Santech Holdings Limited Receives Deficiency Notification from Nasdaq

Santech Holdings Limited, a technology company listed on the NASDAQ under the ticker symbol STEC, recently received a notice of non-compliance from the Nasdaq Stock Market LLC. This notice, issued on November 21, 2024, was related to Santech’s failure to timely file its annual report on Form 20-F for the year ended June 30, 2024. As a result, Santech is not currently in compliance with Nasdaq Listing Rule 5250(c)(1), which mandates the timely filing of periodic financial reports with the Securities and Exchange Commission.

The good news is that this notice does not have an immediate impact on the trading or listing status of Santech’s American depositary shares on the Nasdaq. The company now has 60 calendar days to submit a plan to regain compliance. If Nasdaq approves the plan, Santech could have up to 180 calendar days from the due date of the Form 20-F, or until May 14, 2024, to rectify the situation.

Santech is actively working with its advisors to either prepare the filing or develop a plan to regain compliance. The company is committed to submitting the necessary filing or plan to Nasdaq within the required timeframe.

Santech Holdings Limited, historically known for serving a large number of high net-worth clients in China in financial services and health management, has shifted its focus to exploring new opportunities in the technology sector. This includes ventures into new retail, social e-commerce, and the metaverse.

For more information, you can visit Santech Holdings Limited’s investor relations website at https://ir.santechholdings.com.

In conclusion, while receiving a notice of non-compliance can be concerning, Santech Holdings Limited is taking proactive steps to address the issue and regain compliance with Nasdaq regulations. The company remains committed to transparency and regulatory adherence as it navigates this situation.