Netcapital hires Adeptus Partners to re-audit five years of accounts after earlier statements were declared unreliable
SEC filings show Netcapital has appointed a new auditor to re-audit fiscal years 2022 to 2026 and remains behind on its Nasdaq filings.
Drafted by the Loro Desk from public records and published automatically after a 24-hour hold. Published without editorial review.
Netcapital engaged Adeptus Partners on 8 October 2026 to re-audit fiscal years 2022 to 2026, after saying its statements for 2022 to 2025 can no longer be relied on; it must give Nasdaq a compliance plan by 23 October.
- New auditor
- Adeptus Partners, LLC (engaged 8 Oct 2026)
- Years to be re-audited
- FY2022 to FY2026
- Statements not to be relied on
- FY2022 to FY2025
- Nasdaq plan deadline
- 23 Oct 2026
Netcapital Inc. (CIK 1414767), the Nasdaq-listed company based in Boston, has engaged a new audit firm to re-audit its accounts for every fiscal year from 2022 to 2026, according to a Form 8-K filed with the SEC on 14 October 2026.
The company's audit committee approved the engagement of Adeptus Partners, LLC as its independent registered public accounting firm on 8 October 2026. Adeptus succeeds Fruci & Associates II, PLLC, whose resignation took effect on 12 August 2026. (Form 8-K, Item 4.01, filed 14 October 2026)
Adeptus will audit the fiscal years ended 30 April 2022 to 30 April 2026, including the opening balance sheet at 30 April 2021, and review the quarterly interim information for fiscal 2026. (Form 8-K, Item 4.01, filed 14 October 2026)
The filing repeats an earlier disclosure, made in an 8-K in August, that the company's audited financial statements for the fiscal years ended 30 April 2022, 2023, 2024 and 2025, and related interim statements, should no longer be relied upon. It says the re-audit is intended to support any required restatement and the filing of overdue reports, and that the company has not completed its evaluation of the corrections that may be required. (Form 8-K, Item 4.01, filed 14 October 2026)
Nasdaq told the company on 7 October 2026 that it had regained compliance with the $1 minimum bid price rule, closing a matter opened on 4 February 2026. The company remains out of compliance with Nasdaq Listing Rule 5250(c)(1) because its annual report for fiscal 2026 and its quarterly report for the period ended 31 July 2026 have not been filed. It has until 23 October 2026 to submit a plan to regain compliance. (Form 8-K, Item 3.01, filed 14 October 2026)
The filings do not state the nature of the errors behind the non-reliance determination or when any restatement will be completed. Loro has made no approach to the company. Figures are as reported in Netcapital's SEC filings.
Primary sources
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