Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 118

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 15
Chunk 118
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ITEM
15. CONTROLS AND PROCEDURES

IMPLICATIONS
OF BEING AN EMERGING GROWTH COMPANY

As
a company with less than US$1.235 billion in revenue during our last fiscal year, we qualify as an “emerging growth company”
as defined in the Jumpstart Our Business Startups Act (the “ JOBS Act”), enacted in April 2012. An “emerging growth
company” may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular,
as an emerging growth company, we:

  may                                                                                                
  present only two years of audited financial statements and only two years of related Management’s  
  Discussion and Analysis of Financial Condition and Results of Operations;                          
 ─────────────────────────────────────────────────────────────────────────────────────────────────────

  are                                                                                               

  are                                                                                         

  are                                                                                                 

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  will                                                                                        

We
intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the
adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may
make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that
have opted out of the phase-in periods under §107 of the JOBS Act.

We
will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross
revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of the
IPO; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt;
or (iv) the date on which we are deemed to be a “large accelerated filer” under the Securities Exchange Act of 1934, as amended,
or the Exchange Act, which would occur if the market value of our Ordinary Shares that are held by non-affiliates exceeds US$700 million
as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we
will not be entitled to the exemptions provided in the JOBS Act discussed above.

  76  

ITEM
16. RESERVED