Portsmouth Square, Inc. Announces Change in Independent Auditor

LOS ANGELES, CA – March 23, 2026 – Portsmouth Square, Inc. (the “Company”) has announced a significant change in its independent registered public accounting firm, a development that could be of material interest to shareholders and market participants.

Key Points in the Report

• Dismissal of Auditor: On March 19, 2026, Portsmouth Square, Inc. dismissed WithumSmith+Brown, PC (“Withum”) as its independent registered public accounting firm, effective immediately.
• No Disagreements or Reportable Events: The Company confirmed that during the fiscal years ended June 30, 2025 and 2024, and the subsequent interim period through March 19, 2026, there were no disagreements with Withum on any matter of accounting principles, practices, financial statement disclosure, or auditing scope or procedures. There were also no “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K.
• Auditor’s Confirmation: Withum was provided with a copy of the disclosures prior to the filing of this Current Report on Form 8-K and was requested to furnish a letter addressed to the SEC stating whether it agrees with the above statements. Withum’s letter, dated March 23, 2026, is included as Exhibit 16.1 in the filing.
• Appointment of New Auditor: On March 19, 2026, the Audit Committee approved the engagement of Whitley Penn LLP (“Whitley”) as the Company’s new independent registered public accounting firm, effective immediately, subject to customary acceptance and engagement procedures. Whitley will audit the fiscal year ending June 30, 2026, and related interim periods.
• No Prior Consultation with New Auditor: During the fiscal years ended June 30, 2025 and 2024, and the interim period through March 19, 2026, neither the Company nor anyone on its behalf consulted with Whitley regarding the application of accounting principles, the type of audit opinion that might be rendered, or any subject of disagreement or reportable event as defined by SEC regulations.

Potential Shareholder Impact and Price-Sensitive Information

• Market Sensitivity: Changes in a company’s independent auditor can sometimes be seen as a red flag by investors, particularly if the change is accompanied by disagreements or reportable events. In this case, Portsmouth Square, Inc. has affirmed that there were no such issues, which should provide reassurance to shareholders.
• Transparency and Governance: The Company’s transparent disclosure and adherence to regulatory requirements, including providing Withum’s letter to the SEC, are positive indicators of strong corporate governance.
• Potential for Share Price Movement: Although the Company has stated there were no disagreements or adverse reportable events, investors should monitor for any subsequent disclosures or changes in the Company’s financial reporting practices as Whitley Penn LLP assumes its new role. Auditor changes, even when amicable, can lead to increased scrutiny and short-term volatility in a company’s share price.

Other Notable Details

• Company Information:
  • Registrant: Portsmouth Square, Inc.
  • Business Address: 11620 Wilshire Boulevard, Suite 350, Los Angeles, CA 90025
  • Telephone: (310) 889-2500
  • SEC File Number: 0-4057
  • Tax ID: 94-1674111
• Exhibit Included: Exhibit 16.1: Letter from WithumSmith+Brown, PC, dated March 23, 2026, confirming agreement with the disclosures made by Portsmouth Square, Inc. in this report.

Conclusion

Portsmouth Square, Inc.’s decision to change its independent auditor, effective immediately, is a noteworthy development. While the Company has proactively addressed potential concerns by confirming no disagreements or reportable events, shareholders and investors should remain attentive to any future updates regarding the Company’s financial reporting and audit outcomes.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions. The information is based on filings and disclosures as of March 23, 2026, and may be subject to change.

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