Connexa Sports Technologies (NASDAQ:YYAI) Dismisses Olayinka Oyebola & Co as Auditor, Engages Bush & Associates CPA as New Accounting Firm

On October 30, 2024, Connexa Sports Technologies Inc. made a significant decision regarding its auditing practices. The Board of Directors and the audit committee of Connex Sports Technologies Inc. approved the engagement of Bush & Associates CPA (“B&A”) as the Company’s independent registered public accounting firm for the fiscal year ending on April 30, 2025. This engagement was effective immediately, leading to the dismissal of Olayinka Oyebola & Co (“OOC”) as the Company’s independent registered public accounting firm.

Olayinka Oyebola & Co had previously served as Connexa’s auditor and had audited the Company’s consolidated financial statements for the fiscal years ended on April 30, 2023, and 2024. The dismissal of OOC and the subsequent engagement of B&A came as a response to charges brought by the U.S. Securities and Exchange Commission (SEC) against OOC for allegedly aiding and abetting securities fraud.

It was stated that the risk of continuing with OOC as the Company’s auditor was no longer tolerable, prompting the change in auditing firms. OOC’s reports on the Company’s consolidated financial statements for the years ending on April 30, 2024, and 2023 did not contain adverse opinions, disclaimers of opinion, or any qualifications or modifications concerning uncertainties, audit scope, or accounting principles, except for an explanatory paragraph regarding the Company’s ability to continue as a going concern.

During OOC’s tenure as the auditor of Connexa, there were no disagreements on matters of accounting principles or practices, financial statement disclosure, or auditing scope and procedures that were not resolved to OOC’s satisfaction. Additionally, there were no reportable events during OOC’s engagement as the Company’s auditor, as described in Item 304(a)(1)(v) of Regulation S-K.

Connexa Sports Technologies has provided Olayinka Oyebola & Co with the relevant disclosures and has requested a letter from them addressed to the SEC confirming their agreement with the statements. OOC’s response in the form of a letter dated October 31, 2024, has been filed as Exhibit 16.1 to the Current Report on Form 8-K.

In light of these changes, Connexa Sports Technologies Inc. filed the necessary forms with the Securities and Exchange Commission, concluding the switch in auditing firms and addressing the reasons behind the transition.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Connexa Sports Technologies’s 8K filing here.

About Connexa Sports Technologies

Connexa Sports Technologies Inc engages in the sports equipment and technology business in the United States. The company offers Slinger Launcher, a portable padel tennis ball launcher and pickleball launcher; and Slinger Bag Launcher, a ball launcher built into transport wheeled trolley bag. It also provides Gameface, AI technology and performance analytics for sports.