Santech Holdings Limited Announces Change of Auditor and Filing of Compliance Plan with Nasdaq
22 January 2025 - 9:00PM
Change of Auditor
On January 22, 2025, Santech Holdings Limited (“the Company”)
announced that its Audit Committee has approved the appointment of
Audit Alliance LLP (“Audit Alliance”) as the Company’s independent
registered public accounting firm. The Audit Committee has
dismissed Marcum Asia CPAs LLP (“MarcumAsia”) as its independent
registered public accounting firm, effective from November 15,
2024.
The Company’s decision to change auditor was due to significant
changes in the Company’s business focuses and scale recently as
previously disclosed, and not as a result of any disagreement
between the Company and MarcumAsia on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedures.
The audit services previously provided by MarcumAsia will be
provided by Audit Alliance. Audit Alliance is a PCAOB-registered
CPA firm headquartered in Singapore.
Other Events: Filing of Compliance Plan with
Nasdaq
Additionally, the Company announced that it has submitted a
compliance plan to The Nasdaq Stock Market (“Nasdaq”) to support
its request for an extension of time to regain compliance with the
Nasdaq continued listing requirements.
In its compliance plan to Nasdaq, the Company sets out the plan
and timeline to file its Annual Report on Form 20-F for the
financial year ended June 30, 2024 and become current with its
reporting requirement within the discretionary period available to
the Nasdaq staff to grant.
About Santech Holdings Limited
Santech Holdings Limited (NASDAQ: STEC) is a consumer-focused
technology company. The Company historically served a large number
of high net-worth clients in China in financial services and health
management, and accumulated a large customer base. The Company has
exited or disposed of its historical businesses in financial
services and is actively exploring innovative new opportunities in
technology, including but not limited to new retail, social
e-commerce and metaverse. For more information, please visit
https://ir.santechholdings.com.
Safe Harbor Statement
This press release contains statements that may constitute
“forward-looking” statements pursuant to the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “anticipate,” “estimate,” “forecast,” “plan,”
“project,” “potential,” “continue,” “ongoing,” “expect,” “aim,”
“believe,” “intend,” “may,” “should,” “will,” “is/are likely to,”
“could” and similar statements. Statements that are not historical
facts, including statements about the Company’s beliefs, plans, and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in the
Company’s filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor and Media Contact:
Santech Holdings LimitedEmail: ir@santechholdings.com
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