Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT), a leader in the wholesale motor vehicles and parts supply industry, has announced significant changes to its board and corporate structure following its annual stockholders meeting on Monday.
The company, headquartered in Charlotte, North Carolina, said in a recent SEC filing that it did not nominate director Vladimir Gavrilovic for re-election. Gavrilovic, who has been with the company since July 2023 and served as the chair of the audit committee, will step down effective July 2, 2024. The company clarified that there were no disagreements leading to his departure.
In a move to fill the vacated position, the company's stockholders elected Huibo Deng as a director and the new chair of the audit committee, effective on the same date. Deng, who has a strong background in finance and management, previously held positions at Shenzhen Dexun Securities Advisory Co., Ltd., and China Travel Group Zhonglv Bank. His academic credentials include a bachelor’s degree in Finance, a master’s degree in Statistics, and a Ph.D. in Finance.
Alongside the board changes, stockholders approved the company's 2024 Stock Incentive Plan, which authorizes the grant of various stock-based awards to directors, employees, and consultants. The plan sets a limit of 2,500,000 shares of Class A common stock and 500,000 shares of Class B common stock, subject to increase under certain conditions.
Further corporate amendments include the approval of the Third Amended and Restated Articles of Incorporation, which increases the authorized shares of Class A common stock to 891,750,000 shares and Class B common stock to 108,250,000 shares.
Moreover, the stockholders ratified the appointment of Assentsure PAC as the independent registered public accounting firm for the year ending December 31, 2024.
These strategic changes come as Cheetah Net Supply Chain Service Inc. continues to adapt its governance structure and incentive programs to align with its growth objectives and market positioning. The information reported is based on the company's latest SEC filing.
In other recent news, Cheetah Net Supply Chain Service Inc. has disclosed its follow-on public offering of 13,210,000 shares of Class A common stock, priced at $0.62 each. The logistics service provider anticipates generating $8,190,200 in gross proceeds before placement agent fees and other related expenses.
The offering is managed by AC Sunshine Securities LLC and is set to close soon, subject to customary closing conditions. Cheetah Net intends to use the net proceeds from this offering to boost its working capital and further develop its warehousing and logistics services.
These are recent developments in the company's strategic initiatives to grow its business operations. Please note, these updates are not indicative of future expectations but are simply the latest happenings within the company.
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