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Scorpius Holdings, Inc. (NYSE American: SCPX), a pharmaceutical company with a market capitalization of $0.78 million, announced the expansion of its Board of Directors and the appointment of a new member. On Monday, the company increased the size of its board to five members and appointed Tan Sze Thuan as a director, according to a recent SEC filing. The appointment comes as the company’s stock has declined nearly 82% over the past six months.
Tan Sze Thuan, founder and CEO of World Total (EPA:TTEF) Logistics Sdn Bhd, a Malaysian logistics company, joins the Scorpius Holdings board with a wealth of experience in shipping, logistics, freight forwarding, trucking, warehousing, and distribution. The company expressed confidence that Thuan’s extensive experience will bolster its international financing and expansion strategies. This leadership addition comes as the company faces financial challenges, with a current ratio of 0.62 indicating short-term obligations exceed liquid assets.
As per the filing, Thuan will receive the standard compensation package offered to Scorpius’s non-employee directors. The company clarified that there are no familial ties between Thuan and any current directors or executive officers, and he does not have any material interests in transactions that would necessitate disclosure under SEC regulations. Despite challenging market conditions, InvestingPro data shows the company achieved impressive revenue growth of 351% in the last twelve months, though profitability remains a concern.Investors seeking deeper insights into SCPX’s financial health and growth prospects can access 13 additional exclusive ProTips and comprehensive analysis through InvestingPro.
Scorpius Holdings, previously known as NightHawk Biosciences Inc. and HEAT BIOLOGICS, INC., is headquartered in Morrisville, North Carolina. The announcement of Thuan’s appointment follows the company’s continued efforts to strengthen its leadership team and strategic direction.
This news is based on a press release statement from Scorpius Holdings, Inc. and the company has not provided any additional comments on the appointment.
In other recent news, Scorpius Holdings has entered into a series of financial agreements to bolster its financial position. The company issued a $1 million non-convertible promissory note with a 5% annual interest rate, maturing on April 30, 2025, or upon certain corporate events or defaults. Additionally, Scorpius Holdings secured another $600,000 through a similar promissory note, which is set to mature on March 31, 2025. Both agreements include a 5% premium on the principal amount upon maturity, redemption, or prepayment.
The company is actively seeking additional capital due to urgent financial needs, as it reported having approximately $1.8 million in cash and short-term investments as of late December 2024. Scorpius Holdings is exploring various financing options, including equity and debt financings, despite facing limitations due to delayed financial report filings. These delays restrict the company’s ability to use certain registration statements for capital raising until June 2025. The company has warned of potential consequences if additional funds are not secured, including possible restructuring or more severe measures.
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