Olenox Industries (OLOX) Replaces Auditor for Fiscal 2026

What Happened

• Olenox Industries announced on August 4, 2026 that its Audit Committee approved dismissal of RBSM LLP as the company’s independent registered public accounting firm and on August 5, 2026 formally engaged Urish Popeck & Co., LLC as the new independent auditor for the fiscal year ending December 31, 2026.
• RBSM’s audit reports for the year ended December 31, 2025 contained no adverse opinions or disclaimers and were not qualified or modified except for an explanatory paragraph about the company’s ability to continue as a going concern. RBSM provided a letter to the SEC dated August 7, 2026 (filed as Exhibit 16.1).

Key Details

• Audit firm change approved by the Audit Committee on August 4, 2026; new engagement effective August 5, 2026.
• RBSM reported no disagreements with the company during 2025 or through August 4, 2026.
• The only reportable control matters were previously disclosed material weaknesses: (1) insufficient controls for timely closing of accounting records (insufficient accounting resources and lack of formal review procedures) and (2) insufficient controls over applying technical accounting guidance to complex/new transactions.
• Olenox did not consult with Urish during fiscal years 2025, 2024 or the interim period through August 4, 2026 on accounting or auditing matters.

Why It Matters

• Auditor changes can affect investor confidence and the continuity of the audit process; here the change follows a committee-led competitive review and was not driven by audit disagreements.
• Investors should note the company’s previously disclosed material weaknesses in internal controls, which relate to closing processes and complex accounting—issues that can affect the timing and reliability of financial reporting. The new auditor will audit the company’s 2026 financial statements.