Summit Networks Inc. Faces Temporary Trading Suspension Due to Cross-Border Audit Compliance Issue
Reuters
Aug 13, 2025
<a href="https://laohu8.com/S/SNTW">Summit Networks Inc</a>. Faces Temporary Trading Suspension Due to Cross-Border Audit Compliance Issue
Summit Networks Inc. has announced a temporary trading suspension imposed by the British Columbia Securities Commission (BCSC). This suspension is due to the company's need to appoint an independent auditor licensed by both the Public Company Accounting Oversight Board (PCAOB) and the Canadian Public Accountability Board (CPAB) to comply with cross-border audit standards. As a result, Summit Networks is currently unable to sell shares to raise operating funds. To mitigate this, CEO Mrs. Chao Long Huang has agreed to provide up to $500,000 in bridge financing. The Board of Directors approved this transaction on August 11, 2025, and has since engaged a public accounting firm that meets the necessary regulatory requirements. The company assures that these financial arrangements are conducted transparently, with no transfer of control or equity involved.
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