XCel Brands Inc. has announced a change in its certifying accountants following the acquisition of Marcum LLP's attest business by CBIZ CPAs P.C., effective November 1, 2024. As a result, Marcum resigned as the independent registered public accounting firm for XCel Brands on May 27, 2025. CBIZ CPAs has been appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, with the approval of the company's Audit Committee. Marcum's audit reports for 2023 and 2024 contained no adverse opinions, but the 2024 report included a note on substantial doubt about XCel Brands' ability to continue as a going concern. XCel Brands has filed Marcum's agreement letter with the SEC as part of the transition process.
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