Note 20 — Subsequent events

From April 1, 2026 to April 30, 2026, the Company issued an aggregate of 42,000,000 shares of Common Stock on a post-Reverse Stock Split basis for the gross proceeds of approximately $10 million through the Sales Agent pursuant to the Sales Agreement in connection with the ATM Offering.

On April 16, 2026, Mr. Tao Tu resigned from his position as the director of the Company. Following Mr. Tu’s resignation, Mr. Tu also stepped down from his positions on the Audit Committee and Compensation Committee of the Company. Mr. Tu’s resignation was not a result of any disagreements with the Company on any matter relating to its operations, policies or practices. On April 20, 2026, Mr. Shenghui Zhu was appointed to serve as a director of the Company to fulfill the vacancy on the Board of Directors following Mr. Tu’s departure. Mr. Zhu will also serve on the Company’s Audit Committee and Compensation Committee as an independent director.

On April 29, 2026, the Company issued a press release announcing its Board of Directors has approved an 1-for-20 reverse stock split (the “April 2026 Reverse Stock Split”) of all its issued and outstanding Common Stock pursuant to the authorization grated from the annual meeting of the Company’s stockholders on March 2, 2026. The April 2026 Reverse Stock Split will become effective on May 4, 2026 at 09:30 a.m., Eastern Time. Upon the effectiveness of the April 2026 Reverse Stock Split, every twenty (20) shares of the Company’s issued and outstanding Common Stock will be automatically reclassified and combined into one (1) share of Common Stock. This will reduce the number of issued and outstanding shares of Common Stock from 50,413,224 shares to 2,520,662 shares. No fractional shares will be issued; instead, any fractional entitlements will be rounded up to the next highest whole number at the participant level. The new CUSIP number for the Common Stock following the April 2026 Reverse Stock Split will be 4576JP406.