Senmiao

A new CEO and CFO were appointed in late 2025 and early 2026. Insider ownership appears minimal. The June 2026 10-Q reports material weaknesses in internal controls, and an 8-K in June 2026 announced previously issued Q3 FY 2026 financials should not be relied upon.

Governance signals and execution history do not yet demonstrate the consistent discipline we look for in owner-operators or long-tenured stewards at quality compounders.