• Senmiao Technology’s audit committee said unaudited financial statements in its Form 10-Q for the quarter ended Dec. 31, 2025 should no longer be relied upon.
• Error tied to misclassification of 905,000 pre-funded warrants and 4,510,000 private placement warrants as equity instead of derivative liabilities at fair value.
• Restatement planned; derivative liabilities understated by USD 4.93 million and additional paid-in capital overstated by USD 2.83 million as of Dec. 31, 2025.
• Misstatements also affected income items, including understated gain on fair-value changes of USD 813,000 and understated excess warrant fair value over proceeds of USD 2.9 million.
• Audit committee discussed the matter with Marcum Asia CPAs; management linked the error to previously disclosed material weaknesses in internal controls.

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