Phoenix Motor dismisses auditor Marcum Asia, cites material weaknesses; engages Yu CPA

PHOENIX MOTOR INC.

Dismissed Marcum Asia CPAs LLP as auditor effective March 7, 2025; Audit Committee approved March 13, 2025.
Engaged Yu Certified Public Accountant PC as new auditor for FYE Dec 31, 2024, effective March 13, 2025.
Prior audit reports contained going-concern explanatory paragraph; no adverse opinion or disclaimer.
Reported material weaknesses in internal controls including control environment, risk assessment, monitoring, and governance.
Company was released as guarantor of $15M SPI debt to Streeterville on September 6, 2024.

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