Santech Holdings Changes Auditor, Submits Nasdaq Compliance Plan “`

January 23, 2025 by No Comments

HONG KONG, Jan. 22, 2025 —

Auditor Change

Santech Holdings Limited (“the Company”) announced on January 22, 2025, that its Audit Committee appointed Audit Alliance LLP (“Audit Alliance”) as its new independent registered public accounting firm. Marcum Asia CPAs LLP (“MarcumAsia”) was dismissed, effective November 15, 2024.

This auditor change reflects significant recent shifts in the Company’s business focus and scale, as previously reported, and is unrelated to any disagreements with MarcumAsia regarding accounting principles, financial reporting, or auditing procedures.

Audit Alliance, a PCAOB-registered CPA firm based in Singapore, will now provide the audit services previously handled by MarcumAsia.

Nasdaq Compliance Plan Filing

The Company also submitted a compliance plan to The Nasdaq Stock Market (“Nasdaq”) to request an extension for regaining compliance with Nasdaq listing requirements.

This plan outlines the Company’s strategy and timeline for filing its Form 20-F Annual Report (covering the fiscal year ending June 30, 2024) and meeting its reporting obligations within the Nasdaq’s discretionary extension period.

About Santech Holdings Limited

Santech Holdings Limited (NASDAQ: STEC) is a consumer technology company. It previously served numerous high-net-worth clients in China’s financial services and health management sectors, building a substantial customer base. Having exited its financial services businesses, the Company is actively pursuing new technology ventures, including new retail, social e-commerce, and metaverse opportunities. For more details, visit https://ir.santechholdings.com.

Safe Harbor Statement

This release may include forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. Such statements, often using terms like “anticipate,” “estimate,” “plan,” “project,” “potential,” “continue,” “expect,” “believe,” “intend,” “may,” “should,” “will,” and similar expressions, are not historical facts. Forward-looking statements involve inherent risks and uncertainties. Refer to the Company’s SEC filings for more information on these and other risks. All information here is current as of today, and the Company assumes no obligation to update any forward-looking statements unless legally required.

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