NEW YORK - Treasure Global Inc (NASDAQ:TGL), a Malaysian technology solutions provider, today announced the appointment of Carlson Thow as its new Chief Executive Officer. Thow, who previously served as Group Chief Legal Officer at VCI Global Limited (NASDAQ:VCIG), succeeds Sam Teo, who has resigned from the CEO position.
With a robust background in corporate leadership and strategic business transformations, Thow is recognized for his significant contributions to VCI Global's transition from a private entity to a publicly listed company on Nasdaq. His leadership was integral to the company's revenue growth and expansion strategies, enhancing shareholder value.
In his new role at Treasure Global, Thow's extensive experience is expected to be a key asset in steering the company's strategic direction and fostering innovation for sustainable growth. Thow's academic credentials include a Bachelor of Laws, a Master of Laws, and a Master of Business Administration.
The Board of Directors expressed gratitude to the outgoing CEO, Sam Teo, for his contributions and welcomed Thow, expressing confidence in his ability to lead Treasure Global to continued success. As part of his employment agreement, Thow will receive $120,000 worth of shares of common stock of the company, with an initial $10,000 worth at the end of each month during his first year.
Treasure Global is known for developing the ZCITY App, a digital ecosystem for e-payments with rewards, and TAZTE, a management system for the food and beverage industry. The company also serves as a master franchiser in Southeast Asia, offering the TAZTE solution to restaurant chains. As of May 5, 2024, ZCITY has over 2.7 million registered users.
The information in this article is based on a press release statement.
In addition to the executive transition, Treasure Global has successfully regained compliance with Nasdaq's shareholder approval requirements. This achievement comes after a corrective action by the former CEO, Chong Chan Teo, who made a payment to adjust the price per share of a previous issuance. The company had previously faced non-compliance due to a share issuance at a discount to settle debt.
InvestingPro Insights
As Carlson Thow takes the helm of Treasure Global Inc (NASDAQ:TGL), the company faces a unique set of financial challenges and market conditions. According to InvestingPro data, Treasure Global holds a market capitalization of $4.67 million USD, with a significant revenue decline of -47.39% over the last twelve months as of Q3 2024. This is echoed by a steep quarterly revenue drop of -91.21% in Q3 2024, reflecting the urgency for Thow's strategic leadership.
InvestingPro Tips suggest that while Treasure Global has the advantage of holding more cash than debt on its balance sheet, the company is quickly burning through cash, which is a concern for investors. Moreover, the stock has experienced high volatility with a substantial hit over the last week, month, and year, with a -96.43% one-year price total return as of the same date. These factors are critical as Thow embarks on his mission to revitalize the company's performance and investor confidence.
For those interested in a deeper analysis, InvestingPro offers additional insights, with a total of 16 InvestingPro Tips available for Treasure Global, which can provide further guidance on the company's financial health and stock performance. To access these tips, visit https://www.investing.com/pro/TGL and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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