Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT), a micro-cap company ($7.77M market value) specializing in wholesale motor vehicles and parts, announced the resignation of board member Adam Eilenberg, effective December 2, 2024.
According to InvestingPro data, the company maintains strong liquidity with a current ratio of 14.86, indicating robust short-term financial stability. The North Carolina-based firm confirmed that Eilenberg's departure is not due to any disagreement with the company's operations, policies, or practices.
The news came to light through a recent filing with the Securities and Exchange Commission. As per the document, Eilenberg informed the company of his intention to step down on the effective date. The board has since approved the resignation and is currently seeking a suitable replacement to fill the vacancy.
Cheetah Net, an emerging growth company, has not disclosed any further details regarding the reasons behind Eilenberg's decision or potential candidates for the now-vacant board position. However, the company's leadership has expressed its active engagement in the process to identify a new board member.
Cheetah Net has also announced two follow-on public offerings of Class A common stock. The first is expected to raise approximately $1.49 million with 6,479,663 shares at $0.23 per share. The second offering involves 13,210,000 shares at $0.62 each, anticipating a gross revenue of $8,190,200. FT Global Capital, Inc. and AC Sunshine Securities LLC are managing these offerings respectively.
In executive changes, CFO Robert Cook resigned, and CEO Tony Liu has assumed the role of interim CFO. Huibo Deng has been appointed as a director and the new chair of the audit committee.
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