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SINGAPORE - Amber International Holding Limited (NASDAQ:AMBR) announced Thursday the appointment of two new directors and changes to its executive leadership team, according to a company press release. The announcement comes as the company’s stock trades near its 52-week low of $4.81, having declined over 55% in the past year according to InvestingPro data.
The cryptocurrency financial services provider has named Luke Li and Vicky Wang to its board of directors, effective immediately. Li, a co-founder of Amber Group, previously managed the company’s trading business and served as a credit strategist at Morgan Stanley. Wang, who has been a Partner at Amber Group since 2023, leads the company’s digital wealth management business.
In addition to the board appointments, Michael Wu will replace Wayne Huo as Chief Executive Officer while continuing his role as Chairman of the Board. The company has also appointed Vicky Wang as President.
"Their expertise and experience will make them valuable additions as we continue to drive the Company’s expansion," said Wu in the statement.
Amber International, operating under the brand name "Amber Premium," provides institutional crypto financial services and solutions. The company delivers market access, execution infrastructure, and investment solutions for institutions and high-net-worth individuals in digital asset markets.
The management changes come as the company seeks to support its business growth and corporate strategies, according to the announcement.
In other recent news, Amber International Holding Limited has raised $25.5 million through a private placement to support its $100 million Crypto Ecosystem Reserve Strategy. The funds were raised from institutional investors, including Mile Green, Harvest Capital, Pantera Capital, and Choco Up, at a price of $10.45 per American Depositary Share. This capital infusion is intended to aid the company’s expansion in the U.S. and Southeast Asia. Additionally, Clear Street has initiated coverage on Amber International with a Buy rating, setting a price target of $11.00. This reflects the firm’s positive outlook on Amber’s scalable, fee-based exposure to institutional digital asset adoption.
Further developments include the appointment of Ms. Jie Jiao to Amber International’s board, following the resignation of Mr. Wing Hong Sammy Hsieh. Ms. Jiao brings a wealth of experience in initial public offerings, private equity financing, and corporate legal affairs. The company also released a shareholder letter from CEO Michael Wu, outlining strategic directions six months after its public listing. These updates highlight Amber International’s ongoing efforts to strengthen its leadership and financial strategy.
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