Microvast Holdings announces departure of chief financial officer
NextPlat Corp (NASDAQ:NXPL), a micro-cap telecommunications company with a market value of $14.2 million and showing strong revenue growth of 73% over the last twelve months, announced today the immediate resignation of Jervis Hough, a member of its board of directors. Mr. Hough’s departure from the board is to pursue other interests and is not due to any disagreements with the company’s practices, policies, or management, as confirmed in a recent 8-K filing with the Securities and Exchange Commission. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 3.83, though it faces profitability challenges with a modest gross margin of 24.8%.
The Nevada-based company, formerly known as ORBSAT Corp and with previous names including Orbital Tracking Corp. and Great West Resources, Inc., indicated that there are no disputes behind Mr. Hough’s decision to step down. The news comes without any accompanying announcement regarding a replacement or changes to the board’s composition. The company’s stock has faced significant challenges, declining nearly 60% over the past year, though InvestingPro analysis suggests it may be undervalued at current levels. Subscribers can access 12 additional key insights and a comprehensive Pro Research Report for deeper analysis of NXPL’s financial health and growth prospects.
NextPlat Corp, which is headquartered in Coconut Grove, Florida, has not disclosed any further details regarding the resignation or its implications for the company’s strategic direction or governance. The firm’s common stock and warrants continue to be listed on The Nasdaq Stock Market under the symbols NXPL and NXPLW, respectively.
The SEC filing also included the company’s cover page interactive data file as an exhibit, which is embedded within the Inline XBRL document. This document is part of the standard requirements for SEC filings, ensuring transparency and accessibility of financial data.
Investors and stakeholders of NextPlat Corp are expected to monitor the company for any future announcements that may provide more insight into the board’s plans following Mr. Hough’s resignation. The information detailed in this article is based solely on the press release statement filed with the SEC.
In other recent news, NextPlat Corp announced its fourth-quarter 2024 earnings, reporting a total revenue of $65.5 million, which exceeded previous sales guidance. The company ended the year with $20 million in cash and aims to reach a cash-neutral position by 2026. Gross profit margins in both the healthcare and e-commerce segments experienced declines, attributed to challenges in the Chinese market and competitive pressures in North America. Additionally, NextPlat completed a merger with Progressive Care and acquired Outfitter Satellite, boosting its revenue and expanding its presence in North America. The company is focusing on international expansion and operational efficiencies, with strategic efforts in China and Europe. In compliance with SEC regulations, NextPlat set the date for its annual stockholders meeting on June 25, 2025, at its headquarters in Coconut Grove, FL. Shareholders have been informed of proposal submission deadlines, ensuring their participation in company governance. These developments reflect NextPlat’s ongoing initiatives to enhance growth and operational performance.
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