On March 6, 2024, Shufang Lai submitted a letter of resignation to the Board of Directors of MMTEC, Inc. resigning from his position as the chair of the Audit Committee, member of the Compensation Committee, member of the Nominating Committee, and member of the Board of Directors effective upon acceptance by the Board. Mr. Lai?s resignation was not a result of any disagreements with the Company, the Company?s management, the Board, or any committee of the Board on any matter related to the operations, policies, or practices of the Company. The Board accepted the resignation of Mr. Lai from the foregoing positions on March 6, 2024.

On March 6, 2024, the Board on the advice of the Nominating Committee appointed Xiaofei Ren as a director to fill the vacancy left by Mr. Lai?s resignation, and selected her to serve as chair of the Audit Committee and as a member of the Compensation Committee and the Nominating Committee. Ms. Ren accepted the foregoing appointments and shall hold the foregoing positions until her successor is duly appointed and qualified or until her earlier resignation or removal. The biographical information of Ms. Ren is set forth below.

Xiaofei Ren, a certified public accountant, presently serves as the Chief Risk Control Officer with Beijing Jinke Hightech Innovation Ventures, a China company, a position she has held since September 2019. Prior to her employment with Beijing Jinke Hightech Innovation Ventures, from May 2013 to August 2019, Ms. Ren was a Partner at Beijing Zhongyong Zhonghe Certified Public Accountants. Ms. Ren is currently pursuing her Executive Master of Business Administration degree at Renmin University of China.

She holds a Masters in Economics from Central University of Finance and Economics, a Bachelor of Laws from Zhenzhou University, and a degree in Accounting from Henan University of Economics and Law.