DeFi Technologies Announces Change of Auditor

TORONTO, Jan. 08, 2024 (GLOBE NEWSWIRE) -- DeFi Technologies Inc. (the "Company" or "DEFI") (NEO: DEFI) (GR: R9B) (OTC: DEFTF), a technology company and the first and only publicly traded company that bridges the gap between traditional capital markets, Web3 and decentralized finance, announced that it has changed its auditors from BF Borgers CPA PC ("Former Auditor") to HDCPA Professional Corporation ("Successor Auditor") effective December 20, 2023. The Former Auditor resigned as the auditor of the Company on its own initiative effective December 20, 2023 and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective December 20, 2023, until the next Annual General Meeting of the Company.

The Company confirms that, at this time, there have been no reservations or modified opinions in the Former Auditor’s reports for the most recently completed financial year or for any period subsequent to the most recently completed period for which an audit report was issued. The Company’s board of directors and audit committee each approved the resignation of the Former Auditor and the appointment of the Successor Auditor in place of the Former Auditor.

On December 7, 2023, the Canadian Public Accountability Board (“CPAB”) issued an enforcement report (the “Enforcement Report”) against the Former Auditor resulting from an engagement findings report dated October 12, 2023 (the “CPAB Report”) with respect to the audit of the Company’s financial statements for the fiscal year ended December 31, 2022 (“2022 Statements”).

The Enforcement Report identified multiple significant inspection findings, each of which constitute a separate Violation Event (as defined in the Rules of CPAB) with respect to the Former Auditor. A summary of the findings in the CPAB Report that impact the 2022 Statements and how such findings may affect the assurances placed on the 2022 Statements is set forth the change of auditor notice that was filed today and is available on SEDAR+.

In addition, among the various enforcement actions, the Former Auditor is prohibited from assigning a certain unnamed partner to audits of financial statements of reporting issuers in any Canadian jurisdiction in which the unnamed partner is not properly licensed to provide public accounting services by the relevant provincial Chartered Professional Accountant regulatory body, which was a factor in the Former Auditor’s resignation. A copy of the Enforcement Report is available here.