Santech Holdings Announces Changes to Board of Directors

Rhea-AI Summary

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.

Positive

• Smooth transition in board composition with no reported conflicts
• Maintained two independent directors on the board, ensuring continued corporate governance standards

Negative

• Reduction in board size from five to four members, potentially affecting diversity of expertise
• Loss of Vincent Chan's experience and insights as an independent director

SHANGHAI, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Santech Holdings Limited (“Santech”, or the “Company”) (NASDAQ: STEC), a consumer-focused technology company in China, today announced that Mr. Vincent Chun Hung Chan has resigned from his position as an independent director of the board of directors (the "Board") for personal reasons, effective immediately. The resignation of Mr. Chan did not result from any disagreement with the Company on any matter relating to the Company's business operations, financial reporting or controls, policies or practices.

Madame Wang Dian, Chief Executive Officer of Santech, commented, "On behalf of the Board, I would like to express our sincere gratitude to Mr. Chan for his valuable contributions to Santech. We wish him continued success in his future endeavors."

The Company’s board of directors will consist of four members, namely Mr. HAN Hongwei, Ms. WANG Dian, Mr. Joel A. GALLO and Ms. CHEN Jie, after Mr. Chan’s resignation, among which Mr. GALLO and Ms. CHEN are independent directors.

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

Media Contact:
ICR, LLC
Edmond Lococo
Phone: +86 138-1079-1408
Email: SantechPR@icrinc.com

FAQ

Why did Vincent Chan resign from Santech Holdings' board?

Vincent Chan resigned from his position as an independent director of Santech Holdings (NASDAQ: STEC) for personal reasons, effective August 19, 2024. The company stated that his resignation was not due to any disagreements with the company's operations or policies.

How many members are on Santech Holdings' board after Chan's resignation?

After Vincent Chan's resignation, Santech Holdings' (NASDAQ: STEC) board of directors consists of four members: Mr. HAN Hongwei, Ms. WANG Dian (CEO), and two independent directors, Mr. Joel A. GALLO and Ms. CHEN Jie.

Who are the independent directors on Santech Holdings' board as of August 19, 2024?

As of August 19, 2024, the independent directors on Santech Holdings' (NASDAQ: STEC) board are Mr. Joel A. GALLO and Ms. CHEN Jie.

What is Santech Holdings' stock symbol?

Santech Holdings trades on the NASDAQ stock exchange under the ticker symbol STEC.