Liu Huan, the CEO, Director, and Chairman of the Board of Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT), recently sold 45,938 shares of the company's Class A common stock. The company, currently trading at $3.10 per share, has shown significant volatility with an impressive 84% gain over the past week, according to InvestingPro data. The shares were sold at a weighted average price of $6.52 each, totaling approximately $299,515. The transactions occurred on December 3, 2024, with prices ranging from $6.33 to $6.82 per share. Following this sale, Liu Huan no longer holds any shares directly in the company. Based on InvestingPro's Fair Value analysis, CTNT appears to be trading above its Fair Value, with the company maintaining a strong current ratio of 14.86x and holding more cash than debt on its balance sheet. Want deeper insights into insider trading patterns and 14 additional ProTips? Explore InvestingPro's comprehensive analysis tools.
In other recent news, Cheetah Net Supply Chain Service Inc. has undergone significant changes. The company has announced a reverse stock split at a ratio of 1-for-16, which was approved by the board of directors and is expected to be reflected on the NASDAQ under a new CUSIP number (16307X202). Alongside this, adjustments were made to Cheetah Net's Amended and Restated 2024 Stock Incentive Plan to align with the new stock split ratio.
In addition, Cheetah Net has initiated two follow-on public offerings of Class A common stock managed by FT Global Capital, Inc. and AC Sunshine Securities LLC. The first offering aims to issue 6,479,663 shares at $0.23 per share, with an expectation to raise approximately $1.49 million. The second offering involves 13,210,000 shares at $0.62 each, with an anticipated gross revenue of $8,190,200.
On the executive front, CFO Robert Cook has resigned and CEO Tony Liu has assumed the role of interim CFO. Furthermore, Huibo Deng has been appointed as a director and the new chair of the audit committee. These are the recent developments in Cheetah Net's ongoing business operations.
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