Pangaea Logistics dismisses Grant Thornton, appoints Deloitte & Touche as new auditor

Pangaea Logistics Solutions Ltd.

Audit committee completed competitive process; dismissed Grant Thornton effective August 27, 2025.
No disagreements with former auditor on accounting principles or audit scope during 2023-2024.
Previously disclosed material weakness in internal control over ASC 606 revenue recognition remains.
Deloitte & Touche LLP engaged as independent auditor for fiscal year ending December 31, 2025.
Former auditor letter submitted to SEC agrees with company's statements.

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