BioStem Technologies Appoints KPMG as its Independent Registered Public Accountant

Rhea-AI Summary

BioStem Technologies (OTC: BSEM) announced that its Audit Committee approved the appointment of KPMG LLP as its independent registered public accounting firm, ending its engagement with Marcum (now CBIZ) effective Oct 22, 2025. The company said KPMG was selected for its life sciences expertise to support BioStem's growth and planned uplist to Nasdaq following completion of full-year 2024 and 2025 audits. Management emphasized the uplisting as a priority to improve liquidity, visibility, and market valuation. The company also stated there were no disagreements with Marcum during the two most recent fiscal years and any interim period before the dismissal.

Positive

• KPMG appointment effective Oct 22, 2025
• No disagreements with prior auditor during two most recent fiscal years
• Plans to pursue Nasdaq uplisting after 2024 and 2025 audits

Negative

• None.

POMPANO BEACH, Fla., Oct. 27, 2025 (GLOBE NEWSWIRE) -- BioStem Technologies, Inc. (OTC: BSEM) (the “Company”), a leading MedTech company focused on the development, manufacturing, and commercialization of placental-derived products for advanced wound care, today announced that the Audit Committee of its Board of Directors has approved the appointment of KPMG LLP (“KPMG”) as the Company's independent registered public accounting firm, and it has ended its engagement with its prior registered independent public accounting firm, Marcum LLP (now known as CBIZ, Inc.) (“Marcum”), effective as of October 22, 2025.

“As we transition to a new audit firm, we would like to thank Marcum for their support and contributions to our financial reporting over the past two years of rapid growth for the Company,” said Brandon Poe, Chief Financial Officer of BioStem. Mr. Poe added, “We conducted a thorough search for a firm to support our long-term growth plans and capital markets strategy, including our planned uplist to Nasdaq, and KPMG was our top choice. We are engaging a firm with a dedicated life sciences team and direct industry experience, and we are confident that KPMG will provide the expertise we require as our organization expands.”

During the Company’s two most recent fiscal years and any subsequent interim period preceding the dismissal, there were no disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Please refer to the Company’s OTC Disclosure & News Service disclosure on October 27, 2025, for additional information.

Nasdaq Uplisting Progress
Following the completion of the full year 2024 and 2025 audits, the Company plans to proceed with its uplisting to the Nasdaq Capital Market.

“We believe we have a clear path toward uplisting, and we continue to make progress building a solid foundation for a national exchange listing,” said Jason Matuszewski, Chairman and Chief Executive Officer of BioStem. “Uplisting remains a key priority that will enable greater visibility for the Company, improve stock liquidity, provide precise market valuation, and increase the Company’s ability to attract top talent. We are pleased to welcome KPMG to support BioStem through this next phase of our corporate evolution.”

About BioStem Technologies, Inc. (OTC: BSEM): BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioREtain^® processing method. BioREtain^® has been developed by applying the latest research in regenerative medicine, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies’ quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks (“AATB”). These systems and procedures are established in compliance with current Good Tissue Practices (“cGTP”) and current Good Manufacturing Processes (“cGMP”). Our portfolio of quality brands includes AmnioWrap2™, VENDAJE^®, VENDAJE AC^®, and VENDAJE OPTIC^®. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida. For more information visit biostemtechnologies.com and follow us on Twitter and Linkedin.

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Contact BioStem Technologies, Inc.:
Website: www.biostemtechnologies.com
E-Mail: info@biostemtech.com
X: @BSEM_Tech
Facebook: BioStemTechnologies
Phone: 954-380-8342

Investor Relations:
Philip Trip Taylor, Gilmartin Group
E-Mail: ir@biostemtech.com

FAQ

What did BioStem (BSEM) announce on October 27, 2025 about its auditor?

BioStem announced the Audit Committee approved appointing KPMG as its independent registered public accounting firm, effective Oct 22, 2025.

Why did BioStem (BSEM) choose KPMG as its new auditor?

Management cited KPMG's life sciences team and industry experience to support growth and capital markets strategy.

Will BioStem (BSEM) try to uplist to Nasdaq after changing auditors?

Yes. BioStem plans to proceed with a Nasdaq Capital Market uplisting after completing the full-year 2024 and 2025 audits.

Were there any auditor disagreements reported before BioStem (BSEM) dismissed Marcum?

No. The company stated there were no disagreements with Marcum on accounting principles, disclosure, or auditing scope during the two most recent fiscal years and interim period.

When did BioStem (BSEM) end its engagement with Marcum (CBIZ)?

The engagement ended effective Oct 22, 2025.