Nanjing, China, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. ("the Company") (NASDAQ:OST), a leading supplier of display modules and polarizers based in China, today announced an update to the effective date of its previously approved reverse share split of the Company's Class A ordinary shares, with the split ratio set at 1-for-10 (the "Reverse Share Split"). The Reverse Share Split was approved by the Company's shareholders at an extraordinary general meeting held on November 25, 202 ...

Core Viewpoint - Ostin Technology Group Co., Ltd. has announced a reverse share split of its ordinary shares at a ratio of 1-for-10, aimed at regaining compliance with Nasdaq's minimum bid price requirement [1][3]. Group 1: Reverse Share Split Details - The reverse share split will reduce the total number of outstanding Class A ordinary shares from approximately 18.1 million to approximately 1.81 million [2]. - The effective date for the reverse share split is set for December 26, 2024, with trading to commence on an adjusted basis under the existing ticker symbol "OST" [1][2]. - No fractional shares will be issued; shareholders entitled to a fractional share will have their entitlement rounded up to the nearest whole share [4]. Group 2: Compliance and Corporate Actions - The reverse share split is part of the company's strategy to comply with Nasdaq Marketplace Rule 5550(a)(2), which requires a minimum bid price of at least $1.00 per share [3]. - The company has also amended its Memorandum of Association to proportionately reduce the number of authorized shares for issuance and adjust the par value of the post-reverse share split ordinary shares to $0.001 per share [3]. Group 3: Company Overview - Ostin Technology Group Co., Ltd. was founded in 2010 and specializes in the design, development, and manufacturing of TFT-LCD display modules and polarizers, primarily for consumer electronics, outdoor LCD displays, and automotive displays [5].

Exhibit 99.2 OSTIN TECHNOLOGY GROUP CO., LTD. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED) F-1 OSTIN TECHNOLOGY GROUP CO., LTD. INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Condensed Consolidated Financial Statements | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------- ...

Nanjing, China, July 24, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. ("the Company") (NASDAQ:OST), a leading supplier of display modules and polarizers based in China, announced that on July 18, 2024, it received a notification letter (the "Extension Notice") from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has been granted an additional 180-day compliance period, or until January 13, 2025 to regain compliance with the Nasdaq's minimum $1.00 bid price requirement (the "Bid Price Re ...

Nanjing, China, July 10, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. ("the Company") (NASDAQ:OST), a leading supplier of display modules and polarizers based in China, announces that the crowdfunding campaign launched by its subsidiary Pintura.Life LLC ("Pintura") has achieved remarkable success on the Indiegogo platform. Pintura managed to raise nearly $100,000 in just two months since the campaign launch in March, an impressive achievement showing the high level of consumer enthusiasm for Pi ...

Nanjing, China, April 10, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. ("the Company") (NASDAQ:OST), a leading supplier of display modules and polarizers based in China, announces that Pintura.Life LLC, the Company's wholly owned subsidiary in the United States ("Pintura.Life"), has officially commenced its operation. As part of its strategy to expand into the North American market with its new Pintura products, Pintura.Life recently launched a crowdfunding campaign on Indiegogo to help introdu ...

Core Insights - Ostin Technology Group Co., Ltd. is launching a crowdfunding campaign on Indiegogo to raise $300,000 for upgrading its flagship photo-sharing product, Pintura, and expanding global sales channels [1][2] - The campaign is a strategic move to enter the US market and enhance the product's market appeal through research and development focused on software upgrades and functionality improvements [2][3] Company Overview - Ostin Technology Group, founded in 2010, specializes in designing, developing, and manufacturing TFT-LCD display modules and polarizers, primarily for consumer electronics, outdoor displays, and automotive applications [4]

[PART I](index=10&type=section&id=PART%20I) [Key Information](index=10&type=section&id=Item%203.%20Key%20Information) Ostin Technology Group operates as a Cayman Islands holding company with primary operations in China, facing significant regulatory and financial risks including potential delisting - Ostin operates as a Cayman Islands holding company with main operations in China, exposing it to complex PRC laws and regulatory risks[21](index=21&type=chunk) - PRC subsidiaries face restrictions on transferring net assets to the holding company, with **$24,753,990** in restricted assets as of September 30, 2023[30](index=30&type=chunk) - The company's auditor is subject to PCAOB inspection, with ongoing uncertainties regarding PRC authority positions that pose a potential delisting risk under the HFCA Act[26](index=26&type=chunk)[28](index=28&type=chunk) Intercompany Cash Transfers | Flow Direction | FY 2023 | FY 2022 | FY 2021 | | :--- | :--- | :--- | :--- | | Cash transferred to subsidiaries from Jiangsu Austin | $8,617,106 | $9,096,665 | - | | Cash transferred to Jiangsu Austin from subsidiaries | - | - | $7,640,965 | [Risk Factors](index=13&type=section&id=3.D.%20Risk%20Factors) The company faces significant risks including customer concentration, substantial debt, potential Nasdaq delisting, and reduced investor protection due to its foreign private issuer status - The company faces significant customer concentration risk, with two major customers accounting for **47.5%** and **17.8%** of total revenue in FY2023 without long-term contracts[126](index=126&type=chunk) - Substantial debt of approximately **$43 million** as of September 30, 2023, could restrict operations and reduce cash flow availability[135](index=135&type=chunk) - Ordinary shares are at risk of Nasdaq delisting due to non-compliance with the **$1.00** minimum bid price requirement as of January 19, 2024[190](index=190&type=chunk) - Shareholders may face difficulties protecting their interests under Cayman Islands law, which is less developed than U.S. corporate law[209](index=209&type=chunk) [Information on the Company](index=47&type=section&id=Item%204.%20Information%20on%20the%20Company) Ostin Technology Group designs, develops, and manufactures TFT-LCD display modules and polarizers in China, detailing its history, operations, and regulatory environment - The company completed a corporate reorganization in February 2022, terminating its VIE structure and now holding **97.85%** of its primary operating subsidiary, Jiangsu Austin[228](index=228&type=chunk) - Main products are display modules and polarizers, each accounting for **48%** of revenue in FY2023[243](index=243&type=chunk)[382](index=382&type=chunk) - The company has high supplier concentration, with two suppliers accounting for **42.55%** and **6.8%** of total purchases in FY2023[141](index=141&type=chunk)[272](index=272&type=chunk) - The company is expanding into end-user products like the Pintura system and intelligent conference systems to diversify offerings and capture higher profit margins[257](index=257&type=chunk)[371](index=371&type=chunk) [History and Development of the Company](index=47&type=section&id=4.A.%20History%20and%20Development%20of%20the%20Company) The company's history details its evolution from Jiangsu Austin in 2010 to a Cayman Islands holding company, completing a VIE structure termination by June 2022 - The company began operations in 2010 via Jiangsu Austin, undergoing a reorganization in late 2019 to establish a Cayman Islands holding structure[223](index=223&type=chunk) - VIE arrangements were fully terminated in February 2022, leading to **97.85%** direct ownership of Jiangsu Austin, which became a wholly-owned subsidiary by June 2022[228](index=228&type=chunk)[229](index=229&type=chunk) - The company asserts it is not in a foreign investment-restricted industry and has obtained all necessary PRC licenses for current operations[231](index=231&type=chunk)[233](index=233&type=chunk) [Business Overview](index=51&type=section&id=4.B.%20Business%20Overview) The company's core business involves designing and manufacturing TFT-LCD modules and polarizers for consumer, automotive, and commercial displays, with a focus on high-end and new IoT products - The company designs, develops, and manufactures TFT-LCD modules and polarizers for consumer electronics, automotive, and commercial display markets[238](index=238&type=chunk) Revenue by Product Category (FY2021-2023) | Product Category | FY 2023 Revenue | FY 2022 Revenue | FY 2021 Revenue | | :--- | :--- | :--- | :--- | | Display Modules | $27,793,530 | $35,113,651 | $96,087,963 | | Polarizers | $27,526,662 | $62,709,731 | $62,625,352 | Geographic Sales Breakdown (FY2021-2023) | Region | FY 2023 Sales | FY 2022 Sales | FY 2021 Sales | | :--- | :--- | :--- | :--- | | Mainland China | $54,466,044 (95%) | $96,449,118 (91%) | $133,852,929 (80%) | | Hong Kong and Taiwan | $3,059,656 (5%) | $8,948,112 (9%) | $32,244,188 (19%) | | Southeast Asia | - | $19,516 (<1%) | $1,647,684 (1%) | - A cooperation agreement with Shanghai Inabata provides key polarizer manufacturing equipment in exchange for exclusive substrate purchases, currently in automatic renewal[276](index=276&type=chunk) [Property, Plants and Equipment](index=73&type=section&id=4.D.%20Property%2C%20Plants%20and%20Equipment) The company's PRC-based physical assets include facilities with a monthly production capacity of 470,000 TFT-LCD display modules and 700,000 square meters of polarizers, operating at 50% utilization - Designed monthly production capacity is **470,000** TFT-LCD display modules and **700,000** square meters of polarizers, currently at approximately **50%** utilization[361](index=361&type=chunk) - The new Phase II polarizer factory in Chengdu is complete and expected to commence OLED display production in the first half of 2024[361](index=361&type=chunk) Principal Facilities | Location | Size (Square Meters) | Primary Use | Ownership | | :--- | :--- | :--- | :--- | | Nanjing, Jiangsu | 2,066 | Office | Owned | | Nanjing, Jiangsu | 8,888 | Manufacturing (Display Modules) | Leased | | Chengdu, Sichuan | 33,394 | Manufacturing (Polarizers) | Owned | | Luzhou, Sichuan | 5,987 | Manufacturing (Display Modules) | Leased | [Operating and Financial Review and Prospects](index=75&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) Management discusses a significant 45% sales decrease in FY2023, resulting in an $11.0 million net loss, attributed to reduced market demand, alongside details on liquidity, R&D, and critical accounting policies Financial Performance Summary (FY2021-2023) | Metric | FY 2023 | FY 2022 | FY 2021 | | :--- | :--- | :--- | :--- | | Sales | $57,525,700 | $105,416,746 | $167,744,801 | | Gross Profit | $2,053,603 | $12,612,315 | $17,359,078 | | Gross Margin | 3.6% | 12.0% | 10.3% | | Net (Loss)/Income | $(11,013,966) | $112,227 | $3,295,507 | - Sales decreased by **45%** in FY2023, driven by a **56%** drop in polarizer sales and a **21%** drop in display module sales due to consumer electronics market slowdown[382](index=382&type=chunk)[383](index=383&type=chunk)[385](index=385&type=chunk) - The auditor issued a "Going Concern" warning due to negative working capital, a **$11.0 million** net loss, and an **$8.5 million** accumulated deficit as of September 30, 2023[132](index=132&type=chunk)[646](index=646&type=chunk)[681](index=681&type=chunk) Cash Flow Summary (FY2021-2023) | Cash Flow Activity | FY 2023 | FY 2022 | FY 2021 | | :--- | :--- | :--- | :--- | | Net cash from Operating | $(2,591,320) | $9,698,283 | $(17,664,259) | | Net cash from Investing | $(6,990,948) | $(6,878,518) | $(5,197,913) | | Net cash from Financing | $7,720,910 | $11,788 | $18,564,120 | [Directors, Senior Management and Employees](index=93&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details the company's leadership, including five directors and executive compensation of $333,383 for FY2023, and a workforce of 226 employees, with CEO Tao Ling holding 27.9% beneficial ownership - The board comprises five members: Tao Ling (Chairman & CEO), Xiaohong Yin (Director), and three independent directors[465](index=465&type=chunk)[486](index=486&type=chunk) - Aggregate compensation for executive officers and directors totaled **$333,383** in FY2023, with an additional **$18,977** in social benefits for executive officers[477](index=477&type=chunk) Employee Headcount by Function (as of Sep 30, 2023) | Function | Number of Employees | Percentage | | :--- | :--- | :--- | | Administration | 56 | 24.8% | | Finance | 11 | 4.8% | | Technology | 18 | 8.0% | | Production | 127 | 56.2% | | Sales | 14 | 6.2% | | **Total** | **226** | **100%** | Major Share Ownership (as of Jan 30, 2024) | Name of Beneficial Owner | Percentage of Outstanding Shares | | :--- | :--- | | Tao Ling (CEO & Chairman) | 27.9% | | Xiaohong Yin (Director) | 6.9% | | All directors and executive officers as a group | 35.0% | [Major Shareholders and Related Party Transactions](index=102&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details significant shareholder information and related party transactions, including unsecured, interest-free advances from CEO Tao Ling and director Xiaohong Yin, and personal guarantees for bank loans - The company received **$7.61 million** in working capital advances from CEO Tao Ling, director Xiaohong Yin, and their family members in FY2023[511](index=511&type=chunk)[512](index=512&type=chunk)[799](index=799&type=chunk) - Bank loans totaling **$10,964,912** were guaranteed by CEO Tao Ling and his family members as of September 30, 2023, without guarantee fees[513](index=513&type=chunk)[799](index=799&type=chunk) Outstanding Loans Due to Related Parties | Related Party | Balance as of Sep 30, 2023 | Balance as of Sep 30, 2022 | | :--- | :--- | :--- | | Xiaohong Yin (Director) | $1,710,347 | $0 | | Tao Ling (CEO) | $0 | $0 | | Bozhen Gong (Family of CEO) | $68,531 | $295,213 | | Yun Tan (Family of CEO) | $178,180 | $182,751 | | **Total Due to Related Parties** | **$3,005,577** | **$731,004** | [Financial Information](index=103&type=section&id=Item%208.%20Financial%20Information) This section directs readers to the consolidated financial statements starting on page F-1 and confirms the company's policy of retaining all earnings for business growth, with no plans for future dividends - Consolidated financial statements are located at the end of the report, beginning on page F-1[514](index=514&type=chunk) - The company has never paid dividends and plans to retain all earnings for operations and growth in the foreseeable future[515](index=515&type=chunk) [Additional Information](index=103&type=section&id=Item%2010.%20Additional%20Information) This section covers the company's share capital, memorandum and articles of association, a comparison of Cayman Islands and U.S. corporate law, and taxation policies, including potential PFIC classification for U.S. investors - As of January 30, 2024, **14,006,250** ordinary shares were issued and outstanding from an authorized capital of **499,000,000** ordinary shares[517](index=517&type=chunk) - The company is an exempted company under Cayman Islands law, offering privileges like exemption from annual general meetings and public inspection of the register of members[526](index=526&type=chunk) - There is a risk of classification as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, potentially leading to adverse tax consequences for U.S. shareholders[201](index=201&type=chunk)[593](index=593&type=chunk) - If deemed a PRC resident enterprise, the company's global income could face a **25%** PRC enterprise income tax, with dividends to non-PRC shareholders potentially subject to a **10%** withholding tax[577](index=577&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=120&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section identifies primary market risks including foreign exchange risk due to RMB/USD fluctuations, credit risk from unsecured receivables, and interest rate risk on loans - The company faces foreign exchange risk from RMB operations and USD financial reporting, where RMB/USD fluctuations can impact reported results[608](index=608&type=chunk)[609](index=609&type=chunk) - Credit risk arises from unsecured accounts receivable and uninsured cash deposits in PRC financial institutions[610](index=610&type=chunk) - The company is exposed to interest rate risk, as fixed-rate loans may face adverse rate changes upon refinancing[734](index=734&type=chunk) [PART II](index=121&type=section&id=PART%20II) [Material Modifications to the Rights of Security Holders and Use of Proceeds](index=121&type=section&id=Item%2014.%20Material%20Modifications%20to%20the%20Rights%20of%20Security%20Holders%20and%20Use%20of%20Proceeds) This section reports the full utilization of approximately $12.5 million IPO proceeds for plant construction, R&D, and working capital, and an additional $500,000 raised in January 2024 for working capital - Net proceeds of approximately **$12.5 million** from the April 2022 IPO have been fully utilized for plant construction (**$2.5 million**), R&D (**$2.8 million**), working capital (**$3.8 million**), and new materials research (**$3.4 million**)[615](index=615&type=chunk) - In January 2024, an additional **$500,000** was raised through a senior unsecured convertible note for working capital[616](index=616&type=chunk)[617](index=617&type=chunk) [Controls and Procedures](index=121&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective, but internal control over financial reporting was effective as of September 30, 2023, with no attestation report required for this emerging growth company - Management concluded that disclosure controls and procedures were not effective as of the end of the annual report period[618](index=618&type=chunk) - Despite disclosure control issues, management concluded that internal control over financial reporting was effective as of September 30, 2023[620](index=620&type=chunk) [Corporate Governance and Other Matters](index=123&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section covers corporate governance, identifying Mr. Qiang He as the audit committee financial expert, detailing fees paid to TPS Thayer, LLC, and noting the company's use of foreign private issuer exemptions from Nasdaq rules - Mr. Qiang He has been determined by the board to qualify as an "audit committee financial expert" per SEC rules[622](index=622&type=chunk) - The company has adopted a code of ethics, publicly available on its website[623](index=623&type=chunk) Principal Accountant Fees | Fee Category | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Audit fees | $180,000 | $180,025 | | Audit-related fees | $0 | $0 | | Tax fees | $0 | $0 | | All other fees | $0 | $0 | - The company uses the foreign private issuer exemption to follow home country practice instead of Nasdaq's shareholder approval requirement for certain dilutive events[630](index=630&type=chunk) [PART III](index=126&type=section&id=PART%20III) [Financial Statements](index=126&type=section&id=Item%2018.%20Financial%20Statements) This section presents the company's audited consolidated financial statements for FY2021-2023, prepared under U.S. GAAP, with the independent auditor's report highlighting a "Going Concern" uncertainty - The independent auditor's report includes a "Going Concern" paragraph, citing negative working capital, net loss, and accumulated deficit as factors raising substantial doubt about the company's ability to continue[646](index=646&type=chunk) Consolidated Balance Sheet Summary | Metric | As of Sep 30, 2023 | As of Sep 30, 2022 | | :--- | :--- | :--- | | Total Current Assets | $24,437,682 | $31,908,303 | | Total Current Liabilities | $40,531,407 | $31,555,984 | | **Working Capital** | **$(16,093,725)** | **$352,319** | | Total Assets | $56,548,761 | $57,233,785 | | Total Liabilities | $42,460,629 | $31,608,574 | | Total Shareholders' Equity | $14,088,132 | $25,625,211 | Consolidated Statement of Income Summary | Metric | FY 2023 | FY 2022 | FY 2021 | | :--- | :--- | :--- | :--- | | Sales | $57,525,700 | $105,416,746 | $167,744,801 | | Gross Profit | $2,053,603 | $12,612,315 | $17,359,078 | | Operating (Loss) Income | $(10,255,904) | $450,421 | $3,217,363 | | Net (Loss) Income | $(11,013,966) | $112,227 | $3,295,507 | | Basic and Diluted EPS | $(0.78) | $0.02 | $0.30 |

Nanjing, China, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Ostin Technology Group Co., Ltd. (the "Company") (NASDAQ:OST), a supplier of display modules and polarizers in China, today announced that the Company had received a written notification from the staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") dated January 19, 2024, indicating that for the last 30 consecutive business days, the closing bid price for the Company's ordinary shares was below the minimum bid price of US$ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of Each Class Trading symbol Name of Each Exchange On Which Registered Ordinary shares, par value $0.0001 per share OST The Nasdaq Stock Market LLC FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 1 ...