RenX Enterprises Corp. (RENX): auditor change — Safe and Green Development enters $140M related-party MPA; switches auditor that had going-concern note

RenX Enterprises Corp.

Master Purchase Agreement with SG Echo LLC (wholly owned by majority stockholder) for modular construction; fee = 12% of project cost.
Initial project: Magnolia Gardens in Durant, OK, 800 residential units, projected total cost $140M.
Terminated prior Dec 2022 Fabrication Agreement with same related party.
Dismissed Whitley Penn as auditor; engaged M&K CPAS PLLC as independent auditor for FY 2023.
Whitley Penn's prior audit reports included a going-concern paragraph.

item 1.01 item 1.02 item 4.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

RenX Enterprises Corp. dismissed Whitley Penn LLP as its auditor.

Action: dismissal
Auditor: Whitley Penn LLP
Successor: M&K CPAS PLLC

Exact text from the filing

dismissed Whitley Penn LLP (“Whitley Penn”). Whitley Penn’s report on the Company’s consolidated financial statements as of and for the fiscal year ended December 31, 2022

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

RenX Enterprises Corp. engaged M&K CPAS PLLC as its auditor.

Action: engagement
Auditor: M&K CPAS PLLC

Exact text from the filing

the Board of Directors of the Company approved the engagement of M&K CPAS PLLC (“M&K”) as the Company’s independent registered public accounting firm for the Company’s fiscal year ending December 31, 2023

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

RenX Enterprises Corp. terminated Fabrication Agreement dated December 2, 2022 with SG Echo LLC valued at Terminated (effective 2023-12-18).

Action: termination
Counterparty: SG Echo LLC
Value: Terminated
Effective: 2023-12-18

Exact text from the filing

In connection with the entry into the Master Purchase Agreement, on December 18, 2023, the Company and SG Echo terminated that certain Fabrication Agreement, dated December 2, 2022, between the parties relating to the McLean mixed-use site.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

RenX Enterprises Corp. entered into Master Purchase Agreement with SG Echo LLC valued at Fee: 12% of agreed cost per project; payment schedule: 40% deposit, 35% monthly progress, 15% on del (effective 2023-12-17).

Action: entry
Counterparty: SG Echo LLC
Value: Fee: 12% of agreed cost per project; payment schedule: 40% deposit, 35% monthly progress, 15% on del
Effective: 2023-12-17

Exact text from the filing

On December 17, 2023, Safe and Green Development Corporation (the “Company”) entered into a Master Purchase Agreement (the “Master Purchase Agreement”) with SG Echo LLC (“SG Echo”), a wholly owned subsidiary of Safe & Green Holdings Corp. (“SG Holdings”), the Company’s majority stockholder, pursuant to which the Company may engage SG Echo from time to time to provide modular construction design, engineering, fabrication, delivery and other services (collectively, the “Work”) on such terms as the parties may mutually agree.

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19 auditor changes filed in the last 30 days. Browse all auditor changes →

RenX Enterprises Corp. filing history →

Source: SEC EDGAR

accession 0001213900-23-097706

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