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IRVINE, CA – Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT), a North Carolina-incorporated wholesale motor vehicle and parts supply chain service provider with a market capitalization of $10 million, announced the appointment of Mr. Xiangan Ruan as a director of the company on December 5, 2024.
According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 14.86. Ruan brings extensive legal expertise to the board, serving as a senior partner at Allbright Law Offices in Shanghai since January 2005.
The company's board believes Ruan's background in business law and his experience managing client relationships and strategic legal advice will contribute valuable insights at a crucial time when the company faces financial challenges, with InvestingPro data showing negative EBITDA of $3.95 million. Alongside his director role, Ruan has joined the Audit Committee and Compensation Committee and will chair the Nominating and Corporate Governance Committee.
The appointment was formalized through a director offer letter and an indemnification agreement, both dated December 5, 2024. Prior to this appointment, Ruan had no material relationships with Cheetah Net, ensuring his independent perspective on the board.
Cheetah Net's decision to bring Ruan on board reflects its commitment to strong governance and expertise-driven leadership. The company's headquarters are located at 8707 Research Drive, Irvine, California, and can be contacted via phone at (949) 418-7804.
The information in this news article is based on a press release statement from Cheetah Net Supply Chain Service Inc. and is intended to provide shareholders and the public with key updates on the company's governance structure.
Despite recent challenges, the stock has shown signs of momentum with a 12% gain over the past week. For comprehensive analysis and additional insights, investors can access over 10 more exclusive ProTips on InvestingPro.
In other recent news, Cheetah Net Supply Chain Service Inc. has seen significant changes in its board and executive team, with board member Adam Eilenberg and CFO Robert Cook resigning. The company's CEO, Tony Liu, has taken on the role of interim CFO, and Huibo Deng has been appointed as a director and the new chair of the audit committee.
The company has also announced two follow-on public offerings of Class A common stock, managed by FT Global Capital, Inc. and AC Sunshine Securities LLC, expected to raise approximately $1.49 million and $8,190,200 respectively.
Furthermore, the company's board of directors approved a reverse stock split at a ratio of 1-for-16, following a special stockholders meeting. This move is part of Cheetah Net's strategic initiatives to modify the rights of security holders and update its corporate governance. Alongside the reverse stock split, proportional amendments were made to the company's Amended and Restated 2024 Stock Incentive Plan.
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