Welcome to our dedicated page for Santech Holdings news (Ticker: STEC), a resource for investors and traders seeking the latest updates and insights on Santech Holdings stock.
Santech Holdings Ltd (STEC) is a consumer-focused technology company driving innovation in new retail, social e-commerce, and metaverse development. This page serves as the definitive source for official announcements, strategic updates, and market insights related to STEC's business evolution.
Investors and industry observers will find curated press releases detailing partnerships, technology initiatives, and corporate governance developments. Our repository includes updates on emerging digital commerce platforms, regulatory compliance milestones, and transformative projects shaping STEC's position in the tech sector.
All content is rigorously verified to ensure accuracy and relevance. Bookmark this page to stay informed about STEC's advancements in creating immersive consumer experiences through cutting-edge technologies. Regular updates provide timely insights into the company's strategic direction within competitive digital markets.
Santech Holdings (NASDAQ: STEC) has completed a share issuance on March 19, 2025, raising US$1.0 million in capital through a subscription agreement with Carmel Holdings The agreement, signed on March 17, 2025, involves the issuance of 112,000,000 restricted ordinary shares.
The transaction, approved by all independent directors, will provide funds for the company's liquidity and working capital requirements. Carmel Holdings , incorporated in the British Virgin Islands, is controlled by CEO Lawrence Wai Lok. This share issuance represents a significant step in Santech's ongoing restructuring and business reorganization efforts.
Santech Holdings (NASDAQ: STEC) has successfully regained compliance with NASDAQ's minimum bid price requirement under Listing Rule 5550(a)(2), as confirmed by a notification received from The Nasdaq Stock Market on March 12, 2025. The exchange has officially closed this matter, marking a positive development for the company's continued listing status.
Santech Holdings (NASDAQ: STEC) has announced significant changes to its Board of Directors and senior management. Lawrence Wai Lok has been appointed as both Chairman of the Board and CEO, following the removal of directors Han Hongwei and Wang Dian who were unable to fulfill their duties for an extended period.
The company has strengthened its corporate governance by appointing two new Independent Directors: Howard Chan, a US Certified Public Accountant with extensive corporate finance experience in China and Hong Kong, and Geoffrey Kam, a Hong Kong solicitor specializing in various litigation matters. Chan will join the Audit Committee, which is now fully comprised of three independent directors.
These appointments are part of Santech's efforts in restructuring and strategic transformation, bringing additional expertise in legal, finance, and accounting to the Board.
Santech Holdings (NASDAQ: STEC) has received an extension from Nasdaq to file its Annual Report on Form 20-F for the fiscal year ended June 30, 2024. This follows a deficiency letter received in November 2024 due to non-compliance with Listing Rule 5250(c)(1). After submitting a compliance plan before the January 21, 2025 deadline, Nasdaq granted Santech an extension until May 14, 2025 to file the report.
If Santech fails to meet this extended deadline, Nasdaq will notify the company of potential delisting, though Santech would have the right to appeal to a Hearings Panel. The company states it is working diligently to complete and submit the filing before the new deadline.
Santech Holdings has announced two significant corporate developments on January 22, 2025. First, the company's Audit Committee has appointed Audit Alliance LLP as its new independent registered public accounting firm, replacing Marcum Asia CPAs LLP, effective from November 15, 2024. The change was attributed to recent significant changes in the company's business focus and scale, not due to any disagreements on accounting principles or practices.
Secondly, the company has submitted a compliance plan to Nasdaq requesting an extension to regain compliance with continued listing requirements. The plan outlines the timeline for filing its Annual Report on Form 20-F for the fiscal year ended June 30, 2024, to become current with reporting requirements within Nasdaq's discretionary period.
Santech Holdings (NASDAQ: STEC) has received a 180-day extension from Nasdaq to regain compliance with the minimum bid price requirement. The extension, granted until May 26, 2025, follows the company's transfer from Nasdaq Global Market to Nasdaq Capital Market, effective December 5, 2024.
The extension was granted based on Santech meeting market value requirements, expressing intention to implement a reverse stock split if necessary, and agreeing to Nasdaq Listing Agreement conditions. To regain compliance, the company's closing bid price must meet or exceed $1.00 per ADS for at least ten consecutive business days.
Santech Holdings (NASDAQ: STEC) has received a non-compliance notice from Nasdaq on November 21, 2024, due to failing to file its annual report Form 20-F for the year ended June 30, 2024 on time. While this notice doesn't immediately affect the company's listing status, Santech has 60 days to submit a compliance plan to Nasdaq. If accepted, Santech could receive up to 180 days from the original due date, until May 14, 2024, to regain compliance. The company is working with advisers to prepare the filing or develop a compliance plan within the required timeframe.
Santech Holdings (NASDAQ: STEC) announced significant changes to its Board and senior management. The company's Chairman, Mr. Han Hongwei, and CEO, Madame Wang Dian, have been detained and are under investigation by Shanghai authorities for alleged illegal activities at Hywin Wealth Management, a separate entity owned by Mr. Han. In response, the Board has appointed Mr. Lawrence Wai Lok as a new director and acting CEO. Mr. Lok, with over 15 years of experience in investment banking, will review the company's operations and lead its strategic transformation. The Board has also retained independent US counsel for legal advice on securities laws. Santech Holdings emphasizes that it is not associated with the investigation and has not received any official notice from authorities.
Santech Holdings (NASDAQ: STEC) has announced a new share repurchase program authorized by its board of directors. The program allows the company to repurchase up to US$5 million worth of its outstanding American Depositary Shares (ADSs) over the next 12 months, starting from August 26, 2024.
The repurchases may be made on the open market, through private transactions, block trades, or other legal means. The company will adhere to applicable rules and regulations, including Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Santech plans to fund the repurchases from its existing cash balance. The board will review the program periodically and may adjust its terms and size as needed.
Santech Holdings (NASDAQ: STEC), a consumer-focused technology company in China, announced changes to its Board of Directors. Mr. Vincent Chun Hung Chan has resigned as an independent director, effective immediately, citing personal reasons. The company emphasized that Chan's resignation was not due to any disagreements regarding business operations, financial reporting, controls, policies, or practices.
Following Chan's departure, the Board will consist of four members: Mr. HAN Hongwei, Ms. WANG Dian (CEO), and two independent directors, Mr. Joel A. GALLO and Ms. CHEN Jie. Madame Wang Dian expressed gratitude for Chan's contributions and wished him success in future endeavors.
