Connexa Sports Technologies Inc. has announced a change in its certifying accountant, parting ways with its former auditor Olayinka Oyebola & Co (OOC) and appointing Bush & Associates CPA (B&A) as the new auditor for the fiscal year ending April 30, 2025. The decision was made by the company's Board of Directors and audit committee on October 30, 2024, and was driven by the recent charges brought by the U.S. Securities and Exchange Commission (SEC) against OOC for allegedly aiding and abetting securities fraud.
The company, formerly known as Slinger Bag Inc., stated that the reports from OOC for the fiscal years ended April 30, 2023, and 2024, did not contain any adverse opinions or disclaimers, nor were they qualified or modified in terms of audit scope or accounting principles, except for an explanatory paragraph regarding Connexa Sports' ability to continue as a going concern.
During the tenure of OOC, there were no disagreements on matters of accounting principles or practices, financial statement disclosure, or auditing scope and procedures that, if unresolved, would have caused OOC to make reference to the matter in its audit opinion. Additionally, there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K.
In compliance with regulatory requirements, Connexa Sports provided OOC with the disclosures regarding the change and has included a letter from OOC, dated October 31, 2024, as Exhibit 16.1 in the Current Report on Form 8-K filed with the SEC. This letter is OOC's response to the company's statement, indicating whether it agrees with the statements made by Connexa Sports.
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