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In a recent Securities and Exchange Commission (SEC) filing, Treasure Global Inc, a company specializing in business services, announced the appointment of two new directors to its board. Carlson Thow has been named an executive director, and Dr. Darren Tan Kok Pin a non-executive director, with both appointments effective from July 5, 2024.
According to the filing, Carlson Thow will serve on the board until the earlier of his ceasing to be a member or the 2025 annual stockholder meeting. While he will not receive compensation for his role as an executive director, Thow will be reimbursed for reasonable expenses related to his duties. Additionally, Thow has agreed to a non-competition clause during his term and a one-year non-solicitation clause post-resignation.
Dr. Darren Tan's term as a non-executive director follows a similar structure, with his service concluding at the same time as Thow's or upon his departure from the board. Dr. Tan will receive a monthly payment of RM 5,000 for his services, plus reimbursement for reasonable expenses. He has also agreed to non-competition and one-year non-solicitation clauses effective upon his resignation.
In other recent news, Treasure Global Inc has announced its intention to acquire Who Knows Wins Ltd, a UK-based online social sports platform. This strategic move is expected to enhance Treasure Global's market presence and revenue growth. The platform, known for its proprietary technology, offers features like real-time scores and social platform integration, and has over 65,000 registered users.
Treasure Global has also seen significant changes in its leadership, with Carlson Thow appointed as the new Chief Executive Officer following the resignation of Sam Teo. Thow, with substantial experience from his previous role at VCI Global Limited, will receive $120,000 worth of company shares allocated monthly during his first year.
Furthermore, Treasure Global has successfully regained compliance with Nasdaq's shareholder approval requirements, following a corrective action by former CEO, Chong Chan Teo. Also, 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 among the recent developments at Treasure Global Inc.
InvestingPro Insights
Treasure Global Inc's recent board appointments signal strategic moves that could impact the company's direction. To provide a broader financial context for these changes, InvestingPro data reveals some key metrics. The company holds a market cap of just $3.46 million, reflecting its small size in the business services industry. Despite a challenging financial landscape, as evidenced by a significant revenue decline of 47.39% in the last twelve months as of Q3 2023, the company's balance sheet shows some resilience with liquid assets surpassing short-term obligations. This could provide some financial flexibility in implementing new strategies under the guidance of the newly appointed directors.
InvestingPro Tips suggest that Treasure Global Inc's stock is currently trading in oversold territory according to the Relative Strength Index (RSI), which may interest value investors looking for potential rebounds. Additionally, the company is trading at a low revenue valuation multiple, which could indicate that the stock is undervalued compared to its sales. For readers interested in a deeper dive into Treasure Global Inc's financial health and future prospects, InvestingPro offers additional tips. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and unlock access to a comprehensive list of 17 InvestingPro Tips that could help in making more informed investment decisions.
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