Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 22

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 3
Chunk 22
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 as “a deficiency, or a combination of deficiencies in internal control
over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim statements
will not be prevented or detected on a timely basis.”

Our
failure to implement and maintain effective internal controls over financial reporting could result in errors in our financial statements
that could result in a restatement of our financial statements, cause us to fail to meet our reporting obligations and cause investors
to lose confidence in our reported financial information, which may result in volatility in and a decline in the market price of the
Ordinary Shares.

We
are a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002, or
Section 404, will require that we include a report of management on our internal control over financial reporting in our annual report
on Form 20-F. In addition, if we cease to be an “emerging growth company” as such term is defined in the JOBS Act, our independent
registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting on
an annual basis. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our
management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm,
after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal controls
or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently
from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational
and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required
remediation.

During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify
other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the adequacy
of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may
not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section
404. Generally speaking, if we fail to achieve and maintain an effective