Corporate Governance Changes - Santech Holdings Limited announced changes to its Board of directors and senior management to enhance corporate governance and bring additional expertise [1][3] - Mr. Han Hongwei and Madame Wang Dian were removed from their positions due to their inability to fulfill their duties [2] - Lawrence Wai Lok has been appointed as Chairman of the Board and Chief Executive Officer, effective immediately, to lead the company's restructuring and strategic transformation [2][7] New Appointments - Two new Independent Directors have been appointed: Mr. Howard Chan and Mr. Geoffrey Kam, effective immediately [3] - Mr. Howard Chan, a Certified Public Accountant, has extensive experience in corporate finance and transaction advisory, previously serving at Jones Lang LaSalle and Ernst and Young [4] - Mr. Geoffrey Kam, a solicitor with broad litigation experience, is currently a Consultant at Messrs. Boase Cohen & Collins and has served in various public bodies in Hong Kong [6] Audit Committee Composition - The Audit Committee of the Board is now comprised entirely of independent directors: Janet Chen, Joel Gallo, and Howard Chan [5] Company Overview - Santech Holdings Limited is a consumer-focused technology company that has historically served high net-worth clients in China in financial services and health management [7] - The company has exited its historical financial services businesses and is exploring innovative opportunities in technology, including new retail, social e-commerce, and the metaverse [7]

Core Viewpoint - Santech Holdings Limited has received an extension from Nasdaq to file its Annual Report on Form 20-F for the fiscal year ended June 30, 2024, now due by May 14, 2025, after previously being notified of non-compliance with listing rules [1][2][3]. Group 1: Compliance and Filing Details - Nasdaq granted Santech an exception to Listing Rule 5250(c)(1), allowing an extension for the filing of its Annual Report [1][3]. - Santech was initially given a 60-day period to submit a plan to regain compliance, with a deadline of January 21, 2025 [2]. - The company has submitted a compliance plan and is required to file the Annual Report by May 14, 2025, or face potential delisting [3][4]. Group 2: Company Background - Santech Holdings Limited is a consumer-focused technology company that has transitioned from financial services to exploring new opportunities in technology, including new retail, social e-commerce, and the metaverse [5].

Group 1: Change of Auditor - The Company has appointed Audit Alliance LLP as its independent registered public accounting firm, effective January 22, 2025, after dismissing Marcum Asia CPAs LLP, effective November 15, 2024 [1][2] - The decision to change auditors was due to significant changes in the Company's business focuses and scale, not due to any disagreements with MarcumAsia regarding accounting principles or practices [2] Group 2: Compliance Plan with Nasdaq - The Company has submitted a compliance plan to Nasdaq to request an extension of time to regain compliance with continued listing requirements [3] - The compliance plan outlines the timeline for filing its Annual Report on Form 20-F for the financial year ended June 30, 2024, and aims to become current with its reporting requirements within the discretionary period granted by Nasdaq [4] Group 3: Company Overview - Santech Holdings Limited (NASDAQ: STEC) is a consumer-focused technology company that has historically served high net-worth clients in China in financial services and health management [5] - The Company has exited its historical financial services businesses and is exploring new opportunities in technology, including new retail, social e-commerce, and the metaverse [5]