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DP Cap Acquisition Corp I, a company categorized under the blank check industry, has announced the dismissal of its independent registered public accounting firm, Hudgens CPA, PLLC. The decision, which took effect on March 19, 2025, was approved by the company’s Board of Directors. As of today, the company has not appointed a new firm to take over its accounting duties. This development comes amid increasing scrutiny of SPAC operations across the market, with InvestingPro data showing that nearly 40% of SPACs are currently trading below their initial offering price.
Hudgens CPA, PLLC was hired on December 12, 2024, and during their tenure, they did not issue any reports on the company’s consolidated financial statements. According to the statement released, there were no disagreements between DP Cap Acquisition Corp I and Hudgens on any accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have prompted Hudgens to report such disagreements.
However, during the period from the date they were engaged until their dismissal, material weaknesses in the company’s internal controls were identified. These weaknesses pertained to the controls around the interpretation and accounting for certain complex financial instruments, as well as the recording and disclosure of accrued and contingent liabilities and their related expenses. Additionally, there were concerns regarding the communication of all material agreements by executive management.
The company has provided Hudgens with the disclosures made in the SEC filing and has received a letter from Hudgens, dated March 20, 2025, confirming their agreement with the statements made by the company. This letter has been filed as Exhibit 16.1 with the SEC.
This news comes as the company, headquartered in Albany, NY, continues to operate in the real estate and construction sector with its securities registered on The Nasdaq Stock Market LLC under various symbols, including DPCSU for its units, DPCS for its Class A ordinary shares, and DPCSW for its warrants. Investors seeking detailed analysis of SPAC performances and market trends can access over 30 key financial metrics and expert insights through InvestingPro’s specialized SPAC tracking tools.
The information in this article is based on the most recent 8-K filing by DP Cap Acquisition Corp I with the Securities and Exchange Commission.
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