If you purchased or otherwise acquired Singularity Future Technology Ltd. (f/k/a Sino-Global Shipping America Ltd.) ("Singularity") Securities between February 2, 2021 and February 24, 2023, you may be eligible to participate in a proposed class action settlement.

A federal court authorized this website.

On July 30, 2025, the Honorable Brian M. Cogan of the United States District Court for the Eastern District of New York (the "Court") entered an order preliminarily approving a proposed settlement (the "Settlement") between the Lead Plaintiffs (defined below) and Singularity in a class action captioned Gao et al. v. Singularity Future Technology Ltd. et al., No. 1:22-cv-07499 (the "Action").

The Settlement is for the benefit of investors who are members of the Settlement Class that the Court preliminarily certified for settlement purposes. The Settlement Class includes all persons or entities (referred to as "Class Members") who purchased or otherwise acquired Singularity securities between February 2, 2021 and February 24, 2023 (the "Class Period"). The Class excludes: (i) Defendants (defined below) and members of their immediate families; (ii) the officers and directors of Singularity, at all relevant times, and members of their immediate families; (iii) the legal representatives, heirs, successors, or assigns of any of the foregoing; (iv) any entity in which any Defendant has or had a controlling interest; (v) any trust of which any Individual Defendant is the settlor or that is for the benefit of any Individual Defendant and/or member(s) of his or her Immediate Family; and (vi) the legal representatives, heirs, successors, and assigns of any person or entity excluded under provisions (i) through (v) hereof.

The Court has appointed the following four Lead Plaintiffs to serve as representatives of the Settlement Class: Sen Gao, Congli Huo, Ruibin Wang, and Luxiao Xu (the "Class Representatives"). The defendants in the Action are Singularity, Yang Jie, Lei Cao, Zhikang Huang, Tuo Pan, Xiaohuan Huang, Jing Shan, Tieling Liu, Jing Wang, Lei Nie, and John Levy (collectively, the "Defendants").

The Court has appointed Berger Montague PC as Lead Counsel for the Lead Plaintiffs and the Settlement Class.

The Action alleges that Defendants mislead shareholders as to the benefits and value of various transactions, joint ventures, proposed business plans (e.g., the development of a sophisticated cryptocurrency mining computer technology), and other conduct relating to the planned transformation of Singularity from a global logistics company to a cryptocurrency mining and hardware development business. Lead Plaintiffs allege that Defendants' conduct constituted violations of the federal securities laws under the Securities Exchange Act of 1934.

Defendants deny all allegations of wrongdoing or liability for damages asserted by the Settlement Class. They also deny that Lead Plaintiffs or any Class Members have suffered damages or were harmed by the conduct alleged in the Action. Lead Plaintiffs and Defendants, therefore, disagree on whether any investors during the Class Period are entitled to any recovery at all, and on the monetary amount of any potential award of damages if investors prevailed at trial.

The Court has not decided which side is correct.

Under the terms of the Settlement, Singularity agrees to provide benefits totaling at a minimum $6,250,000, more likely $8,525,000, and possibly even more based on the value of the Company’s stock price for the sale of certain shares provided as part of the Settlement. The proposed Settlement is comprised of two components that will generate a cash settlement fund (the “Settlement Fund”) for the benefit of Class Members. First, Singularity agrees to pay $3 million in cash to the Settlement Fund (the “Cash Settlement Amount”). Second, Singularity agrees to provide 6,500,000 freely tradable shares (pursuant to Section 3(a)(10) of the Securities Act of 1933) of Singularity common stock) (the “Settlement Shares”). The Settlement Shares will be sold to generate additional cash funds to be deposited in the Settlement Fund for the benefit of the Settlement Class. To mitigate the risk associated with the sale of the Settlement Shares (or Singularity’s ability to provide all of the shares as required in the Settlement Agreement), Singularity also agrees to maintain a cash balance $3,250,000 in a dedicated escrow account (held by the Court-approved Escrow Agent, Citibank, for the Settlement) for the benefit of the Settlement Class until the later of (i) the final sale of the Settlement Shares, or (ii) the Court enters an order granting final approval of the Settlement (this reserve is referred to as the “Escrow Component”).

Together, the Cash Settlement Amount and the Settlement Shares are the "Settlement Amount." The minimum gross value of the Settlement Amount is $6.25 million, which equals the $3 million Cash Settlement Amount plus the $3.25 million Escrow Component. It is anticipated that the sale of the Settlement Shares will increase the overall gross value of the Settlement Amount. For example, the Settlement Agreement provides that some or all of the Settlement Shares may be sold back to Singularity at $0.85 per share if the shares are selling for less than that amount (as determined by Bloomberg) in the 10-trading day average closing price immediately prior to Lead Counsel making this election. If all the Settlement Shares are sold using this option, then the Settlement Shares will have a value of $5.525 million (6.5 million shares x $0.85/share). In this scenario the gross value of the Settlement Amount would be $8.525 million ($3 million Cash Settlement Amount plus $5.525 million for the sold Settlement Shares). Should the Settlement Shares be sold above the $0.85 per share price guaranteed by Singularity, then the overall gross value of the Settlement Amount will be higher than $8.525 million.

The Court will hold a hearing (referred to as a "Fairness Hearing") on December 17, 2025 at 10:00 a.m. ET, to decide whether to grant final approval of the Settlement. If the Court approves the Settlement, the Settlement will provide cash payments to Class Members who submit valid and timely Claim Forms. A Claim Form is a document the Court-appointed Claims Administrator will make available to Class Members that contains the information needed to determine what distribution amount each Class Member will receive as part of the proposed Plan of Allocation. The Plan of Allocation, if approved by the Court, describes how the funds from the Settlement will be distributed to Class Members. Each Class Member will need to fill out a Claim Form and return it to the Claims Administrator in order to receive any financial benefits from the Settlement. (This is also referred to as submitting a "claim" and each Class Member who submits a timely, valid claim is referred to as a "Claimant.") If you do not receive a Claim Form and believe you should have, you may contact the Claims Administrator. Information about the Settlement and how to participate in it, including how to submit a Claim Form, can be found in the Notice and on the Important Documents page of this website.

Under the Plan of Allocation, each Claimant will receive their pro rata share of the Net Settlement Fund based on each Claimant's recognized claim amount compared to the total recognized claims of all Claimants (i.e., each Claimant will receive their pro rata share of the value of all valid claims submitted by Claimants). The Net Settlement Fund refers to the money remaining in the Settlement Fund after deducting any fees, expenses or other deductions approved by the Court, plus any accrued interest. The initial determination of the value of any Claimant's claim will depend on the number and timing of Singularity securities purchased or acquired by the Claimant during the Class Period.

This website has important information, please read this website carefully. Your legal rights will be affected whether you act or do not act. For the full terms of the Settlement, you may review the Settlement Agreement.

SUMMARY OF YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

This chart provides summary information about your legal rights and options. The remainder of this website is designed to provide more information to help you evaluate your options and answer any questions that you may have. You may:

For additional information, including any updates relating to the Settlement or the Settlement approval process, visit this website or call toll-free 1-844-496-0761. You may also write to the Claims Administrator at Gao et al. v. Singularity Future Technology Ltd. et al., c/o Claims Administrator, PO Box 25191, Santa Ana, CA 92799, or email info@SingularitySecuritiesSettlement.com.

Please do not telephone the court or the court clerk’s office to inquire about the Settlement.