AERWINS Technologies Inc. (OTC Markets:AWIN), a company specializing in aircraft manufacturing, reported on Wednesday that Robert Lim has stepped down from its board of directors. The resignation took effect on Sunday, July 8, 2024, and was not due to any disagreement with the company's operations, policies, or practices, according to a statement from the company.
The departure of Mr. Lim from the board was disclosed in a regulatory filing with the U.S. Securities and Exchange Commission. AERWINS, which is based in Los Angeles, California, stated that Mr. Lim's resignation letter was dated the same day as his departure.
The company, formerly known as Pono Capital Corp, is incorporated in Delaware and operates out of a principal executive office located at The Walnut Building, 691 Mill St, Suite 204, Los Angeles, CA 90021. AERWINS Technologies is recognized under the SIC code 3721 for Aircraft manufacturing.
AERWINS Technologies has not announced any immediate plans regarding the appointment of a new board member to fill the vacancy left by Mr. Lim. The company's common stock is traded on the OTC Markets under the symbol AWIN.
The report, based on the company's SEC filing, does not include any statements on the impact of Mr. Lim's resignation on the company's strategy or future direction. The company has not provided further details on the reasons behind Mr. Lim's decision to resign from the board at this time.
Investors and stakeholders in AERWINS Technologies are advised to follow official announcements from the company for any updates regarding changes to its board of directors or executive team.
In other recent news, AERWINS Technologies Inc. is facing potential delisting from the Nasdaq Stock Market due to a delay in filing its Form 10-K for the fiscal year ended December 31, 2023. This development follows the discontinuation of operations by its wholly-owned indirect subsidiary, A.L.I. Technologies Inc., which filed for bankruptcy and ceased ventures including the development of the XTURISMO limited edition hoverbike and the air mobility platform COSMOS.
The Nasdaq Hearings Panel will consider AERWINS' eligibility for continued listing on the Nasdaq Capital Market.
Despite these challenges, AERWINS Technologies is continuing the development of its single-seat optionally Manned Air Vehicle (MAV), in an effort to meet the Federal Aviation Administration's Powered Ultra-Light Air Vehicle Category requirements. The company has announced plans to file the overdue Form 10-K in the near future.
These are recent developments as AERWINS is restructuring its operations and focusing on its U.S.-based initiatives. However, the company has not issued any guidance on the potential outcomes of the Nasdaq Panel's review or the impact of the A.L.I. bankruptcy proceedings on its overall business strategy.
InvestingPro Insights
As AERWINS Technologies Inc. navigates the departure of a board member, current and potential investors may find it valuable to consider the company's recent performance and financial health. According to InvestingPro data, AERWINS has a notably low market capitalization of 0.46M USD, reflecting its size relative to the industry. The company's P/E ratio stands at 0.12, and when adjusted for the last twelve months as of Q1 2024, it further decreases to 0.08, suggesting the stock might be undervalued compared to earnings.
InvestingPro Tips highlight that AERWINS has experienced significant return over the last week, with a 51.47% increase in price total return. Still, it is important to note that the stock has shown high price volatility, and the price has seen a notable decline over the last month, three months, and six months, with decreases of -88.37%, -89.32%, and -95.96% respectively. Additionally, while the company has been profitable over the last twelve months, it does not pay a dividend to shareholders, which could be a consideration for income-focused investors.
For those looking to delve deeper into the financials and future projections of AERWINS Technologies, additional InvestingPro Tips are available, which could further inform investment decisions. To explore these insights, visit https://www.investing.com/pro/AWIN and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering a comprehensive analysis and more in-depth tips that could be beneficial in assessing the company's potential.
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