Yotta Acquisition Corp appoints new auditor

Yotta Acquisition Corp (NASDAQ:YOTA), a small-cap company with a market capitalization of $43.27 million and experiencing significant market pressure with an 80% decline in stock value over the past week, has announced a change in its independent registered public accounting firm, according to a recent 8-K filing with the Securities and Exchange Commission. InvestingPro data reveals concerning metrics about the company’s financial health. The New York-based company, which operates in the auto retail and gasoline station sector, has engaged CBIZ (NYSE:CBZ) CPAs P.C. ("CBIZ CPAs") to audit its financial statements for the fiscal year ending December 31, 2025. This change comes after Yotta’s previous accounting firm, Marcum LLP ("Marcum"), had its attest business acquired by CBIZ CPAs as of November 1, 2024.

The transition occurred on April 29, 2025, when Yotta formally dismissed Marcum and appointed CBIZ CPAs, with approval from the Audit Committee of Yotta’s Board of Directors. This shift in accounting oversight is not associated with any disagreements or reportable events as defined by SEC regulations. During Marcum’s tenure, there were no adverse opinions or disclaimers in their reports for the fiscal years 2023 and 2024. However, the report for 2024 did include an explanatory paragraph regarding substantial doubt about Yotta’s ability to continue as a going concern, which appears justified given the company’s concerning current ratio of 0.05 and short-term obligations exceeding liquid assets.

Yotta’s management has identified material weaknesses in internal controls over financial reporting for fiscal years 2023 and 2024, including issues related to segregation of duties, authorization controls, and oversight by the audit committee.

The company has provided Marcum with the disclosures made in the 8-K filing and has requested a letter from Marcum to the SEC to confirm their agreement with the statements. This letter is attached as Exhibit 16.1 in the filing. For investors seeking comprehensive analysis of Yotta’s financial health and future prospects, InvestingPro offers additional insights through its extensive financial metrics and expert analysis tools.

The information for this article is based on a press release statement.

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