SAML Issues Update on Financial Disclosures and OTC Markets Listing

Samsara Luggage Inc. (OTC: SAML) provides an update on its financial disclosures and OTC Markets listing. The company is currently working to complete its outstanding audited financials and disclosures, which have been delayed due to accounting and compliance issues related to legacy matters. SAML has changed auditors twice in the last three years and is implementing updated internal systems for more efficient reporting as the company grows.

Samsara Luggage Inc. (OTC: SAML), a publicly traded company focused on acquiring and growing businesses in the public safety sector, has provided an update regarding its financial disclosures and status on the OTC Markets platform. The company is currently working to complete its outstanding audited financials and disclosures, which have been delayed due to accounting and compliance issues related to legacy matters. These delays are attributed to legacy accounting issues and multiple auditor changes over the past three years [1].

SAML has faced significant challenges in finalizing its financials, including historical SEC comments and the need to implement updated internal systems for more efficient reporting as the company grows. In the last three years, SAML has changed auditors twice, first transitioning to an India-based audit firm and then to a U.S.-based PCAOB-registered auditor, aligning with its future listing ambitions [1].

Additionally, SAML faced significant cash flow constraints during the 2023–2024 market downturn, which limited its ability to allocate resources aggressively toward finalizing its financials. Despite these challenges, SAML has remained focused on strengthening its operational foundation and preparing for future growth [1].

Management has stated that while the company was effectively in a holding pattern throughout 2023 and much of 2024 due to capital constraints, the team has worked diligently behind the scenes to prepare for the next phase of growth. They believe that now is the time to execute, particularly as market conditions and trade policy shifts begin to favor their business model. There is no strategic value in remaining on the OTC for the long term, and the company is fully focused on transitioning to a major exchange where it can properly raise capital and unlock shareholder value [1].

SAML management is currently finalizing its audited financials and is targeting submission of all outstanding filings before the beginning of Q4 2025. The company is also considering filing a registration statement and applying to uplist to a national exchange either concurrently with or shortly after the disclosures are filed. This move is intended to support a robust acquisition pipeline and accelerate growth across its key subsidiaries [1].

SAML has been advised not to submit interim unaudited financials but instead to file complete, audited financials with all necessary adjustments. However, OTC Markets rules prohibit having multiple overdue filings, which may result in SAML being temporarily moved to the OTC Expert Market until compliance is restored. SAML affirms that, if such a move occurs, it will be temporary and is prepared to submit the appropriate forms to return to the main OTC tier as quickly as possible [1].

"We are working with urgency and determination to complete our filings, restore full compliance, and pursue our listing and capital objectives. We’re excited about what lies ahead and are fully committed to delivering value to our shareholders," said SAML management [1].

For further information on SAML, please see its communication channels:
Website: https://ert-international.com
X: @ERT_ILUS
Email: info@ert-international.com

References:
[1] https://www.stocktitan.net/news/SAML/saml-provides-update-on-disclosure-status-and-otc-markets-7qungcx31ejz.html