Santech announces change of auditor, files compliance plan with Nasdaq
Santech announced that its audit committee has approved the appointment of Audit Alliance as the company's independent registered public accounting firm. The audit committee has dismissed Marcum Asia CPAs as its independent registered public accounting firm, effective from November 15, 2024. The company said its 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. Additionally, the company announced that it has submitted a compliance plan to 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.
