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Takung Art Co., Ltd. (NYSE American: TKAT) received a notice of noncompliance from the NYSE American Exchange due to not holding its annual meeting in 2022. The meeting was delayed as the company addressed comments from the U.S. Securities Exchange Commission regarding its Definitive Proxy Statement and Registration Statement on Form F-4, filed on December 19, 2022. Takung expects to hold the annual meeting in 2023 to regain compliance with continued listing standards. The company operates an online platform for trading digital artwork, generating revenue through listing fees, trading commissions, and management fees.
Takung Art Co. (NYSE: TKAT) announced updates on its NFT trading platform, launched as part of its strategy to expand into blockchain technology. Since its launch, over 60 products have been listed, with more than 107 registered users and approximately 40 completed transactions. Co-CEO Kuangtao Wang highlighted the platform's potential for sustainable growth. However, the company’s recent audit revealed concerns about its ability to continue as a going concern, prompting CFO Jianguang Qian to indicate efforts to reduce liabilities and boost revenue.
Takung Art Co Ltd. (NYSE: TKAT) has launched its own NFT marketplace website, www.nftoeo.com, aimed at facilitating the buying, selling, and discovery of digital art. This initiative aligns with the company's strategy to expand into the NFT market amid global economic challenges. Co-CEO Kuangtao Wang emphasized the importance of this launch for sustainable business growth. The platform will generate revenue through listing fees, trading commissions, and management fees, catering to artists and art dealers. However, the company has acknowledged various uncertainties in the NFT market.
Takung Art Co., Ltd (NYSE American: TKAT) announces the appointment of Mr. Kuangtao Wang as Co-Chief Executive Officer to enhance its strategies in Non-Fungible Token (NFT) businesses. Mr. Wang brings extensive experience from his previous roles in art auctions and NFT platform development. The company aims to solidify its position in the digital goods market with Mr. Wang's leadership. Takung operates fine art and collectibles platforms, enabling investment opportunities for China’s middle class.
Takung Art Co., Ltd (NYSE American: TKAT) has successfully closed a private placement of 571,429 shares at a price of $8.75 each, raising approximately $5 million pre-expenses. The funds will be utilized for general corporate purposes and working capital. Maxim Group LLC was the placement agent for this transaction. The shares are unregistered under the Securities Act and will only be offered to accredited investors. Takung operates three online platforms for investing in fine art and collectibles, catering primarily to China's middle class.
Takung Art Co., Ltd. (NYSE American: TKAT) announced a securities purchase agreement with an institutional investor to raise $5.0 million via a private placement of 571,429 shares of common stock at $8.75 per share. The closing is anticipated by July 12, 2021, pending customary closing conditions. Maxim Group LLC serves as the sole placement agent. The shares will not be registered under the Securities Act and are available only to accredited investors. Takung operates online platforms for fine art and collectibles, catering to China's expanding middle class.
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