Santech Holdings Limited Announces Change of Auditor and Filing of Compliance Plan with Nasdaq

By: Santech Holdings Limited via GlobeNewswire

January 22, 2025 at 05:00 AM EST

HONG KONG, Jan. 22, 2025 (GLOBE NEWSWIRE) --

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 Limited
Email: ir@santechholdings.com