SHENZHEN, GUANGDONG—BAIYU Holdings, Inc. (NASDAQ:BYU), a company specializing in the wholesale of metals and minerals, announced the resignation of independent board member Heung Ming (Henry) Wong. The company, which maintains a strong financial position with an Altman Z-Score of 14.14 as of Q3 2024, received Mr. Wong's resignation on Monday.
He cited increasing demands on his time as the reason for his departure from the Board of Directors.According to InvestingPro analysis, BAIYU currently appears undervalued based on its comprehensive Fair Value assessment, making this corporate development particularly noteworthy for value investors.
The resignation took effect on the same day, November 25, 2024. Mr. Wong has been serving on the board of BAIYU Holdings, which operates under the organization name 07 Trade & Services and is incorporated in Delaware. The company, formerly known as TD (TSX:TD) Holdings, Inc., Bat Group, Inc., and China Bat Group, Inc., has undergone several name changes, with the most recent occurring on March 12, 2020.
BAIYU Holdings, headquartered at the Jingji Binhe Times Building in the Futian District of Shenzhen, has not yet announced a successor or provided details on how Mr. Wong's departure will impact the board's composition or strategic direction. The company's fiscal year ends on December 31, and it is registered under the IRS number 454077653.
The news of the board member's resignation was officially filed with the United States Securities and Exchange Commission (SEC) on Friday, November 29, 2024, as part of the company's regulatory requirements. The filing ensures transparency with shareholders and the public regarding changes within the company's leadership.
In other recent news, BAIYU Holdings confirmed its delisting from the Nasdaq Stock Market and plans to transition to the OTC Bulletin Board. The company has also entered into a significant agreement with Feng's Auto Parts Inc. for the supply of electric lithium battery products. BAIYU has announced an agreement to acquire Shenzhen Jintongyuan Energy Storage Technology Co., Ltd., a significant player in the energy storage battery sector in China, for approximately $105 million.
The company has also formed a strategic partnership with U.S.-based Electra New Energy Vehicle, Inc., planning a majority stake acquisition and an investment of up to $3 million over the next three years. On the corporate governance front, BAIYU has seen changes with the appointment of Rongrong (Rita) Jiang as a new independent director, following the resignation of Xiangjun Wang.
In addition to these developments, BAIYU announced a partnership with Adler International Ltd. to develop charging and swapping stations in Cairo, Egypt, a project fully funded by the Egyptian government with an investment of $547.5 million. However, the company is currently appealing a decision by Nasdaq to delist the company's securities, citing concerns over the company's disclosures and due diligence regarding these recent business developments.
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