Xcel Brands replaces Marcum with CBIZ CPAs as auditor; 2024 report had going concern note

XCel Brands, Inc.

Marcum LLP resigned as independent auditor effective May 27, 2025, due to acquisition of its attest business by CBIZ CPAs.
Audit Committee approved engagement of CBIZ CPAs as successor auditor for fiscal year ending Dec 31, 2025.
No disagreements with Marcum on accounting principles or audit scope during 2023, 2024, or subsequent interim period.
Marcum's 2024 audit report included an explanatory paragraph about substantial doubt as a going concern, previously disclosed.
Material weaknesses as of Dec 31, 2024 were noted but no other reportable events.

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