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In a recent transaction, Liu Yumei, a significant shareholder of CIMG Inc. (NASDAQ:IMG), acquired a substantial amount of the company’s common stock. On March 18, Liu Yumei, through Joyer Investment Ltd., purchased 3,074,590 shares at an average price of $0.52 per share, totaling approximately $1.6 million. This acquisition increased the total shares owned by Liu Yumei to 7,125,872. The purchase comes as CIMG, currently trading near $0.51, shows significant volatility and sits 94% below its 52-week high of $8.00. According to InvestingPro analysis, the stock appears undervalued despite its weak financial health score of 1.52.
Additionally, there was a notable exercise of warrants by Liu Yumei on the same day. The warrants, which were initially acquired on January 16, 2025, were exercised at a price of $0.39 per share, resulting in the acquisition of an additional 4,051,282 shares of common stock. This exercise also contributed to the increase in Liu Yumei’s total holdings.
These transactions highlight a significant increase in Liu Yumei’s stake in CIMG Inc., reflecting continued confidence in the company’s prospects. The market will be watching closely to see how this increased ownership might influence the company’s future direction.
In other recent news, CIMG Inc. has announced its acquisition of a 51% equity interest in Shanghai Huomao Cultural Development Co., Ltd. The deal involves the issuance of 200,000 shares of CIMG’s common stock and is expected to close soon. In another development, CIMG has completed a $10 million private placement deal, issuing convertible notes and warrants to non-U.S. investors, with the funds aimed at providing additional working capital. Furthermore, the company has appointed Assentsure PAC as its new independent registered public accounting firm, replacing MaloneBailey, LLP, with no disagreements reported during the transition.
CIMG Inc. has also faced challenges, receiving a notice from Nasdaq regarding non-compliance with its minimum bid price requirement and a delayed annual report filing. The company has been given 180 days to address the bid price issue and is working on submitting a compliance plan for the delayed filing. Additionally, Jian Liu has resigned from the company’s Board of Directors, leaving a vacancy on the board and its associated committees. CIMG has not disclosed further details regarding Liu’s departure or plans to fill the board position.
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