WORCESTER, MA – Vystar Corporation (OTC:VYST), a company specializing in fabricated rubber products, announced a significant change in its accounting firm, as detailed in a recent 8-K filing with the U.S. Securities and Exchange Commission (SEC). The company has terminated its relationship with BFBorgers CPA PC as its independent registered public accounting firm effective May 3, 2024, following an SEC order barring the firm and its sole audit partner from practicing before the Commission.
BFBorgers, which was engaged by Vystar on February 20, 2024, had not performed any accounting services for the company prior to its dismissal, ensuring no impact on Vystar's financial statements. The SEC's order, citing administrative and cease-and-desist proceedings, permanently prevents BFBorgers and its audit partner from SEC practice, leading to the firm's swift removal.
In response to this development, Vystar has reappointed Marcias Gini & O’Connell, LLP (MGO) as its independent public accounting firm, effective June 4, 2024. MGO had previously served as Vystar's auditor before resigning on December 6, 2023. The company states that during its prior engagement, there were no disagreements or reportable events between Vystar and MGO.
The SEC has allowed Vystar to forego the customary practice of obtaining a letter from BFBorgers regarding their agreement with these statements due to the firm's current prohibition from SEC practice. The SEC's order, dated May 3, 2024, provides the basis for this exemption.
This switch in auditing firms comes at a critical time for Vystar, as maintaining compliance with SEC regulations and ensuring financial transparency is paramount for publicly traded companies. The information regarding these changes is based on a press release statement.
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