Singularity Future Technology Ltd.

Singularity Future Technology Ltd. announced a 1-for-14 reverse stock split, effective July 27, 2026. This action, approved by shareholders on June 30, 2026, and finalized by the Board on July 7, 2026, will reduce the total outstanding ordinary shares from 12,556,650 to 896,904. Fractional shares resulting from the split will be rounded up to the nearest whole number, and trading on a split-adjusted basis is expected to commence on July 27, 2026, under a new CUSIP number.

Singularity Future Technology Ltd. completed a private placement on July 13, 2026, raising approximately $2,000,000. The company sold 5,263,158 units to certain non-U.S. investors, with each unit comprising one common share and three warrants. The warrants are exercisable at $0.418 per share and expire in five years.

Singularity Future Technology Ltd. has entered into an Amended Stipulation and Agreement of Settlement to resolve a securities class action lawsuit for an aggregate cash amount of $5.8 million. This settlement, which includes $2 million already in escrow, requires an additional $1.5 million payment within 15 days and the remaining $2.3 million within 60 days, all subject to court approval. The company stated that resolving the Class Action is in its best interests, reducing uncertainty and costs, and does not constitute an admission of wrongdoing. Additionally, at its annual meeting, shareholders re-elected two directors, ratified Audit Alliance LLP as the auditor, approved a new stock incentive plan, and granted the Board authority to implement a reverse stock split at various ratios.

Singularity Future Technology Ltd. has filed a definitive proxy statement for its Annual Meeting of Stockholders on June 30, 2026. Key proposals include granting the Board discretionary authority to effect a reverse stock split at ratios of 1-for-5, 1-for-10, or 1-for-14, and a significant increase in authorized common stock from 50 million to 50 billion shares. Stockholders will also vote on the re-election of two directors, the ratification of the independent auditor, and the approval of a new stock incentive plan.

Singularity Future Technology Ltd. reported a net income attributable to controlling shareholders of $4.51 million for the three months ended March 31, 2026, reversing a loss of $1.67 million in the prior year period, primarily driven by a $4.85 million class action settlement reversal. Revenue for the quarter increased to $403,684. Despite the positive net income, the company reported a significant increase in net cash used in operating activities to $21.16 million for the nine months ended March 31, 2026, and management expressed substantial doubt about its ability to continue as a going concern. The company also disposed of its subsidiary, New Energy Tech Limited, for $2.7 million.