Singularity Future settles SEC probe over restatements; to pay $350K penalty

Singularity Future Technology Ltd.

Company reached resolution with SEC on Jan 17, 2025, regarding investigation into accounting restatements.
Will pay $350,000 civil monetary penalty and cease and desist from violations of Exchange Act provisions.
Must remediate material weaknesses in internal controls and disclosure deficiencies by June 30, 2026.
Restatements involved $4.6M related party loan and $980K freight revenue recognition errors from 2021.

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