STOCK TITAN

Gulf Resources, Inc. (NV) - GURE STOCK NEWS

Welcome to our dedicated page for Gulf Resources (NV) news (Ticker: GURE), a resource for investors and traders seeking the latest updates and insights on Gulf Resources (NV) stock.

Gulf Resources, Inc. (NV) Common Stock (symbol: GURE)

Gulf Resources, Inc., headquartered in China, is a prominent holding company engaged in the manufacture and trade of bromine, crude salt, and natural gas. The company also produces and sells chemical products used in various industrial applications, including oil and gas field exploration, distribution, drilling, wastewater processing, papermaking, and antibiotics for both humans and animals.

The company operates through four primary segments:

  • Bromine: Used in flame retardants, fumigants, water purification compounds, dyes, medicines, and disinfectants, this segment generates the most significant revenue for the company.
  • Crude Salt: Produced as a by-product of bromine, used in various chemical processes, and for direct sale.
  • Chemical Products: Includes products for oil and gas exploration, papermaking chemicals, and materials for antibiotics.
  • Natural Gas: Primarily focused on the exploration and development of natural gas resources.

Recent news highlights the company's robust initiatives. In response to the severe impacts of Typhoon Winbiya in 2018 and Typhoon Lekima in 2019, Gulf Resources has launched a comprehensive flood prevention program. This initiative, costing over $50 million, aims to safeguard its bromine facilities by renovating river channels in their mining areas, thus mitigating future flood risks.

Despite facing a significant decline in revenue in Q3 2023, with a 74% drop to $5.9 million primarily from the bromine segment, the company remains financially stable. As of September 30, 2023, Gulf Resources reported a cash balance of $103.8 million and net cash of $85.6 million, which translates to $9.95 per share in cash and $8.21 per share in net cash.

Gulf Resources operates through four wholly-owned subsidiaries: Shouguang City Haoyuan Chemical Company Limited (SCHC), Shouguang Yuxin Chemical Industry Co., Limited (SYCI), Daying County Haoyuan Chemical Company Limited (DCHC), and Shouguang Hengde Salt Industry Co. Ltd. (SHSI). The company is recognized as one of the largest bromine producers in China, leveraging its chemical manufacturing capabilities for a variety of industrial and agricultural applications.

For more information, visit www.gulfresourcesinc.com.

Rhea-AI Summary

Gulf Resources (GURE) has addressed shareholders regarding recent challenges and developments. The company changed auditors from WWC PC to GGF CPA in April 2024, which led to delays in filing requirements. After completing delinquent filings, GURE regained Nasdaq compliance on October 15, 2024. The company reports facing challenges from China's weak economy, particularly in real estate, leading to reduced bromine and crude salt sales. Recent positive developments include a 9.6% increase in bromine prices from RMB 19,886 to RMB 21,800. The company has invested in flood prevention infrastructure and purchased new salt fields, aiming for future growth and increased production capacity.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
21.89%
Tags
none
-
Rhea-AI Summary

Gulf Resources (NASDAQ: GURE) has received a non-compliance notice from Nasdaq due to its failure to timely file its Q2 2024 10-Q report. This follows previous notices for delayed filings of its 2023 10-K and Q1 2024 10-Q. The company must submit an updated compliance plan by September 4, 2024. Nasdaq has granted GURE until October 14, 2024, to file the delinquent reports or face potential delisting. The notice doesn't immediately affect GURE's listing on Nasdaq Global Select Market. Gulf Resources, a leading Chinese manufacturer of bromine, crude salt, and specialty chemicals, intends to submit an updated plan and is working to complete the delayed SEC filings.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.67%
Tags
none
-
Rhea-AI Summary

Gulf Resources, a major producer of bromine, crude salt, and specialty chemicals in China, has received an extension from NASDAQ to regain compliance with listing rules. The deadline to file its overdue Form 10-K for the year ending December 31, 2023, and Form 10-Q for the quarter ending March 31, 2024, has been extended to October 14, 2024. Previously, NASDAQ had notified Gulf Resources on April 18 and May 21, 2024, of its non-compliance due to these missing filings. The company, along with its new auditor GGF CPA , is working to complete these filings and expects to submit them by the new deadline.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.03%
Tags
none
Rhea-AI Summary

Gulf Resources has announced the acquisition of five crude salt fields through its subsidiary, Shouguang Hengde Salt Industry. The total cost of the acquisition is RMB280,762,000 (around USD $38.6 million). The fields span 5,141,000 square meters, and 80% of the payment will be made in cash, while the remaining 20% will be paid in shares within three months after inspection. This acquisition supports the reopening of bromine factories #2 and #10, with production expected to commence in the first half of 2025. The company anticipates improved well drilling and higher utilization levels. The deal also involves investments in flood protection and aims to leverage new opportunities in zinc/bromine and sodium-ion batteries, suggesting future price increases for bromine and crude salt.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.67%
Tags
-
Rhea-AI Summary

Gulf Resources (NASDAQ: GURE) has received a non-compliance notice from Nasdaq due to its failure to timely file its quarterly report for the quarter ended March 31, 2024. This follows a previous notice received in April 2024 for not filing its annual report for the fiscal year ended December 31, 2023. The company has until June 17, 2024, to submit a compliance plan to Nasdaq. If accepted, Gulf Resources may have until October 14, 2024, to comply. Failure to meet these deadlines could result in the delisting of its common stock. Gulf Resources is working diligently to complete the outstanding reports.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.99%
Tags
none
-
Rhea-AI Summary
Gulf Resources, Inc. received a notice of non-compliance from Nasdaq due to the delayed filing of its Annual Report on Form 10-K for 2023. The company has until June 17, 2024, to file the report or submit a compliance plan to avoid delisting from Nasdaq.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.16%
Tags
none
Rhea-AI Summary
Gulf Resources, a leading manufacturer in China, announced a change in independent auditors from WWC to GGF CPA The transition was smooth, with no disagreements or reportable events with the former auditor. GGF is a well-established firm with global presence, and the Company aims to swiftly complete its financial reports for 2023 and Q1 2024.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.21%
Tags
none
-
Rhea-AI Summary
Gulf Resources, Inc. provides an update on the Yuxin Chemical factory, delaying equipment delivery due to weak Chinese economy. The company explores new market segments like pharmaceuticals and sodium-ion batteries for potential profits.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.82%
Tags
none
-
Rhea-AI Summary
Gulf Resources, Inc. (Nasdaq: GURE) completed a $50 million flood prevention project to protect its bromine facilities, expecting cost savings and enhanced utilization. The project aims to mitigate future storm-induced flooding and allow drilling in low-lying areas, potentially increasing utilization rates.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
3.25%
Tags
none
Rhea-AI Summary
Gulf Resources, Inc. (Nasdaq: GURE) announces temporary closure of bromine and crude salt facilities in Shouguang City from December 25, 2023, to February 20, 2024, impacting production and sales.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
5.52%
Tags
none

FAQ

What is the current stock price of Gulf Resources (NV) (GURE)?

The current stock price of Gulf Resources (NV) (GURE) is $0.685 as of November 4, 2024.

What is the market cap of Gulf Resources (NV) (GURE)?

The market cap of Gulf Resources (NV) (GURE) is approximately 7.9M.

What does Gulf Resources, Inc. do?

Gulf Resources, Inc. manufactures and trades bromine, crude salt, and natural gas. They also produce chemical products for various industrial applications.

What are the main segments of Gulf Resources, Inc.?

The company operates in four main segments: Bromine, Crude Salt, Chemical Products, and Natural Gas.

Where is Gulf Resources, Inc. headquartered?

Gulf Resources, Inc. is headquartered in Shouguang City, China.

How did Typhoon Winbiya and Typhoon Lekima affect Gulf Resources?

Both typhoons caused extensive damage to Gulf Resources' facilities, leading to substantial expenses for repairs and reconstruction. The company has since initiated a flood prevention program.

What is the focus of Gulf Resources' flood prevention program?

The program aims to renovate river channels to prevent future flooding that could damage their mining areas and facilities.

What was Gulf Resources' financial performance in Q3 2023?

In Q3 2023, the company's revenue declined by 74% to $5.9 million, mainly due to reduced bromine sales. Despite this, the company maintains a strong cash balance of $103.8 million.

Who are the wholly-owned subsidiaries of Gulf Resources, Inc.?

The subsidiaries are Shouguang City Haoyuan Chemical Company Limited (SCHC), Shouguang Yuxin Chemical Industry Co., Limited (SYCI), Daying County Haoyuan Chemical Company Limited (DCHC), and Shouguang Hengde Salt Industry Co., Ltd. (SHSI).

What are some key applications of bromine produced by Gulf Resources?

Bromine is used in flame retardants, water purification compounds, disinfectants, dyes, medicines, and fumigants.

Where can I find more information about Gulf Resources, Inc.?

You can visit the company's website at www.gulfresourcesinc.com for more details.

What is Gulf Resources' strategy for future growth?

The company aims to navigate market conditions prudently, focusing on high-value opportunities and strategic investments, such as its flood prevention program and potential new product developments.

Gulf Resources, Inc. (NV)

Nasdaq:GURE

GURE Rankings

GURE Stock Data

7.91M
10.73M
33.85%
3.44%
0.29%
Chemicals
Chemicals & Allied Products
Link
United States of America
SHOUGUANG CITY, SHANDONG