Welcome to our dedicated page for Singularity Future Technology Ltd. news (Ticker: SGLY), a resource for investors and traders seeking the latest updates and insights on Singularity Future Technology Ltd. stock.
Singularity Future Technology Ltd., founded in 2001 in the United States, is an evolving company that has broadened its horizons from traditional shipping and logistics services to include the burgeoning cryptocurrency market. Originally known as Sino-Global Shipping America, Ltd., the company is headquartered in New York with additional offices in mainland China and the United States. For more detailed information, you can visit their corporate website at www.sino-global.net.
Core Business Activities:
- Freight Logistics Services: This segment is the backbone of Singularity Future Technology Ltd., contributing the majority of its revenue. The company provides comprehensive logistics solutions, including shipping, warehousing, and logistical support primarily to steel companies and e-commerce businesses.
- Sale of Crypto-mining Machines: Singularity has ventured into the cryptocurrency space by offering crypto-mining equipment. This diversification aligns with the growing demand for digital asset mining.
Recent Achievements and Current Projects:
On January 30, 2024, Singularity announced a 1-for-10 reverse stock split of its Common Stock, effective from February 9, 2024. This move is intended to increase the stock's trading price, ensuring compliance with Nasdaq's $1.00 minimum bid price requirement. Post-split, the company's shares will be traded under the same symbol, SGLY, but with a new CUSIP number 82935V 307.
Financial Condition and Partnerships:
Singularity derives a majority of its revenue from its operations in China. With a diverse portfolio that spans across freight logistics and cryptocurrency, the company is well-positioned to leverage its expertise and market presence in both domains.
Forward-Looking Statements:
This description contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ include risks related to the integration of acquired businesses and other factors detailed in the company's filings with the Securities and Exchange Commission. Singularity Future Technology Ltd. assumes no obligation to update these statements except as required by law.
Singularity Future Technology Ltd. (Nasdaq: SGLY) announced on March 22, 2023, that it has regained compliance with Nasdaq Listing Rule 5250(c)(1). This rule mandates timely filing of periodic financial reports with the SEC. The notification received on March 16 confirmed that the compliance matter is now closed. This positive development marks a significant step for Singularity, a company established in 2001 that specializes in logistics solutions for the steel and e-commerce sectors. The company primarily offers freight logistics including shipping and warehouse services.
Singularity Future Technology Ltd. (Nasdaq: SGLY) received a notice from Nasdaq indicating it has not submitted its Form 10-Q for the quarter ended December 31, 2022, which could lead to delisting. The Nasdaq Hearings Panel will review this deficiency in its assessment of the company's continued listing. The company has proposed a compliance plan and has until February 28, 2023, to file all overdue reports, including the 10-Q.
Singularity provides integrated logistics solutions for steel companies and e-commerce in China and the U.S., with services including freight and warehousing.
On November 28, 2022, Singularity Future Technology Ltd. (Nasdaq: SGLY) announced that it received a favorable decision from a Nasdaq Hearings Panel, allowing for continued listing on the Nasdaq stock exchange. The decision, dated November 22, 2022, requires the company to demonstrate compliance with Nasdaq's filing requirements by February 28, 2023. Singularity is currently working to submit its overdue periodic reports to the SEC but has stated that there is no guarantee of successful compliance.
On November 22, 2022, Singularity Future Technology Ltd. (Nasdaq: SGLY) disclosed receiving a staff determination notice from Nasdaq due to the non-filing of its Form 10-Q for the quarter ending September 30, 2022. This notice poses additional risks for the Company's continued listing on the Nasdaq Capital Market. The Company has submitted a plan to the Nasdaq Hearings Panel to regain compliance, which includes filing the overdue Form 10-Q. Singularity specializes in logistics solutions primarily for blockchain and crypto mining businesses.
Singularity Future Technology Ltd. (Nasdaq: SGLY) announced compliance with subpoenas from the U.S. Attorney's Office and SEC. The Company is cooperating fully as a special committee investigates claims from Hindenburg Research made on May 5, 2022. The investigation is expected to conclude by December 31, 2022. Singularity focuses on logistics solutions for the blockchain and crypto mining sectors and has been adapting its business since its name change in January 2022.
Singularity Future Technology Ltd. (Nasdaq: SGLY) received a delisting notice from Nasdaq on October 3, 2022, due to non-compliance with Listing Rule 5250(c)(1). The Company plans to request a hearing to prevent delisting, which will delay any action until at least October 25, 2022. Previously, Singularity submitted a Compliance Plan after receiving a delinquency notice. However, doubts were raised about the Company's ability to regain compliance, citing short timelines for report filings and changes in executive leadership.
Singularity Future Technology Ltd. (Nasdaq: SGLY) announced receiving a non-compliance notice from Nasdaq due to its failure to file the Quarterly Report on Form 10-Q for the period ended March 31, 2022. The Company has 60 days to submit a compliance plan and may regain compliance within 180 days if accepted. While this notice does not immediately impact trading, failure to comply could lead to delisting. Singularity aims to enhance its position in blockchain supply management while continuing its logistics services.
Singularity Future Technology Ltd. (NASDAQ: SGLY) and Golden Mainland Inc. have established a joint venture to create a total of 1GW of Bitcoin mining sites across Texas, Ohio, and other states. The partnership plans to invest up to $250 million and will initially contribute $10 million. The venture aims to accommodate 300,000 Bitcoin miners, each consuming 3,400 watts/hour. Singularity will hold a 51% stake while Golden Mainland will own 49%. This initiative represents Singularity's foray into the blockchain sector, diversifying its logistics services.
Singularity Future Technology Ltd. (NASDAQ: SGLY) launched a new corporate website on March 28, 2022, highlighting its growth in cryptocurrency and blockchain markets. The site aims to enhance customer and investor engagement while outlining the company's expanding portfolio and services. CEO Yang "Leo" Jie emphasized the website's role in supporting their strategy and vision amid the evolving tech landscape. The company is also entering the greenfield distributed storage market, building on its success in bitcoin mining and blockchain.
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