Borqs Technologies’ Auditor is Located in the U.S. and Registered with the PCAOB, and is Accessible by the PCAOB for Inspection and Investigation
December 06 2021 - 9:30AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G semiconductor chip design, Internet of
Things (IoT) solutions, and innovative clean energy with operations
in the United States, India and China, today announced that the
Company’s current independent audit firm, YU Certified Public
Accountant P.C., is licensed and located in the State of New York,
registered with the Public Company Accounting Oversight Board
(“PCAOB”) and is accessible for inspection or investigation by the
PCAOB, as required by the Securities and Exchange Commission’s (the
“SEC”) newly finalized rules of the Holding Foreign Companies
Accountable ACT (“HFCAA”).
https://www.sec.gov/news/press-release/2021-250. Therefore,
the Company does not believe that it will be subject to the onerous
provisions under the HFCAA that are applicable to issuers whose
auditors are located in a foreign jurisdiction and that the PCAOB
is unable to inspect or investigate.
On December 2, 2021, the SEC adopted amendments
to finalize rules implementing HFCAA which applies to registrants
the SEC identifies as having filed an annual report with an audit
report issued by a registered public accounting firm that is
located in a foreign jurisdiction and that the PCAOB is unable to
inspect or investigate (“Commission-Identified Issuers”). The final
amendments require Commission-Identified Issuers to submit
documentation to the SEC establishing that, if true, it is not
owned or controlled by a governmental entity in the public
accounting firm’s foreign jurisdiction. The final amendments also
require Commission-Identified Issuers that are “foreign issuers” as
defined in Exchange Act Rule 3b-4 to provide certain additional
disclosures in its annual report for itself and any of its
consolidated foreign operating entities. The SEC’s adopting release
provides notice regarding the procedures the SEC has established to
identify issuers and to impose trading prohibitions on the
securities of certain Commission-Identified Issuers, as required by
the HFCAA.
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
Borqs recently acquired controlling interests in
a solar energy storage systems company in the U.S.
Investor Contact:Sandra DouVice President of Corporate
FinanceBorqs Technologies, Inc.sandra.dou@borqs.net
www.borqs.com
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