Singularity Future Technology Ltd.

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.