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ZW Data Action Technologies Inc. (Nasdaq: CNET) provides online advertising solutions and data-driven marketing services for SMEs in China. This page aggregates official announcements, financial updates, and strategic developments to serve investors and industry professionals.
Access real-time updates on earnings reports, partnership announcements, and technology initiatives related to precision marketing and e-commerce O2O solutions. Our curated feed ensures you stay informed about operational milestones without speculative commentary.
Key coverage includes regulatory developments in China's digital sector, client acquisition trends, and innovations in blockchain-powered advertising tools. All content is verified against primary sources for accuracy.
Bookmark this page for streamlined access to CNET's corporate communications. Monitor press releases alongside market analysis to track the company's role in China's evolving digital economy.
ZW Data Action Technologies Inc. (Nasdaq: CNET) has announced a 1-for-4 reverse stock split of its common stock, effective September 30, 2024. The company's shares will continue trading on Nasdaq under the symbol 'CNET' with a new CUSIP number 98880R 307. This move will reduce the authorized shares from 50,000,000 to 12,500,000 and correspondingly decrease the issued and outstanding shares.
The reverse split aims to regain compliance with Nasdaq's $1.00 minimum bid price requirement. Stockholders' ownership percentages and voting power will remain largely unchanged, except for minor adjustments due to fractional shares. No fractional shares will be issued, and stockholders who would receive fractional shares will instead receive one whole share.
Stockholders with electronic holdings need not take action, while those holding paper certificates may send them to the company's transfer agent, Empire Stock Transfer, for new certificates.
ZW Data Action Technologies (Nasdaq: CNET) has reported its audited financial results for the year ending December 31, 2023. The company's revenues increased by 16.6% to $30.59 million, driven by the lifting of COVID-19 restrictions, which boosted advertising budgets and demands from SMEs. However, the cost of revenues also rose by 17.4% to $31.02 million, leading to a gross loss of $0.44 million.
Operating losses improved, decreasing from $11.12 million in 2022 to $6.01 million in 2023. The net loss attributable to CNET was $5.97 million, down from $9.79 million the previous year. General and administrative expenses were significantly reduced by 51.1% to $4.06 million. The company had cash and cash equivalents of $0.82 million as of December 31, 2023, compared to $4.39 million the previous year.
On May 20, 2024, ZW Data Action Technologies (NASDAQ: CNET) announced it received a non-compliance notice from Nasdaq regarding its failure to timely file its Quarterly Report for the fiscal quarter ended March 31, 2024. This follows a previous notice for failing to file its Annual Report for the fiscal year ended December 31, 2023. The company now has until June 17, 2024, to submit a compliance plan to Nasdaq. If accepted, Nasdaq may grant an extension until October 14, 2024, to regain compliance. Failure to do so could result in delisting from Nasdaq. The company cited needing additional time to finalize its financial statements but is striving to meet the requirements promptly. This disclosure complies with Nasdaq's rules on timely deficiency notifications.
ZW Data Action Technologies Inc. (CNET) reported its audited financial results for the year ended December 31, 2022, revealing a 44.6% decline in revenues to $26.24 million compared to $47.33 million in 2021. This decrease was primarily due to the impact of regional COVID-19 rebounds affecting its SME clients. The company experienced a gross loss of $0.19 million and an operating loss of $11.12 million, with a corresponding operating loss margin of 42.4%. Other income decreased significantly to $1.33 million from $11.08 million. The net loss attributable to CNET was $9.79 million, with a loss per share of $1.37. As of December 31, 2022, cash and equivalents fell to $4.39 million, down from $7.17 million a year earlier. The company executed a 1-for-5 reverse stock split effective January 18, 2023, to regain compliance with Nasdaq listing requirements.
ZW Data Action Technologies, Inc. (CNET) announced a cooperation agreement with Chaineffect, focusing on Artificial Intelligent Generated Content (AIGC) and AI-derived products. The collaboration aims to expand market presence and enhance product development across various sectors such as education and e-commerce. Chaineffect, established in 2018, specializes in internet technology and has integrated advanced AI models including ChatGPT. ZW Data will leverage its franchise network and blockchain technology to promote Aichat products, enhancing its footprint in the AI market and driving growth in various application scenarios. This partnership is expected to create value in multiple business areas.
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