Company: RETO
Filing Date: 2025-07-31
Form Type: F-3
Source: 0001213900-25-070052
Chunk: 25

Company: ReTo Eco-Solutions, Inc.
Filing Date: 2025-07-31
Form: F-3
Chunk 25
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 this framework and there is no assurance that the PCAOB will be able to execute, in a timely manner, its future inspections and investigations
in a manner that satisfies the Statement of Protocol. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete
access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate
its previous determinations to the contrary.

<div align='center'>4</div>

On December 29, 2022, the
Consolidated Appropriations Act, 2023 was signed into law, which amended the HFCAA (i) to reduce the number of consecutive non-inspection
years required for triggering the prohibitions under the HFCAA from three years to two, and (ii) so that any foreign jurisdiction could
be the reason why the PCAOB does not have complete access to inspect or investigate a company’s auditor. As it was originally enacted,
the HFCAA applied only if the PCAOB’s inability to inspect or investigate was due to a position taken by an authority in the foreign
jurisdiction where the relevant public accounting firm is located. As a result of the Consolidated Appropriations Act, 2023, the HFCAA
now also applies if the PCAOB’s inability to inspect or investigate the relevant accounting firm is due to a position taken by an
authority in any foreign jurisdiction. The denying jurisdiction does not need to be where the accounting firm is located.

These developments could add
uncertainties to the trading of our securities, including the possibility that the SEC may prohibit trading in our securities if the PCAOB
cannot fully inspect or investigate our auditor and we fail to appoint a new auditor that is accessible to the PCAOB and that Nasdaq can
delist our Class A Shares.

If it is later determined
that the PCAOB is unable to inspect or investigate our auditor completely, investors may be deprived of the benefits of such inspection.
Any audit reports not issued by auditors that are completely inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken
in China that prevents the PCAOB from regularly evaluating our auditors’ audits and their quality control procedures, could result
in a lack of assurance that our financial statements and disclosures are adequate and accurate, then such lack of inspection could cause
our securities to be delisted from the stock exchange.

For details on the effects
of HFCAA on us, see “Item 3. Key Information — D