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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.
Santech Holdings (NASDAQ: STEC), formerly known as Hywin Holdings, announced the results of its extraordinary general meeting held on July 17, 2024, in Hong Kong. Shareholders approved significant resolutions including:
- Changing the company's name to Santech Holdings and adopting the Chinese name 三合智能控股有限公司.
- Amending and restating the Company's memorandum and articles of association to reflect the name change, adjustments in director appointment and removal approvals, and the exemption from holding an annual general meeting every year.
- Authorizing any one director to execute necessary documents for implementing these changes.
Additionally, the Company announced the change of its ticker symbol from HYW to STEC.
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