Utstarcom Holdings - UTSI STOCK NEWS

UTStarcom (UTSI) reported its financial results for the first half of 2022, showing a 13.8% decline in revenue to $7.5 million, and a 40.9% drop in gross profit to $1.3 million. Operating loss increased to $2.8 million from a profit of $0.9 million, highlighting challenges due to the China-US trade war and COVID-19. Notably, net equipment sales grew 65.0% to $1.4 million, while service sales fell 22.4%. Despite the loss, cash reserves increased by 4.2% to $64.5 million. The company executed a reverse stock split to maintain Nasdaq compliance.

UTStarcom has announced the appointment of three key executives effective September 1, 2022. Mr. Dan Xie is now Chief Financial Officer, previously serving as Vice President of Global Finance. Dr. Lingrong Lu has been named Chief Technology Officer after her tenure as Vice President of R&D. Ms. Ellen Chen steps into the role of Chief Human Resources Officer, having served as Vice President of Global HR and Administration since 2015. These appointments aim to strengthen leadership and drive innovation within the company, which focuses on telecommunications infrastructure.

UTStarcom (NASDAQ: UTSI) introduced its SkyFlux UAR Disaggregated Router, a next-gen platform enhancing telecommunications networks. This modular solution targets 5G applications, offering an open ecosystem that reduces costs and promotes innovation. Key features include flexibility in hardware/software integration and a carrier-grade design, utilizing the Broadcom DNX chip among others. CEO Li Hua emphasized the strategic importance of network disaggregation for future growth, reinforcing UTStarcom's position in the evolving telecom landscape.

On July 15, 2022, UTStarcom (NASDAQ: UTSI) announced that it has regained compliance with NASDAQ's Listing Rule 5450(a)(1). The company achieved this status as its common stock's closing bid price has remained at $1.00 per share or greater for the last 10 consecutive business days. UTStarcom is a global telecommunications infrastructure provider known for offering innovative communication services and equipment for mobile backhaul, metro aggregation, and broadband access, with a strong presence in Japan and India.

UTStarcom (NASDAQ:UTSI) announced its selection as the exclusive winner of the RFP for the design service of new line card hardware for China Telecom Research Institute's A3 White-box Router Platform. This project is a significant milestone in their collaboration, aimed at optimizing 5G transport networks. The project expands capabilities by introducing three new line cards, including one with 100GE and others with 50GE and 10GE ports. CEO Li Hua highlighted confidence in UTStarcom’s design capabilities and anticipates future volume orders for these products.

UTStarcom (NASDAQ: UTSI) held its extraordinary shareholders' meeting on June 28, 2022, where key resolutions were approved. A one-for-four reverse stock split was authorized, consolidating 250 million shares into 62.5 million shares with an increased par value. This aims to comply with NASDAQ’s minimum bid price requirement of $1.00 within 180 days. The meeting also included the adoption of a revised Memorandum and Articles of Association.

UTStarcom has announced the rescheduling of its extraordinary general meeting of shareholders to June 28, 2022, at 10:00 a.m. China Standard Time. The company has also released its proxy statement, now accessible on its website. UTStarcom, a global telecommunications infrastructure provider based in Hangzhou, China, focuses on innovative communication services, particularly in Japan and India. The company was founded in 1991 and went public on Nasdaq in 2000 under the ticker UTSI.

UTStarcom will hold an extraordinary general meeting of shareholders on June 27, 2022, at 2:00 p.m. China Standard Time. The purpose of the meeting is to seek approval for a one-for-four reverse share split aimed at enhancing the marketability and liquidity of its shares. If approved, this reverse split will take effect immediately, consolidating every four shares into one. UTStarcom is focused on delivering innovative telecommunications solutions and operates globally, particularly in Japan and India.

BEST Inc. (NYSE: BEST) announced the resignation of director Mark Qiu, effective May 6, 2022, due to personal reasons. Qiu has served since 2011 and will continue as a strategic advisor. The company appointed Ying Wu and Klaus Anker Petersen as independent directors. Wu will chair both the audit and compensation committees. With over 35 years of experience, Wu has managed approximately US$2 billion in assets and co-founded UTStarcom. Petersen brings over 20 years of experience in retail and e-commerce logistics. These appointments aim to enhance strategic oversight at BEST.