Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 112

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 112
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 2, 2021, the SEC issued amendments to finalize rules
implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that 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 PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16,
2021, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting
firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, which
determinations were vacated on December 15, 2022.

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On August 26, 2022, the
PCAOB announced that it had signed a Statement of Protocol (the “SOP”) with the China Securities Regulatory Commission and
the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the
“SOP Agreement”), establishes a specific, accountable framework to make possible complete inspections and investigations by
the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law.

On December 15, 2022,
the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered
in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable
to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether
the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in
mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor’s control.
The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular
inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed.
The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.

Our current independent accounting
firm, Marcum Asia CPAs LLP, whose audit report is included herein, is headquartered in