Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 81

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 81
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 China that are subject to the PCAOB inspections, which could cause investors and potential
investors in our Class A Ordinary Shares to lose confidence in our audit procedures and reported financial information and the quality
of our financial statements.

Our auditor, Marcum Asia CPAs
LLP, as the auditor of companies that are traded publicly in the U. S. and registered with the PCAOB, are subject to laws in the U. S.,
pursuant to which the PCAOB conducts regular inspections to assess their compliance with the applicable professional standards. Marcum
Asia CPAs LLP is headquartered in Manhattan, New York, and have been inspected by the PCAOB on a regular basis, and Marcum Asia CPAs LLP
is not subject to the determinations announced by the PCAOB on December 16, 2021.

However, the recent developments
would add uncertainties to our ability to offer or continue to offer securities and we cannot assure you whether the national securities
exchange we apply to for listing or regulatory authorities would apply additional and more stringent criteria to us after considering
the effectiveness of our auditor’s audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency
of resources, geographic reach, or experience as it relates to our audit. In addition, the HFCA Act, as amended, which requires that the
PCAOB be permitted to inspect an issuer’s public accounting firm within two years, may result in the delisting of our Company or
prohibition of trading in our Class A Ordinary Shares in the future if the PCAOB is unable to inspect our accounting firm at such future
time.

On August 26, 2022, the China
Securities Regulatory Commission, the MOF, and the PCAOB signed the Protocol governing inspections and investigations of audit firms based
in mainland China and Hong Kong, taking the first step toward opening access for the PCAOB to inspect and investigate registered public
accounting firms headquartered in mainland China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the
SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability
to transfer information to the SEC. On December 15, 2022, the PCAOB Board 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. However, should PRC authorities