Treasure Global Inc, a business services provider based in New York, has announced the resignation of Ho Yi Hui from her position as Executive Director, effective June 30, 2024. The company, which is listed on The Nasdaq Stock Market under the trading symbol TGL, confirmed the departure in a recent SEC filing.
According to the filing dated July 12, 2024, Ho Yi Hui's decision to step down was communicated to the company on July 10, 2024. Her resignation was accepted by the Board of Directors, marking the end of her tenure with the Delaware-incorporated company at the close of the previous month.
The company's Chief Executive Officer, Carlson Thow, signed off on the report, fulfilling the regulatory requirements set by the Securities Exchange Act of 1934. Treasure Global Inc did not provide a reason for Ho Yi Hui's resignation in the filing, nor did it mention any immediate replacement or changes to the executive team following her departure.
This news is based on the latest 8-K filing submitted by Treasure Global Inc to the United States Securities and Exchange Commission.
In other recent news, Treasure Global Inc has announced significant developments. The company has appointed two new directors, Carlson Thow and Dr. Darren Tan Kok Pin, effective from July 2024. Thow, who also assumed the role of CEO following Sam Teo's resignation, will receive $120,000 worth of company shares allocated monthly during his first year.
Treasure Global also announced its intention to acquire Who Knows Wins Ltd, a UK-based online social sports platform. This strategic acquisition is expected to enhance the company's market presence and revenue growth.
Furthermore, the company has successfully regained compliance with Nasdaq's shareholder approval requirements, following a corrective action by former CEO, Chong Chan Teo.
Additionally, during its 2024 Annual Stockholders Meeting, five nominees were elected to its Board of Directors and WWC, P.C. was ratified as its independent registered public accounting firm for the fiscal year ending June 30, 2024.
These are the recent developments at Treasure Global Inc.
InvestingPro Insights
Treasure Global Inc (TGL) has been navigating a challenging financial landscape, as evidenced by the recent real-time data from InvestingPro. With a market capitalization of just $3.21 million, the company is relatively small in size. The last twelve months as of Q3 2024 have seen a steep revenue decline of 47.39%, indicating potential issues with sales and market demand. Additionally, the company's gross profit margin during this period was only 2.15%, reflecting difficulties in maintaining profitability.
Investors considering the stock should note that Treasure Global is trading at a low revenue valuation multiple, which could be a point of interest for value-focused investors. Moreover, the Relative Strength Index (RSI) suggests that the stock is currently in oversold territory, which may attract traders looking for a potential rebound.
For those interested in a deeper analysis, there are 17 additional InvestingPro Tips available at https://www.investing.com/pro/TGL. These tips could provide further insights into the company's financial health and stock performance, including its cash burn rate and valuation implications. Investors can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to access these valuable insights.
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