| SolarWindow Update on Market Transaction Restrictions in the Company’s Stock Pending Filing of Forms 10-K and 10-Q |
| Scottsdale, AZ; - March 22, 2023 – Today SolarWindow Technologies, Inc. (Symbol: WNDW), (the “Company”) issued the following statement to its stockholders about the warning posted by the OTC Markets regarding purchase and sale transactions in the Company’s Stock, which the Company believes is based on its inability to timely file its Form 10-K and Form 10-Q. The Company believes this is a direct result of the failure of the South Korean management, led by Mr. John Rhee, the Representative Director (“Rhee”) of the Company’s indirect, wholly owned subsidiary, SolarWindow Asia Co. Ltd. (the “Korean Subsidiary”), to provide the financial, banking and transactional documents (collectively, the “Required Information”) required by the Company’s auditors in order to complete the audit for the August 31, 2022 fiscal year (the “Annual Audit”).
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| The Company, through its officers, directors, counsel, and auditors, has made numerous requests to Rhee to produce the Required Information for its annual audit. Despite these repeated requests beginning gin May 2022, including a direct communication by the Company's auditors on October 17, 2022, Rhee and the management of the Korean Subsidiary have failed to deliver the requested documentation and information, including, but not limited to such basic information as the Korean Subsidiary's monthly banking statements.
The Company has taken legal action permitting it to hold, and it will hold an Extraordinary General Meeting for the removal of Rhee and Rhee appointed directors and auditor from the Korean Subsidiary. At the same time, the Company has engaged in discussions with Rhee, and will continue its efforts to secure his cooperation in obtaining the Required Information in order to expedite the completion and filing of the Company’s Form 10-K for the fiscal year ended August 31, 2022, and Form 10-Q for the period ended November 30, 2022. |
| | | | | Disclaimer: SolarWindow™ products are currently under development and not available for sale. This material should be considered informational only and does not constitute an offer to sell.
© Copyright 2023 SolarWindow Technologies, Inc. |
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