RegulatoryApr 7, 2026, 04:36 PM
Cyngn Inc. Appoints Baker Tilly US, LLP as New Auditor, Dismissing CBIZ CPAs P.C. Amidst Prior Material Weakness Disclosure
AI Summary
Cyngn Inc. (CYN) announced the appointment of Baker Tilly US, LLP as its new independent registered public accounting firm, effective April 3, 2026, replacing CBIZ CPAs P.C. The change was approved by the Audit Committee and Board of Directors. The company reported no disagreements with CBIZ on accounting principles or practices, financial statement disclosure, or auditing scope or procedures. However, the filing noted a 'reportable event' concerning material weaknesses in internal control over financial reporting for the year ended December 31, 2025, previously disclosed in its Form 10-K.
Key Highlights
- Cyngn Inc. appointed Baker Tilly US, LLP as its new independent registered public accounting firm on April 3, 2026.
- The company dismissed its previous independent public accounting firm, CBIZ CPAs P.C., on the same date.
- There were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K) with CBIZ during the year ended December 31, 2025, and through April 3, 2026.
- A 'reportable event' was identified: material weaknesses in internal control over financial reporting for the year ended December 31, 2025, related to ineffective oversight of third parties and lack of appropriate technical expertise for a complex accounting transaction, as reported in the Form 10-K filed March 27, 2026.
- The Audit Committee and CBIZ discussed the reportable event, and CBIZ has been authorized to respond fully to inquiries from Baker Tilly.
- Neither Cyngn nor anyone on its behalf consulted with Baker Tilly during the two most recent fiscal years ended December 31, 2025 and 2024, or any subsequent interim period prior to engaging them.
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