J-Star’s Formal Complaints Allege PwC Misrepresented Qualifications During the Company’s IPO, Causing Delays and Additional Expenses
TAICHUNG CITY, Taiwan, Jan. 22, 2026 — J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), a leading provider of innovative carbon fiber and composite solutions for diverse applications including personal sports equipment, healthcare products, automobile parts, resin systems, and research and development services, today announced that it has filed formal complaints against PwC with the American Institute of Certified Public Accountants (“AICPA”) and the Public Company Accounting Oversight Board (“PCAOB”). These complaints pertain to PwC’s alleged misrepresentations during the Company’s NASDAQ IPO process.
The AICPA complaint is currently undergoing investigation.
As the Company’s appointed auditor and consultant, PwC was expected to deliver professional, timely, and competent services in compliance with relevant U.S. regulatory requirements. Regrettably, PwC’s services fell significantly short of these expectations, resulting in considerable delays and additional costs to J-Star’s U.S. IPO timeline. The Company was ultimately compelled to replace PwC during the IPO, and PwC’s audited Financial Statements were subsequently questioned by authorities in 2025, rendering them inadequate for our IPO in the first half of 2025.
Jonathan Chiang, Chairman of J-Star, commented, “J-Star is dedicated to the highest standards of transparency, regulatory compliance, and investor protection. After careful consideration, we determined that it was appropriate to bring these matters directly to U.S. regulatory authorities to ensure an independent and objective review of the conduct at issue, as the implications directly impacted our U.S. IPO process and shareholders. Although PwC’s services for the IPO involved both its Taiwan and U.S. teams, at this stage the Company has decided not to submit the case to the regulators overseeing PwC’s Taiwan team, i.e., the Financial Supervisory Commission (“FSC”). One of the considerations is that the former Deputy Chairman of the FSC now serves as the Deputy Executive Director and Partner at PwC Taiwan, which could raise concerns about the FSC’s independence in handling the case fairly. We believe accountability is essential to maintaining the integrity of the capital markets, and we will fully cooperate with the AICPA and PCAOB as their reviews proceed.”
Statements of Future Expectation
Certain declarations contained in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These declarations include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the final prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and J-Star specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
For Inquiries:
Matt Chesler, CFA
FNK IR
646-809-2183
investor@j-starholding.com
