American Resources Dismisses Auditor, Prior Opinion Withdrawn — New Firm Appointed
AREC sits 80% above its 52-week low of $1.
Summary
American Resources Corp dismissed its auditor and the prior audit opinion on its 2025 financials was withdrawn. A new auditor has been appointed. This raises significant concerns about the reliability of past financial statements.
Key Events · Corporate Governance and Compliance · AREC
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Auditor Dismissed
On June 30, 2026, the Audit Committee dismissed GreenGrowth CPA as the company's independent registered public accounting firm.
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Prior Audit Opinion Withdrawn
On July 3, 2026, GreenGrowth notified the company it was withdrawing its opinion on the December 31, 2025 financial statements — a highly unusual and negative development.
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New Auditor Appointed
On July 11, 2026, UHY LLP was appointed as the new independent auditor, effective immediately, with no prior consultations on accounting matters.
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Material Weaknesses Reiterated
The filing confirms previously disclosed material weaknesses in internal control over financial reporting, compounding governance concerns.
Analysis · AREC · Energy & Transportation
American Resources Corp dismissed its auditor GreenGrowth CPA on June 30, 2026, and on July 3, GreenGrowth withdrew its opinion on the company's 2025 financial statements. The company has appointed UHY LLP as its new auditor. The withdrawal of a previously issued audit opinion is a serious red flag — it suggests the auditor no longer stands behind the financials, which can undermine investor confidence and potentially trigger covenant issues or Nasdaq scrutiny. The company already faced Nasdaq notices for late filings, and this adds a new layer of governance risk. The filing also reiterates previously disclosed material weaknesses in internal controls.
At the time of this filing, AREC was trading at $1.80 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $189.3M. The 52-week trading range was $1.00 to $7.11. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.