Atlantic Coastal Acquisition Corp. II Dismisses Independent Registered Public Accounting Firm

On December 9, 2024, Atlantic Coastal Acquisition Corp. II, formerly known as Abpro Holdings, Inc., made a significant decision to dismiss Marcum LLP as its independent registered public accounting firm. The company engaged Wolf & Company, P.C. as Marcum’s replacement, following the recommendation and approval of the Audit Committee.

It’s noted that Marcum’s audit reports on the company’s consolidated financial statements for the fiscal years ended December 31, 2023, and December 31, 2022, did not present an adverse opinion or a disclaimer of opinion. Additionally, there were no qualifications or modifications as to audit scope or accounting principles, although the reports did express doubts about the company’s ability to continue as a going concern.

During the periods ending December 31, 2023, and 2022, as well as the subsequent interim period up to the date of this report, no disagreements, as defined in Regulation S-K, existed between the company and Marcum concerning accounting practices, financial disclosures, or auditing scope that would necessitate inclusion in audit reports.

However, the company identified several material weaknesses in its internal control over financial reporting. These weaknesses included delays in filing tax returns, utilizing trust account funds for tax obligations for operational purposes, and over-accrual of expenses.

In compliance with SEC requirements, the company shared this Form 8-K with Marcum before filing and requested a letter from Marcum indicating agreement with the statements made. The attached Exhibit 16.1 includes Marcum’s letter dated December 9, 2024, endorsing the information provided.

Furthermore, the company disclosed the change in its Form 8-K filing, including the relevant information about the dismissal of its former independent registered public accounting firm and the appointment of a new one. This change marks a pivotal moment for Atlantic Coastal Acquisition Corp. II in its financial reporting practices.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Atlantic Coastal Acquisition Corp. II’s 8K filing here.

About Atlantic Coastal Acquisition Corp. II

Atlantic Coastal Acquisition Corp. II does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses in financial services industry and mobility sector.