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Pingtan Marine Enterprise Ltd. (Nasdaq: PME) will hold its Annual General Meeting (AGM) on December 23, 2021, at 10:00 a.m. China Standard Time in Fuzhou, China. Shareholders will vote on several proposals, including the election of two Class C directors to the Board, and the ratification of Wei, Wei & Co, LLP as the independent accounting firm for the year ending December 31, 2021. Only shareholders of record as of November 3, 2021, are entitled to attend the meeting.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) reported a 133.7% increase in third-quarter revenue to $36.1 million, up from $15.4 million. However, the company faced a gross loss of $4.1 million compared to a gross profit of $1.7 million last year. Net income rose to $2.9 million, or $0.03 per share, from $0.8 million, or $0.01 per share, in the same period of 2020. Despite the revenue growth, gross margins declined due to increased production costs amid ongoing COVID-19 impacts. Overall, for the nine months, total revenues increased by 80.1% to $101.3 million.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) has received a determination letter from Nasdaq regarding its non-compliance with listing requirements. The Company failed to submit its Forms 10-Q for the quarters ending March 31, 2021, and June 30, 2021, on time. Although it filed its Form 10-K on October 13, 2021, it risks suspension of its shares from Nasdaq if it does not appeal the determination by October 20, 2021. Pingtan plans to request a hearing to appeal the decision and is actively working to finalize the overdue Forms 10-Q.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) received a delinquency notification letter from Nasdaq on August 23, 2021, due to the non-filing of its Annual Report for the fiscal year ending December 31, 2020, and Quarterly Reports for March 31, 2021, and June 30, 2021. This marks a continuation of compliance issues following prior notices in April and May 2021. The company submitted a compliance plan on June 14, 2021, and anticipates filing the overdue reports by October 12, 2021. Pingtan engages in ocean fishing through its subsidiary and is working to resolve the filing delays.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) received a delinquency notification from Nasdaq on May 25, 2021, due to its failure to file the Q1 Form 10-Q for the period ending March 31, 2021. This follows a prior notification on April 15 regarding the late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The company must submit a compliance plan to Nasdaq by June 14, 2021. Pingtan filed a Notification of Late Filing on Form 12b-25 on May 18, indicating challenges in filing the necessary reports timely.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME), a fishing company based in China, received a notification from Nasdaq regarding non-compliance with listing requirements due to a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The company filed a Notification of Late Filing on April 1, 2021, citing difficulties in obtaining financial data. Pingtan must submit a plan to regain compliance within 60 days, potentially allowing an extension of up to 180 days to meet filing obligations.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) has successfully completed a registered direct offering of 3,625,954 ordinary shares at $1.31 per share, alongside 2,719,464 warrants with the same exercise price. The transaction, facilitated by Spartan Capital Securities, will fund working capital, corporate needs, and potential acquisitions, supporting Pingtan's growth strategy. The offering was conducted under an effective shelf registration statement with the SEC, ensuring compliance with regulatory requirements.
Pingtan Marine Enterprise Ltd. (Nasdaq: PME) has announced a registered direct offering of 3,625,954 ordinary shares at a price of $1.31 per share, along with 2,719,464 five-year warrants at the same exercise price. The expected net proceeds are around $4.2 million, intended for working capital, corporate purposes, and potential acquisitions. The offering will close around March 8, 2021.
Pingtan Marine Enterprise Ltd. (NASDAQ: PME) announced a strategic cooperation with Scienjoy Holding Corporation and Hangzhou Liyumen Technology Development Limited. The collaboration aims to establish a pelagic aquatic live broadcast brand, enhancing Pingtan's entry into live broadcast e-commerce, a rapidly growing market in China. The partnership will leverage Scienjoy's streaming platforms and Liyumen's expertise in e-commerce to market Pingtan's products on popular platforms. This initiative is anticipated to increase Pingtan's operational performance and market presence significantly.
Pingtan Marine Enterprise Ltd. (NASDAQ: PME) has entered a Strategic Cooperation Framework Agreement with Wotelsat and Incar to develop a high-speed information platform for pelagic fishing. This initiative aims to launch PME-Live, leveraging Wotelsat's satellite broadband and China Unicom's 5G technology. The platform will enhance communication between fishing vessels and urban consumers while offering entertainment for crew members. Additionally, PME-Track will utilize blockchain for supply chain transparency. The joint project will soon commence preparatory work.
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