Connexa Sports Technologies Inc.

11/01/2024 | Press release | Distributed by Public on 11/01/2024 15:16

Change in Certifying Accountants Form 8 K

Item 4.01 Change in Registrant's Certifying Accountant

On October 30, 2024, the Board of Directors and the audit committee of Connex Sports Technologies Inc. (the "Company") approved the engagement of Bush & Associates CPA ("B&A") as the Company's independent registered public accounting firm for the fiscal year ended April 30, 2025, effective immediately, and dismissed Olayinka Oyebola & Co ("OOC") as the Company's independent registered public accounting firm.

Until B&A was engaged on October 31, 2024, OOC was the Company's auditor and had audited the Company's consolidated financial statements for the fiscal years ended April 30, 2023 and 2024.

The reason for the dismissal of OOC and the engagement of B&A is that due to the charges brought by the U.S. Securities and Exchange Commission (the "SEC") against OOC for allegedly aiding and abetting a securities fraud, the risk of continuing with OOC as the Company's auditor is no longer tolerable to the Company.

OOC's reports on the consolidated financial statements of the Company for the years ended April 30, 2024 and 2023 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles, other than an explanatory paragraph regarding the Company's ability to continue as a going concern.

During the course of OOC's engagement there were no disagreements with OOC on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures which, if not resolved to the satisfaction of OOC, would have caused OOC to make reference to the matter in its audit opinion. There were no reportable events (as that term is described in Item 304(a)(1)(v) of Regulation S-K) during the period OOC was engaged as the Company's auditor.

The Company provided a copy of the foregoing disclosures to OOC and requested that OOC furnish it with a letter addressed to the SEC stating whether OOC agrees with the above statements. A copy of OOC's letter, dated October 31, 2024, is filed as Exhibit 16.1 to this Current Report on Form 8-K.