CIMG Inc. (NASDAQ:IMG), a micro-cap company with a market value of $6.6 million specializing in miscellaneous retail, reported on Wednesday the immediate resignation of Jian Liu from its Board of Directors. Liu also stepped down from his roles on the audit, compensation, and nominating and corporate governance committees.
According to the company's statement, Liu's decision to leave was not due to any disagreements with CIMG Inc. on matters such as operations or accounting practices.
Liu's resignation was effective as of January 9, 2025, as disclosed in the company's recent 8-K filing with the SEC. The departure leaves a vacancy on the board and its associated committees, but no further details were provided regarding a successor or the reasons behind Liu's sudden exit. The news comes as CIMG's stock has declined over 70% in the past year, with particularly volatile trading patterns. InvestingPro analysis indicates the company is currently trading below its Fair Value.
The announcement comes from CIMG Inc.'s headquarters in Beijing, China, though the company is incorporated in Nevada and has a business address in Richardson, Texas. CIMG Inc. has undergone several name changes in its history, having previously been known as NuZee, Inc., Havana Furnishings Inc., and Havanna Furnishings Inc.
CIMG Inc. has not provided any additional information about the impact of Liu's departure on the company's governance or strategic direction. The company's common stock continues to be listed on The Nasdaq Stock Market under the ticker symbol IMG.
In other recent news, CIMG Inc. has secured $10 million through a private placement of convertible promissory notes and warrants with non-U.S. investors. The notes, bearing a 7% annual interest rate and maturing one year from the issue date, are accompanied by warrants to purchase up to 19,230,767 shares of the company's common stock. This financing could prove crucial for the company's expansion plans, given analysts' projections of 97% revenue growth for the current fiscal year.
In addition to this, CIMG Inc. has settled a lawsuit with a former employee without admitting wrongdoing, resolving a dispute that had moved to arbitration. The company has also raised $2 million through an equity sale to non-U.S. investors and seen warrant holders exercise a cashless option to acquire 55,973 shares of common stock.
In a strategic move, CIMG Inc. has entered a one-year endorsement agreement with five renowned sports figures to promote its Macanuoli beverage. The company has also undergone a corporate identity change, now operating under the name CIMG Inc., and has seen changes in its executive ranks with the appointment of Zhanzhan Shi as the new Acting Chief Financial Officer and Jianshuang Wang as the Chairman of the Board of Directors and Co-Chief Executive Officer.
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