Company: OPGN
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001829126-25-006628
Chunk: 943

Company: OPGEN INC
Filing Date: 2025-08-21
Form: 10-K
Item: Item 5
Chunk 943
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 out the responsibilities of a director. The Board has determined that, upon their appointments, Messrs. Chua and Lim will be “independent” directors as defined in the applicable Nasdaq listing standards and applicable SEC rules. Our independent directors will conduct regularly scheduled meetings at which only independent directors are present.

While Nasdaq listing standards generally require that a majority of the Board be independent, under NASDAQ Rule 4350(c), a controlled company (as defined by Nasdaq listing standards) is exempt from certain independent director requirements set forth in this rule. Following the Company’s special meeting of stockholders on May 9, 2024, the Company became a controlled company and may rely on such exemption.

Audit Committee

The current members of our audit committee are: Lim Zhao Qi Ken (Chair) and Chua Kok Hoe Victor. Each member of the audit committee is expected to be financially literate, and Mr. Lim qualifies as an “audit committee financial expert” as defined in applicable SEC rules and has accounting or related financial management expertise. We have adopted an audit committee charter that details the purposes and responsibilities of the committee, including:

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    appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm; 

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    approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm; 

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    reviewing the audit plan with the independent registered public accounting firm and members of management responsible for preparing our financial statements; 

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    reviewing and discussing with management and the independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us; 

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    reviewing the adequacy of our internal control over financial reporting; 

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    establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; 

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    reviewing the Company’s periodic reports to be filed with the SEC; 

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    recommending, based upon the Audit Committee’s review and discussions with management and the independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 10-K; 

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    monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters; 

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    preparing the Audit Committee report required by SEC rules to be included in our annual proxy statement; 

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    overseeing our compliance with applicable legal and regulatory requirements;