CarParts.com announces board changes after strategic investment

LOS ANGELES - CarParts.com, Inc. (NASDAQ:PRTS), currently trading near its 52-week low at $0.69, announced Wednesday that two board members have stepped down following the completion of a strategic investment from ZongTeng Group, A-Premium, and CDH Investments. According to InvestingPro data, the company has seen its stock decline 35.73% year-to-date.

Henry Maier and James Barnes departed from the company’s Board of Directors effective October 7, according to a press release statement. The strategic investors have designated Thomas Yunlong Man and Na "Mina" He as board observers.

Man brings 17 years of cross-border M&A experience as a former partner at international law firms including Baker & McKenzie and Morrison & Foerster. He holds a J.D. from Indiana University and a Ph.D. from Johns Hopkins University, and currently serves as Professor from Practice at Peking University School of Transnational Law.

He currently works as Investment Manager at Fujian Zongteng Network Co., Ltd., where she leads industrial investment projects. She holds a Master’s in Economics and dual Bachelor’s in Accounting from Huazhong University of Science and Technology.

"Henry and Jim have been exceptional board members who made significant contributions during a pivotal time in CarParts.com’s evolution," said Barry Phelps, Chairman of the Board.

Following these changes, the CarParts.com Board will consist of six directors. The company operates as an e-commerce provider of automotive parts and accessories through its website and app, with headquarters in Torrance, California. With a market capitalization of $40.93 million and annual revenue of $577.61 million, the company maintains a healthy current ratio of 1.47, though InvestingPro analysis indicates the stock is currently undervalued. For detailed insights and 12 additional ProTips about CarParts.com, investors can access the comprehensive Pro Research Report available on InvestingPro.

In other recent news, CarParts.com announced its second-quarter earnings for 2025, revealing a loss per share of -$0.23, which was larger than the forecasted -$0.16. However, the company slightly exceeded revenue expectations, reporting $151.9 million compared to the anticipated $150.61 million. Additionally, CarParts.com has secured a strategic investment of $35.7 million from ZongTeng Group, A-Premium, and CDH Investments. This investment includes the issuance of approximately 10.3 million new common shares at $1.04 per share and convertible notes totaling $25 million with a three-year term and a 2% annual interest rate. The conversion price for these notes is set at $1.20 per share. These developments indicate ongoing interest and support from global industry leaders.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.