Chain Bridge I (CBRRF): auditor change — Chain Bridge I terminates Phytanix Bio merger agreement; appoints RBSM as new auditor

Chain Bridge I

Mutual termination of Business Combination Agreement with Phytanix Bio effective April 7, 2025.
Frank, Rimerman dismissed as independent auditor on April 4, 2025; RBSM engaged for fiscal 2024.
Unaudited Q3 2024 financials to be restated due to $200,000 understatement of promissory note liability.
Material weakness in internal controls over financial reporting identified as of September 30, 2024.
Company working to file amended Form 10-Q and Form 10-K for fiscal 2024 with RBSM.

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

Chain Bridge I reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Frank, Rimerman & Co. LLP

Exact text from the filing

the “Non-Reliance Periods”), should no longer be relied on due to an error understating the liability of that certain promissory note, dated June 26, 2024, issued to the Company by Phytaix Bio (the “Bridge Financing Note”) by $200,000. As a result, the Bridge Financing Note and total general and administrative expenses were understated and net income was overstated. The impact of the error affects the unaudited condensed statements of operations, changes in shareholders’ deficit, and cash flows for the Non-Reliance Periods. The Company intends to restate the unaudited condensed interim financial statements for the Non-Reliance Periods (collectively the “Restatement”) in the Form 10-Q as soon

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

Chain Bridge I engaged RBSM, LLP as its auditor.

Action: engagement
Auditor: RBSM, LLP

Exact text from the filing

the Audit Committee engaged RBSM, LLP (“RBSM”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, effective immediately

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Chain Bridge I filing history →

Source: SEC EDGAR

accession 0001213900-25-030433

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