Papaya Growth Opportunity Corp. I Changes Independent Auditor

What Happened

• Papaya Growth Opportunity Corp. I announced on July 27, 2026 (reporting a July 22, 2026 notice) that Citrin Cooperman & Company, LLP informed the company it would decline to stand for re‑election as its independent registered public accounting firm effective immediately.
• The Audit Committee has appointed Malone Bailey, LLP as the Company’s new independent registered public accounting firm.
• Citrin Cooperman’s audit reports for the years ended December 31, 2024 and 2023 did not contain an adverse or qualified opinion, but did include an explanatory paragraph noting substantial doubt about the Company’s ability to continue as a going concern due to dependence on completing a business combination and insufficient working capital.
• The filing states there were no disagreements between the Company and Citrin Cooperman on accounting, disclosure or auditing matters for the fiscal years ended December 31, 2024 and 2023 and the subsequent interim period through September 30, 2025. The company also disclosed prior identified material weaknesses in internal control over financial reporting relating to the proper recording of income taxes (described in its Form 10‑K Amendment No.1 for 2023 and Form 10‑Q filings for March 31, June 30 and September 30, 2025). A letter from Citrin Cooperman to the SEC is filed as Exhibit 16.1.

Key Details

• Former auditor: Citrin Cooperman & Company, LLP notified the company on July 22, 2026 that it would decline re‑election.
• New auditor: Malone Bailey, LLP appointed by the Audit Committee.
• Prior audit reports (years ended Dec 31, 2024 & 2023): no adverse or qualified opinions; included a going concern explanatory paragraph.
• Internal control weakness: material weakness identified relating to income tax recording (noted in 2023 Form 10‑K Amendment No.1 and 2025 quarterly 10‑Qs).

Why It Matters

• A change in independent auditor is a notable governance event; investors often watch for continuity or changes in audit approach and timing of future audited filings.
• The going concern explanatory paragraph in recent audit reports highlights ongoing liquidity and business‑combination dependence—important context for assessing risk.
• The disclosed material weakness in tax recording affects confidence in the company’s internal controls and financial reporting reliability until remediated.
• No disagreements were reported with the former auditor, and the company has provided the auditor’s letter to the SEC; investors should monitor upcoming filings for remediation steps, auditor reports, and updates on the company’s liquidity and business combination progress.