Nasdaq Grants Santech Holdings Limited Extension to File its Annual Report on Form 20-F
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 (NASDAQ: STEC) ha ricevuto un'estensione da Nasdaq per presentare il suo Rapporto Annuale sul Modulo 20-F per l'anno fiscale concluso il 30 giugno 2024. Questo segue una lettera di carenza ricevuta a novembre 2024 a causa della non conformità con la Regola di Quotazione 5250(c)(1). Dopo aver presentato un piano di conformità prima della scadenza del 21 gennaio 2025, Nasdaq ha concesso a Santech un'estensione fino al 14 maggio 2025 per presentare il rapporto.
Se Santech non riuscisse a rispettare questa scadenza estesa, Nasdaq notificherà all'azienda la potenziale delisting, anche se Santech avrebbe il diritto di fare appello a un panel di udienze. L'azienda dichiara di lavorare diligentemente per completare e presentare la documentazione entro la nuova scadenza.
Santech Holdings (NASDAQ: STEC) ha recibido una extensión de Nasdaq para presentar su Informe Anual en el Formulario 20-F para el año fiscal que finalizó el 30 de junio de 2024. Esto sigue a una carta de deficiencia recibida en noviembre de 2024 debido a la falta de cumplimiento con la Regla de Cotización 5250(c)(1). Tras presentar un plan de cumplimiento antes de la fecha límite del 21 de enero de 2025, Nasdaq otorgó a Santech una extensión hasta el 14 de mayo de 2025 para presentar el informe.
Si Santech no cumple con esta fecha límite extendida, Nasdaq notificará a la empresa sobre una posible exclusión de la cotización, aunque Santech tendría derecho a apelar a un Panel de Audiencias. La empresa afirma que está trabajando diligentemente para completar y presentar la documentación antes de la nueva fecha límite.
산테크 홀딩스 (NASDAQ: STEC)는 2024년 6월 30일로 종료된 회계연도의 연례 보고서를 제출하기 위해 나스닥으로부터 연장을 받았습니다. 이는 2024년 11월에 받은 불이행 통지서에 따른 것으로, 상장 규칙 5250(c)(1)과의 비준수 때문입니다. 2025년 1월 21일 마감일 이전에 준수 계획을 제출한 후, 나스닥은 산테크에 2025년 5월 14일까지 보고서를 제출할 연장을 부여했습니다.
산테크가 이 연장된 기한을 지키지 못할 경우, 나스닥은 회사에 잠재적인 상장 폐지 통지를 할 것이며, 산테크는 청문위원회에 항소할 권리를 갖게 됩니다. 회사는 새로운 기한 이전에 서류 작업을 완료하고 제출하기 위해 열심히 노력하고 있다고 밝혔습니다.
Santech Holdings (NASDAQ: STEC) a reçu une prolongation de Nasdaq pour déposer son Rapport Annuel sur le Formulaire 20-F pour l'exercice fiscal clôturé le 30 juin 2024. Cela fait suite à une lettre de carence reçue en novembre 2024 en raison d'une non-conformité avec la Règle de Cotation 5250(c)(1). Après avoir soumis un plan de conformité avant la date limite du 21 janvier 2025, Nasdaq a accordé à Santech une prolongation jusqu'au 14 mai 2025 pour déposer le rapport.
Si Santech ne respecte pas cette date limite prolongée, Nasdaq informera l'entreprise d'un éventuel retrait de la cotation, bien que Santech ait le droit de faire appel à un Panel d'Audiences. L'entreprise indique qu'elle travaille avec diligence pour compléter et soumettre le dépôt avant la nouvelle date limite.
Santech Holdings (NASDAQ: STEC) hat von Nasdaq eine Verlängerung erhalten, um seinen Jahresbericht auf Formular 20-F für das am 30. Juni 2024 endende Geschäftsjahr einzureichen. Dies folgt auf ein Mängelschreiben, das im November 2024 aufgrund der Nichteinhaltung der Listing-Regel 5250(c)(1) erhalten wurde. Nach der Einreichung eines Compliance-Plans vor der Frist am 21. Januar 2025 gewährte Nasdaq Santech eine Verlängerung bis zum 14. Mai 2025, um den Bericht einzureichen.
Falls Santech diese verlängerte Frist verpasst, wird Nasdaq das Unternehmen über eine mögliche Delisting informieren, auch wenn Santech das Recht hat, Berufung beim Anhörungsausschuss einzulegen. Das Unternehmen gibt an, dass es gewissenhaft an der Fertigstellung und Einreichung der Unterlagen vor der neuen Frist arbeitet.
- Received extension from Nasdaq until May 14, 2025 to file annual report
- Successfully submitted compliance plan within required 60-day window
- Maintains right to appeal in case of delisting notice
- Failed to file Annual Report Form 20-F by original deadline
- Currently non-compliant with Nasdaq listing requirements
- Risk of delisting if May 14, 2025 deadline is not met
Insights
The Nasdaq's extension for Santech Holdings' Form 20-F filing represents a critical regulatory development that warrants serious investor attention. The lengthy delay - now stretching nearly 7 months past the original due date - raises significant red flags about potential underlying issues.
The gravity of this situation becomes apparent when considering that Form 20-F filings contain important financial data and operational insights that investors rely on for decision-making. Extended delays often indicate deeper problems such as accounting irregularities, internal control deficiencies, or material weaknesses that require extensive auditing procedures.
Historical patterns show that companies receiving multiple filing extensions face increased scrutiny from investors and regulators. The risk factors include:
- Potential volatility and reduced trading liquidity as institutional investors often restrict trading in securities with delayed filings
- Increased borrowing costs and strained relationships with creditors and business partners
- Higher probability of facing shareholder litigation or SEC investigations
While the extension provides temporary relief from immediate delisting, Santech's market position remains precarious. The May 14 deadline represents a final compliance threshold - failure to meet it would trigger delisting proceedings, potentially forcing the stock to trade over-the-counter, dramatically reducing liquidity and institutional investment access.
For existing shareholders, this period demands heightened vigilance. The company's commitment to file "as soon as practicable" offers little concrete reassurance given the extensive delay already incurred. The situation particularly impacts retail investors who may face challenges obtaining accurate company information for informed decision-making during this period of disclosure.
HONG KONG, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Santech Holdings Limited (NASDAQ: STEC) (“Santech” or the “Company”) announced today that The Nasdaq Stock Market LLC (“Nasdaq”) has determined to grant Santech an exception to Listing Rule 5250(c)(1) of Nasdaq’s Listing Rules (the “Rules”), giving Santech an extension of the deadline to file its Annual Report on Form 20-F for the fiscal year ended June 30, 2024 (the “Filing”).
As Santech announced in its press release dated November 25, 2024, Santech received a deficiency letter from Nasdaq stating that Santech is not in compliance with the Rules because it has not yet filed the Filing with the Securities and Exchange Commission (the “SEC”). Nasdaq indicated that Santech had 60 calendar days, or no later than January 21, 2025, to submit a plan to regain compliance (the “Plan”).
Santech timely submitted a Plan to Nasdaq. Based on its further review, Nasdaq has determined to grant an exception to the filing deadline under the Rules to enable Santech to regain compliance with the Rules. Under the terms of the exception, Santech must file the Filing on or before May 14, 2025. In the event Santech does not satisfy the terms of the exception, Nasdaq will provide Santech with written notification that its securities will be delisted, at which time Santech may appeal Nasdaq’s determination to a Hearings Panel.
Santech is working diligently to complete the Filing and aims to file the report as soon as practicable, on or before May 14, 2025.
About Santech Holdings Limited
Santech Holdings Limited (NASDAQ: STEC) is a consumer-focused technology company. The Company historically served a large number of high net-worth clients in China in financial services and health management, and accumulated a large customer base. The Company has exited or disposed of its historical businesses in financial services and is actively exploring innovative new opportunities in technology, including but not limited to new retail, social e-commerce and metaverse. For more information, please visit https://ir.santechholdings.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Contact:
Santech Holdings Limited
Email: ir@santechholdings.com
FAQ
What is the new deadline for Santech Holdings (STEC) to file its Form 20-F?
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When did Santech Holdings (STEC) receive the initial Nasdaq deficiency notice?
What Nasdaq rule is Santech Holdings (STEC) currently not complying with?
When was Santech's (STEC) compliance plan due to Nasdaq?
