Groovy Company CEO Departs; New Auditor Engaged, Interim CEO Appointed

What Happened
Groovy Company, Inc. (GROO) filed an 8-K disclosing several material changes: on May 1, 2026 CEO and director Berj Abajian ceased his roles (he had also been identified as the company’s principal executive, financial and accounting officer). The Board appointed co‑founder and Chief Technology Officer Franjose (“Frank”) Yglesias (age 62) as Interim CEO effective May 1, 2026. The company also reported the departures of Chief Legal Officer Jeffrey D. Turner and Vice President, Issuer Services John Morgan (all effective May 1, 2026). Separately, the company dismissed its prior auditor, Olayinka Oyebola & Co., effective August 13, 2025, and on May 10, 2026 engaged Boladale Lawal & Co. (BLC) as its new independent registered public accounting firm, which will re-audit the consolidated financial statements for the fiscal years ended December 31, 2024 and December 31, 2025. The company relocated its principal executive offices to Atlanta, GA effective May 1, 2026.

Key Details

• CEO and director Berj Abajian ceased all roles effective May 1, 2026; his departure was described as the result of company action and not due to any disagreement.
• Interim CEO: Franjose “Frank” Yglesias (co‑founder; CTO since July 1, 2025) appointed effective May 1, 2026.
• Auditor change: Former auditor dismissed Aug 13, 2025; new auditor Boladale Lawal & Co. engaged May 10, 2026 to audit/re‑audit FY2024 and FY2025.
• Audit fee: BLC engagement letter provides $30,000 per fiscal year, $60,000 total for the two years, plus reimbursement for reasonable out‑of‑pocket expenses.
• Interim auditor gap/non‑reliance period: Company disclosed an interim period without an engaged independent auditor from Aug 13, 2025 to May 10, 2026 and made related non‑reliance disclosures.
• Corporate office moved from Fairfield, NJ to 600 W Peachtree St NW, Suite 1700, Atlanta, GA (phone number unchanged).

Why It Matters
These items affect governance, financial reporting and operational oversight. A change in CEO and the loss of the individual who was identified as the principal executive, financial and accounting officer changes senior management and reporting responsibilities—investors should note who is managing finance and operations during the interim. The auditor change and BLC’s planned re‑audit of FY2024/FY2025, together with the stated auditor gap and non‑reliance period, mean investors should watch for the results of the new auditor’s report and any updates or restatements to the company’s prior financial statements. The relocation of the principal executive office is an operational detail investors may note for corporate filings and contact information.