(And it’s their Previous Auditor)
Fellazo, Inc. (FLLC), which has been working through a number of issues with the Nasdaq regarding their listing requirements, as well as putting in place a new “Sponsor Transfer Agreement” with TKK Capital Holdings, announced tonight that they have appointed Marcum LLP, as their new independent registered public accounting firm, effective February 21, 2020.
If you recall, Marcum was Fellazo’s previously appointed auditor of roughly 3 weeks, ending on December 4th, when Marcum resigned. At Marcum’s resignation they stated that they were unable to conclude their review of the company. Specifically because…
“Marcum advised the Company that it resigned because Marcum was unable to conclude its review with respect to the Company’s interim financial statements for the quarterly period ended September 30, 2019 pursuant to AS 4105. Marcum further advised the Company that it had not received satisfactory responses and explanations to its inquiries regarding certain related party transactions, including an advance of $250,000 to the Company’s Sponsor, as well as advances or payments to the Company’s CEO and compensation to the Company’s non-independent directors, who serve as the Company’s management. In addition, Marcum questioned a management agent agreement with a third party, given the Company previously entered into an administrative services agreement for similar services with the Sponsor. As a result of these matters, Marcum concluded it could not rely on the representations of management.”
Fellazo has been without an auditor ever since and has still not filed their 10-Q, which was due in November. However, it seems that now that Fellazo has essentially swapped out the SPAC team and sponsor (you can read about that HERE), Marcum is back on board. Hopefully, we get a 10-Q shortly, or maybe even a 10-Q and a 10-K (since they are now that late), but more importantly, this should satisfy the Nasdaq regarding Fellazo’s listing. There was a risk that Fellazo would get de-listed to the Bulletin Board, but now that Marcum has re-engaged, this SPAC looks to be back on track.
New filings should be forthcoming.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...