Welcome to our dedicated page for Cheetah Net Supply Chain Service news (Ticker: CTNT), a resource for investors and traders seeking the latest updates and insights on Cheetah Net Supply Chain Service stock.
Cheetah Net Supply Chain Service Inc. (symbol: CTNT) is a leading supplier specializing in the procurement and distribution of parallel-import vehicles. These vehicles are sourced directly from overseas markets, particularly from the U.S., bypassing the brand manufacturers' official distribution systems. This unique approach allows the company to offer luxury automotive brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, making them available in the Chinese market.
Cheetah Net Supply Chain Service Inc. operates by purchasing automobiles in the U.S. market and reselling them to a diverse customer base, which includes both U.S. and PRC parallel-import car dealers. The company’s business model hinges on capitalizing on the price differences between the purchase and selling prices of these vehicles, thus generating substantial profits.
In recent developments, Cheetah Net Supply Chain Service Inc. has reported a significant expansion in its gross profit margin, which has increased by 400 basis points to reach 10.3%. This improvement indicates a robust financial performance and operational efficiency. Additionally, the company anticipates closing a major transaction early in 2024, which could further enhance its market positioning and growth prospects.
The company maintains a strong emphasis on investor relations, ensuring transparent communication and updates about its financial health and operational milestones. Key contacts for investor relations include Robert W. Cook, Chief Financial Officer, and Jody Burfening from LHA Investor Relations.
Cheetah Net Supply Chain Service (Nasdaq CM: CTNT) has signed definitive agreements to acquire TW & EW Services, a California-based labor and logistics service provider, for a total of $1 million. The deal comprises a $200,000 cash payment and $800,000 in unregistered Class A common stock at $1.704 per share. The acquisition is expected to close around December 4, 2024. TW & EW will become a wholly owned subsidiary of Cheetah, strengthening the company's position in the logistics sector by integrating TW & EW's expertise in general labor and logistics support services.
Cheetah Net Supply Chain Service reported Q3 2024 results, showing significant revenue decline to $61,208 from $10.0 million in Q3 2023, primarily due to downturn in parallel-import vehicle business. The company relocated headquarters to Irvine, CA, completed a public offering raising $1.1 million, and implemented a 1-for-16 reverse stock split. The company is transitioning from parallel-import vehicles to logistics and warehousing operations. Q3 2024 resulted in a net loss of $1.8 million compared to net income of $0.1 million in Q3 2023. Cash position stands at $5.3 million with working capital of $11.6 million as of September 30, 2024.
Cheetah Net Supply Chain Service Inc. (Nasdaq CM: CTNT), a warehousing and logistics services provider, announced the resignation of its Chief Financial Officer, Robert Cook, effective August 30, 2024. Cook's departure is due to personal reasons and not related to any disagreements with the company. He will be available for part-time consulting services as needed.
Cook expressed satisfaction with his role in Cheetah's successful IPO in August 2023, despite challenging market conditions. The company's Board of Directors will conduct a search for a new CFO, considering both internal and external candidates. In the interim, Tony Liu, Chairman of the Board and CEO, will serve as the interim CFO, assuming the responsibilities of principal financial officer and principal accounting officer.
Cheetah Net Supply Chain Service Inc. (Nasdaq CM: CTNT) reported challenging Q2 2024 results due to continued adverse market conditions in the PRC. Key points include:
- Revenue declined significantly to $0.3 million from $12.2 million in Q2 2023
- Net loss of $0.6 million compared to $0.2 million income in Q2 2023
- Vehicle sales dropped to 1 unit from 93 in Q2 2023
- Company is pivoting towards integrated international trade services
- Generated $70,000+ in non-vehicle warehousing and logistics revenue
- Announced planned headquarters move from Charlotte, NC to Irvine, CA
The company aims to refocus on logistics and warehouse operations to address the declining parallel-import vehicle market. Management expects tangible results may take several quarters but is confident in future growth potential.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), a warehousing and logistics services provider, has closed its follow-on public offering of 6,479,663 shares of Class A common stock, raising approximately $1.49 million in gross proceeds. The company plans to use the net proceeds for working capital and general corporate purposes. FT Global Capital, Inc. acted as the exclusive placement agent for the offering, which was made pursuant to a registration statement declared effective by the SEC on July 15, 2024. The final prospectus was filed on July 26, 2024, and is available on the SEC's website.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), a warehousing and logistics services provider, has announced a follow-on public offering of 6,479,663 shares of Class A common stock. The offering is priced at $0.23 per share, aiming to raise approximately $1.49 million in gross proceeds. The company plans to use the net proceeds for working capital and general corporate purposes. FT Global Capital, Inc. is acting as the exclusive placement agent for this offering, which is expected to close around July 26, 2024. The offering is made pursuant to a registration statement filed with the SEC, which was declared effective on July 15, 2024.
Cheetah Net Supply Chain Service announced its plans to relocate its headquarters from North Carolina to Los Angeles, leveraging the city's strategic advantages in import, export, and supply chain operations. The move aims to reduce shipping costs and transit times due to proximity to major ports, including the Port of LA and the Port of Long Beach. LA's developed infrastructure, access to major highways, railways, and airports, and a large consumer market will support Cheetah Net's mission to enhance its supply chain financial services. The relocation also offers a vibrant business environment, access to skilled labor, and a desirable quality of life for employees. Cheetah Net intends to provide various financial services, including loans and short-term bridge loans, to better serve the supply chain market and drive growth.
Cheetah Net Supply Chain Service announced the closing of its follow-on public offering, raising $8.19 million by selling 13,210,000 shares of Class A common stock at $0.62 per share.
The company plans to use the net proceeds to fund working capital and enhance its warehousing and logistics services. The offering was facilitated by AC Sunshine Securities and was conducted under two registration statements filed with the SEC, effective April 26, 2024, and May 13, 2024, respectively.
Cheetah Net Supply Chain Service, a supplier of parallel-import vehicles and logistic services, announced the pricing of a follow-on public offering of 13,210,000 shares of Class A common stock at $0.62 per share, totaling $8.19 million in gross proceeds. The offering is expected to close on May 15, 2024, contingent upon customary closing conditions. The proceeds will be used to fund working capital and develop warehousing and logistics services. AC Sunshine Securities is the sole placement agent. The registration statement was declared effective on April 26, 2024, with additional filings on May 13, 2024.
Cheetah Net Supply Chain Service Inc. reported challenging market conditions in the People's Republic of China, leading to a significant decline in revenue for the first quarter of 2024. The company sold 13 vehicles compared to 82 in the same period of 2023, resulting in a net loss of $0.6 million. Cheetah acquired Edward Transit Express Group to expand its warehousing and logistics services, generating $60,000 in revenue. Despite the current economic conditions, the company remains focused on executing sales that generate favorable margins.
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