In a recent filing with the Securities and Exchange Commission, Treasure Global Inc, a company specializing in business services, reported significant changes to its board of directors and executive team. On Thursday, the New York-based company accepted the resignations of Marco Baccanello from the board and Chai Ching "Henry" Loong as the Chief Operating Officer. Concurrently, Chan Wai Kuan was appointed to the board and will assume multiple committee roles, effective today.
The SEC filing dated September 5, 2024, outlined the departure of Baccanello and Loong from their respective positions at Treasure Global Inc. The reasons for their resignations were not disclosed in the document.
Chan Wai Kuan's appointment to the board will see him take on the role of Chairman of the Compensation Committee, as well as serving on the Nominating and Corporate Governance Committee and the Audit Committee.
Treasure Global Inc, which is incorporated in Delaware and trades on the Nasdaq Stock Market under the ticker symbol NASDAQ:TGL, has not provided further details on the background or qualifications of the incoming director, Chan Wai Kuan. The company's fiscal year ends on June 30, and it operates out of its principal executive office located on 5th Avenue in New York City.
The company is classified as an emerging growth company and is subject to the reporting requirements of the Securities Exchange Act of 1934. According to the filing, Treasure Global Inc has taken the necessary steps to ensure that the transitions in its leadership are in compliance with SEC regulations.
In other recent news, Treasure Global Inc has seen a flurry of boardroom changes. The company announced the appointment of Leong Wei Ping and Anand Ramakrishnan to its Board of Directors, while also acknowledging the departure of board members Joseph "Bobby" Banks and Jeremy Roberts. These changes are part of the company's ongoing efforts to strengthen corporate governance.
Treasure Global also made headlines with its strategic decision to withdraw its S-1 Registration Statement with the U.S. Securities and Exchange Commission. This move was made in response to challenging market conditions and is seen as a measure to protect shareholder value and refocus the company's growth strategy.
In a significant development, Treasure Global has partnered with TikTok to integrate TikTok Shop with its ZSTORE platform, a part of the ZCITY Super App. This strategic alliance is aimed at enhancing the online shopping experience for ZCITY's 2.7 million users and capitalizing on the rising trend of social commerce.
Moreover, the company has seen the resignation of Ho Yi Hui from her position as Executive Director, with no immediate replacement announced. On a positive note, two new directors, Carlson Thow and Dr. Darren Tan Kok Pin, have been appointed to the board, with Thow also assuming the role of CEO.
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