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Finnovate Acquisition Corp. (NASDAQ:FNVT), a special purpose acquisition company, announced on Monday that it has changed its independent registered public accounting firm. The Audit Committee of the Board of Directors has dismissed Marcum LLP and appointed HTL International, LLC to audit the company’s financial statements for the fiscal year ended December 31, 2024.
The company’s previous auditor, Marcum LLP, had audited Finnovate’s financial statements for the years ended December 31, 2023 and December 31, 2022. Marcum’s reports did not contain any adverse opinions or disclaimers and were not qualified or modified as to uncertainty, audit scope, or accounting principles. However, they included an explanatory paragraph regarding Finnovate’s ability to continue as a going concern.
During the two most recent fiscal years and the subsequent interim period through March 24, 2025, there were no disagreements between Finnovate and Marcum on accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Nevertheless, the company disclosed material weaknesses in its internal control over financial reporting in its quarterly and annual filings with the SEC.
HTL International, LLC has now been engaged as the new auditor. Prior to this appointment, Finnovate had not consulted HTL on any matters that could have significantly impacted the company’s financial statements.
The change in the company’s certifying accountant was made public through a filing with the Securities and Exchange Commission, which includes a letter from Marcum LLP confirming their agreement with the statements made by Finnovate Acquisition Corp. regarding the change.
This move comes as Finnovate Acquisition Corp. continues to prepare for future business endeavors, ensuring that its financial reporting and auditing processes meet the required standards for accuracy and compliance.
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