SINGAPORE - Caravelle International Group, a company specializing in ocean technology, will see its ordinary shares trade under a new ticker symbol 'HTCO' on the NASDAQ exchange starting September 30, 2024. The change comes after the company operated under the ticker 'CACO' following its de-SPAC transaction in 2022.
The transition to the new ticker symbol does not necessitate any action from the shareholders of Caravelle International Group. The company's shares will continue to be listed on NASDAQ, and there will be no alteration to the CUSIP number or the ISIN of the shares as a result of this ticker symbol change.
Caravelle International Group, headquartered in Singapore, operates in the international shipping industry and is also involved in efforts to achieve marine carbon neutrality. The company has made commitments to enhance shipping efficiency and foster sustainable development within the maritime sector through the application of innovative technologies.
The announcement includes forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those projected. These statements are protected under the U.S. Private Securities Litigation Reform Act of 1995. Caravelle International Group has indicated that it does not intend to update any forward-looking statements in the future unless required by law.
This news is based on a press release statement from Caravelle International Group and reflects the company's planned ticker symbol change on the NASDAQ exchange.
InvestingPro Insights
As Caravelle International Group (formerly CACO) transitions to its new ticker symbol 'HTCO', current and prospective investors might consider the latest financial metrics and InvestingPro Tips to gauge the company's current market standing. With a market capitalization of $22.19 million, Caravelle International Group's financial health and stock performance provide a mixed picture for stakeholders. The company's revenue for the last twelve months as of Q4 2023 stood at $95.26 million, but this represents a significant decline of 48.61% from the previous period, indicating challenges in maintaining growth. Additionally, the gross profit margin was negative at -12.48%, highlighting efficiency issues in generating income from sales.
InvestingPro Tips reveal that Caravelle International Group has been grappling with weak gross profit margins and trades at a low revenue valuation multiple. These factors, combined with the company's recent performance where the stock price has fallen significantly over the last three months by 46.78%, could signal caution for investors. It's also notable that the company has not been profitable over the last twelve months, which is a critical consideration for evaluating its long-term viability.
Despite these challenges, the InvestingPro Fair Value estimate for the company stands at $0.5 per share, suggesting a potential undervaluation at the current price of $0.44. This assessment, along with other InvestingPro Tips, can be further explored on InvestingPro's platform, where 10 additional tips are available for Caravelle International Group, providing a more comprehensive analysis for informed investment decisions.
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