Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 59

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 59
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 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 in this annual report on Form 20-F, is headquartered in Manhattan, New York,
and was not included in the list of PCAOB Identified Firms in the PCAOB December 2021 Release. It has been inspected by the PCAOB on a
regular basis with the last inspection in 2023. Our ability to retain an auditor subject to PCAOB inspection and investigation, including
but not limited to inspection of the audit working papers related to us, may depend on the relevant positions of U. S. and Chinese regulators.
With respect to audits of companies with operations in China or Hong Kong, such as the Company, there are uncertainties about the ability
of our auditor to fully cooperate with a request by the PCAOB for audit working papers in China or Hong Kong without the approval of Chinese
authorities. If in the future Marcum Asia CPAs LLP is included in the list of PCAOB Identified Firms and we are unable to retain a PCAOB-registered
auditor subject to PCAOB inspection and investigation, a trading prohibition for our Class A Ordinary Shares could be issued shortly after
our filing of the second consecutive annual report on Form 20-F for which we have retained a PCAOB Identified Firm.

If our Class A Ordinary Shares
are subject to a trading prohibition under the HFCA Act, the price of our Class A Ordinary Shares may be adversely affected, and the threat
of such a trading prohibition would also adversely affect their price. If we are unable to be listed on another securities exchange
that provides sufficient