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In a tumultuous turn of events, Treasure Global Inc. (TGL) stock has plummeted to a 52-week low, touching down at $1.62. With a current market capitalization of just $1.89 million, this significant drop reflects a staggering 1-year change, with the company’s stock value eroding by -99.26%. According to InvestingPro analysis, the company maintains a ’FAIR’ financial health score of 1.78 out of 5, while holding more cash than debt on its balance sheet. Investors have watched with concern as the stock spiraled down from its previous positions, marking a challenging period for the retail service provider. With a strong current ratio of 8.18, the company’s liquid assets exceed short-term obligations, though revenue has declined by 96% over the last twelve months. The sharp decline to this new low underscores the volatility and the pressures faced by the company in a competitive and rapidly changing market landscape. InvestingPro subscribers can access 12 additional key insights about TGL’s financial position and market performance.
In other recent news, Treasure Global Inc. has initiated a 1-for-50 reverse stock split of its common stock, effective immediately. This strategic move, ratified by the company’s Board of Directors and shareholders, aims to comply with Nasdaq’s minimum bid price requirement. As a result of the reverse stock split, every fifty shares of issued and outstanding common stock have been consolidated into one share, reducing the total number of outstanding shares from 81,426,799 to approximately 1,628,536 shares. The company’s common stock will continue to trade on The Nasdaq Stock Market under the ticker symbol "TGL," but with a new CUSIP number, 89458T304.
The reverse stock split does not alter the authorized shares or the par value per share, and fractional shares will be rounded up to the nearest whole share to ensure equal treatment of all stockholders. Vstock Transfer, LLC, the company’s transfer agent, is managing the process, and stockholders with electronic book-entry shares do not need to take any action. The reverse stock split is documented in the company’s recent SEC filing, which includes the Certificate of Amendment to the Certificate of Incorporation. This corporate action is part of Treasure Global’s efforts to manage its financial and equity structure while maintaining its Nasdaq listing.
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