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SolarMax Technology, Inc. (NASDAQ:SMXT), a small-cap company currently valued at $55 million, reported that Dr. Wen-Ching (Stephen) Yang has notified the board of directors that he will not stand for re-election. The announcement comes as the company’s stock trades near $1.05, having declined 37% year-to-date. According to InvestingPro analysis, the company currently appears overvalued based on its Fair Value assessment.
Dr. Yang currently serves as the chair of the audit committee and is also a member of the nominating and corporate governance committee. The company stated that Dr. Yang’s decision to leave the board did not result from any disagreement with SolarMax Technology regarding its operations, policies, or practices.
The information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, SolarMax Technology, Inc. has announced a significant development with a new engineering, procurement, and construction agreement. This contract, valued at approximately $127.3 million, is for a utility-scale battery storage project in Texas. The agreement was signed by SolarMax’s wholly owned subsidiary, SolarMax Renewable Energy Provider, Inc., with Longfellow BESS I LLC. Additionally, SolarMax is acquiring an 8% interest in Longfellow BESS I LLC. These developments are expected to generate substantial revenue for the company. The announcement highlights SolarMax’s continued expansion in the renewable energy sector. This contract marks a major milestone for the company in its strategic growth initiatives.
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