Company: FGI
Filing Date: 2025-04-23
Form Type: 8-K
Source: 0001628280-25-019368
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Company: FGI Industries Ltd.
Filing Date: 2025-04-23
Form: 8-K
Item: Item 4.01
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Item 4.01 Changes in Registrant’s Certifying Accountant.

(a) Resignation of Independent Registered Public Accounting Firm.

On November 1, 2024, CBIZ CPAs P. C. (“ CBIZ”) acquired the attest business of Marcum LLP (“ Marcum”). On April 22, 2025, FGI Industries Ltd. (the “ Company”) was notified by Marcum that it was resigning as the Company’s independent registered public accounting firm. See Item 4.01(b) below with regard to the engagement of CBIZ as the Company’s independent registered public accounting firm.

The reports of Marcum regarding the Company’s financial statements for the fiscal years ended December 31, 2024 and 2023 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the years ended December 31, 2024 and 2023, and through April 22, 2025, the date of resignation, there were (a) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Marcum, would have caused Marcum to make reference to such disagreement in its report and (b) no “reportable events” (as defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions), except as described below.

During our assessment of internal controls over financial reporting as of December 31, 2024, we identified the following material weaknesses: (a) inadequate segregation of duties related to the initiation and recording of journal entries to the general ledger; (b) inadequate evidence of management review controls regarding the review and approval of certain account reconciliations; and (c) inadequate evidence and precision of management review controls regarding loan covenants and covenant calculations.

The Company provided Marcum with a copy of this Current Report on Form 8-K prior to its filing with the U. S. Securities and Exchange Commission (the “ SEC”) and requested that Marcum furnish the Company with a letter addressed to the SEC, pursuant to Item 304(a)(3) of Regulation S-K, stating whether it agrees with the above statements and, if it does not agree, the respects in which it does not agree. A copy of the letter,