{"url_path":"/sec/aihs/8-k/2026-06-30/item-4-02","section_key":"item-4-02","section_title":"Item 4.02 Non-Reliance on Previously Issued","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-30","source_url":"https://www.sec.gov/Archives/edgar/data/1711012/0001213900-26-073669-index.html","accession_number":"0001213900-26-073669","cik":"0001711012","ticker":"AIHS","issuer_name":"Senmiao Technology Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1711012/0001213900-26-073669-index.html","primary_entity_key":"0001711012","primary_entity_name":"Senmiao Technology Ltd"},"word_count":533,"has_tables":true,"body_markdown":"**Item 4.02 Non-Reliance on Previously Issued\nFinancial Statements or Completed Interim Review.**\n\n \n\nThe Audit Committee (the “**Audit\nCommittee**”) of the Board of Directors of Senmiao Technology Limited (the “**Company**”), after discussion with\nthe Company’s management, concluded that the Company’s previously issued unaudited condensed financial statements contained\nin the Company’s Quarterly Report (“**2026 Quarterly Report**”) on Form 10-Q for the period ended December 31, 2025\n(the “**Non-Reliance Period**”), originally filed on February 13, 2026, should no longer be relied upon. Similarly, related\npress releases, earnings releases, and investor communications describing the Company’s unaudited condensed financial statements\nfor the Non-Reliance Period should no longer be relied upon.\n\n \n\nThe Company’s review of the above-mentioned\nfiling revealed that the Company misclassified the issuance of 905,000 pre-funded warrants to purchase 905,000 shares of the Common Stock,\nat a purchase price of $1.26 per share, in a registered direct offering and the concurrent 4,510,000 private placement warrants pursuant\nto that certain securities purchase agreement dated November 14, 2025 in the 2026 Quarterly Report, in which the Company erroneously accounted\nfor the warrants as equity instruments. The Company determined that the warrants should have been classified as derivative liabilities\nand measured at fair value.\n\n \n\nThe Company intends to file a restatement of its\nunaudited condensed financial statements for the Non-Reliance Period to amend and restate unaudited condensed financial statements and\nother financial information. The restatement is expected to have an impact on the unaudited condensed financial statements for the Non-Reliance\nPeriod with changes reflected in the relevant unaudited condensed financial statements and related disclosures and Management’s\nDiscussion and Analysis of Financial Condition and Results of Operations.\n\n \n\nThe following is a summary of the misstatements\nto the Company’s unaudited condensed financial statements for the three and nine months ended December 31, 2025:\n\n \n\n*As of and\nfor the three and nine months ended December 31, 2025 (in USD’000)*\n\n* *\n\n●Understatement\nof derivative liabilities of $4,925 and overstatement of additional paid-in capital of $2,829\nas of December 31, 2025.\n\n \n\n●Understatement\nof gain on change in fair value of derivative liabilities of $813 and $813, respectively,\nfor the three and nine months ended December 31, 2025.\n\n \n\n●Understatement\nof excess of warrant fair value over offering proceeds of $2,896 and $2,896, respectively,\nfor the three and nine months ended December 31, 2025.\n\n \n\n●Overstatement\nof Other income, net of $13 and $13, respectively, for the three and nine months ended December\n31, 2025.\n\n \n\nThe\nAudit Committee discussed with Marcum Asia CPAs LLP (“**Marcum Asia**”), the Company’s current independent\nregistered public accounting firm, the matters disclosed in this Item 4.02.\n\n \n\nManagement has previously concluded and disclosed\nthat the Company’s disclosure controls and procedures were not effective due to the existence of material weaknesses in the Company’s\ninternal controls over financial reporting (“ICFR”). The Company has evaluated the impact of the errors described above on\nits ICFR and concluded the existing material weaknesses resulted in these errors.\n\n \n\n1\n\n \n\n \n\n**SIGNATURES**\n\n \n\nPursuant\nto the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the\nundersigned hereunto duly authorized.\n\n \n\n \nSenmiao Technology Limited.\n\n \n \n\nDate: June 30, 2026\n*/s/ Ronggang (Jonathan) Zhang*\n\n \nRonggang (Jonathan) Zhang,\n\n \nChairman and Chief Executive Officer\n\n \n\n2"}