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Caravelle International Group (NASDAQ: HTCO) has announced two key appointments: Shixuan He as CEO and Xuanhua Xi as independent director and Audit Committee Chair. Mr. He brings 15 years of management experience, notably in smart technology and low-carbon initiatives. His achievements include leading a 200 million RMB smart streetlight IoT platform project with GE in China and expanding it to Brazil. He has also pioneered projects in green biomass energy and carbon asset development.
Ms. Xi joins with extensive financial services experience, currently serving as Chief Risk Officer at DigiFT Technology Group. She previously held executive positions at Neutral Financial Holding Company and BOCOM International Holdings. These appointments align with HTCO's focus on sustainable maritime practices and enhanced management systems, aiming to leverage technology and finance integration for long-term growth.
Caravelle International Group (NASDAQ: HTCO) held its annual shareholder meeting on January 3, 2025, where shareholders approved several significant changes. The company will be renamed to High-Trend International Group and implement a share restructuring plan that includes re-designating 497,500,000 ordinary shares as Class A Ordinary Shares and 2,500,000 unissued ordinary shares as Class B Ordinary Shares, each with a par value of US$0.0001.
Shareholders also approved the second amended and restated memorandum and articles of association and voted to remove Mr. Guohua Zhang from the board of directors. Chairman Jinyu Chang emphasized this meeting as a milestone for the company's development, focusing on high-quality growth, brand upgrade, and optimization of equity structure. The company presented its financial information for the fiscal year ended October 31, 2023, and provided shareholders an opportunity to discuss company affairs with management.
Caravelle International Group (NASDAQ: HTCO) has successfully regained compliance with Nasdaq's minimum bid price requirement. The company, which had received a non-compliance notice on July 26, 2024, due to its share price being below $1.00 for over 30 consecutive business days, has now maintained a closing bid price of $1.00 or higher for 19 consecutive business days (October 18 to November 13, 2024). Nasdaq confirmed on November 14, 2024, that HTCO has met the listing requirements under Rule 5550(a)(2), and the compliance matter is now closed.
Caravelle International Group (Nasdaq: HTCO) reported interim unaudited financial results for the period ended April 30, 2024, achieving revenue of $35 million and income from operations of $150,000. This marks a significant improvement from the $7 million operational loss in the same period of 2023. The company attributes this turnaround to business structure optimization and enhanced operational efficiency despite weak freight sector demand. Management is exploring collaborations in carbon capture technology for ships, targeting a potential $10 billion market over the next five years, driven by EU emissions regulations.
Caravelle International Group (NASDAQ: HTCO) has appointed Jinyu Chang as Chairman of the Board of Directors and Xin He as independent director and Chair of the Audit Committee. Chang, Co-Founder of High Trend International, brings expertise from managing smart city projects with approximately 1,000,000 lighting points in Latin America. He has overseen projects exceeding US$300 million in financing. Xin He, currently CFO at Wanda America Entertainment, brings experience from overseeing the Vista Tower development and AMC Entertainment's $2.6 billion acquisition, along with executive roles at Professional Diversity Network.
Caravelle International Group (NASDAQ: HTCO) has announced two key appointments to its leadership team. Jinyu Chang joins as Chairman of the Board of Directors, bringing extensive experience from High Trend International, where he co-founded and developed significant smart city initiatives managing approximately 1,000,000 lighting points with project financings exceeding USD$300 Million. Xin He joins as independent director and Chair of the Audit Committee, bringing valuable experience as CFO of Wanda America Entertainment and his role in major projects including the Vista Tower development and AMC Entertainment acquisition.
These strategic appointments align with the company's focus on enhancing internal management systems and advancing ocean carbon neutrality commitments.
Caravelle International Group (Nasdaq: HTCO) announced the mutual termination of its Ore Sourcing Agreement with CUEX Metal AG. The agreement, which was originally disclosed on April 18, 2024, has been ended with no further obligations for the Company.
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