-free thawing products, evo® cold chain management system, high capacity cryogenic storage freezers, Stirling Ultracold mechanical freezers, SciSafe biologic storage services, and Sexton Biotechnologies cell processing tools. For more information, please visit www.biolifesolutions.com, www.scisafe.com, www.stirlingultracold.com, or www.sextonbio.com and follow BioLife on Twitter.

Media & Investor Relations

At the Company
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com

Investors
LHA Investor Relations
Jody Cain
(310) 691-7100
jcain@lhai.com

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SOURCE BioLife Solutions, Inc.

FAQ

What is the significance of BioLife Solutions changing auditors to Grant Thornton LLP on April 6, 2022?

This change reflects BioLife Solutions' commitment to enhancing its financial oversight and accountability.

How does the auditor change affect BioLife Solutions' stock performance?

While the auditor change itself does not directly impact stock performance, it may improve investor confidence through enhanced financial management.

When did BioLife Solutions announce the change of auditor?

BioLife Solutions announced the change on April 7, 2022.

What fiscal year is affected by the change of auditor at BioLife Solutions?

The change of auditor affects the fiscal year ending December 31, 2022.