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Gulf Resources , Inc. (NASDAQ:GURE), a company specializing in chemicals and allied products with a market capitalization of $7.62 million and currently trading at $0.69 per share, has completed the acquisition of crude salt fields in Shandong province, China. According to InvestingPro analysis, the company is currently trading below its Fair Value. On Monday, February 28, 2025, Gulf Resources’ subsidiary Shouguang Hengde Salt Industry Co. Ltd finalized the transaction with multiple sellers as per agreements dating from June 26, 2024, and amended on December 17, 2024.
In connection with the acquisition, Gulf Resources issued 2,059,694 shares of its common stock at $1.50 per share to individuals designated by the sellers. These shares were issued on the closing date of the acquisition, exempt from registration under Regulation S of the Securities Act of 1933, as these individuals are residents of the People’s Republic of China.
The completion of this transaction expands Gulf Resources’ asset portfolio in the industry and marks a strategic growth step for the company. The shares issued in relation to the acquisition represent a significant equity distribution, although specific details about the sellers and the terms of the agreements remain undisclosed. InvestingPro data shows the company maintains a strong balance sheet with more cash than debt, despite experiencing significant revenue decline of 69% in the last twelve months and receiving a WEAK overall Financial Health Score.
This report is based on an 8-K filing with the United States Securities and Exchange Commission by Gulf Resources, Inc.
In other recent news, Gulf Resources has confirmed the successful acquisition of salt lands through its subsidiary, Shouguang Hengde Salt Industry Co. Ltd. This acquisition, documented in a recent SEC filing, is part of the company’s strategy to expand its operations. Additionally, Gulf Resources held its annual meeting where shareholders elected seven directors to the board and ratified the appointment of GGF CPA LTD. as the independent auditors for the upcoming fiscal year. The directors elected include Xiaobin Liu, Naihui Miao, and Yibo Yang, among others.
In another development, Gulf Resources announced a temporary shutdown of its bromine and crude salt facilities. This decision follows a directive from the government of Shouguang City, mandating the cessation of operations from December 15, 2024, to February 12, 2025. The shutdown is expected to impact production output, though the company has not disclosed specific financial implications. Investors are advised to stay informed through the company’s communications for updates on the resumption of operations.
These developments reflect Gulf Resources’ ongoing efforts to manage its business operations and governance effectively.
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