Compliance Plan Already Underway

The Company has initiated a coordinated compliance plan to address the matters identified in the Letter.

The Company is finalizing the submission of the necessary corporate-action application to implement a 1-for-10 reverse share split of its ordinary shares. The proposed reverse share split is intended to increase the per-share trading price of the Company’s ordinary shares and support the Company’s efforts to regain compliance with Nasdaq Listing Rule 5550(a)(2). Its implementation remains subject to the completion of all required corporate, regulatory and Nasdaq review processes.