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- Going Concern (new) — Management disclosed substantial doubt about ability to continue as going concern due to working capital deficit and time-limited combination period.
- Material Weakness (worsened) — Material weakness persists for second consecutive year with identical root causes and no remediation progress.
CHARU: Complete management exodus, sponsor sold for $4M, going-concern doubt raised
Filed May 28, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 24, 2025 · ~2 min read
Key Changes
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Entire original management team resigned Feb-Mar 2026; CEO Will Garner, CFO Yuanmei Ma, and director Mark Chaney all departed. Jung Min Lee now serves as sole executive (CEO, acting CFO, director).
Business: Complete management turnover verify on EDGAR → -
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Sponsor ownership changed hands May 2025 when original shareholder sold 100% stake to Sovereign Global Trust LLC for $4M. Control now rests with Chen Siak Chan through Valley Point Limited.
Business: Change in control of sponsor verify on EDGAR → -
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Management disclosed substantial doubt about ability to continue as going concern. Cash fell to $5,135 with working capital deficit of $185,217 as of Dec 31, 2025 vs. positive $407,150 prior year.
Notes: Going concern disclosure view on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · May 29, 2026 8:42 PM