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Cheetah Net Supply Chain Service Inc. - CTNT STOCK NEWS

Welcome to our dedicated page for Cheetah Net Supply Chain Service news (Ticker: CTNT), a resource for investors and traders seeking the latest updates and insights on Cheetah Net Supply Chain Service stock.

Cheetah Net Supply Chain Service Inc. (symbol: CTNT) is a leading supplier specializing in the procurement and distribution of parallel-import vehicles. These vehicles are sourced directly from overseas markets, particularly from the U.S., bypassing the brand manufacturers' official distribution systems. This unique approach allows the company to offer luxury automotive brands such as Mercedes, BMW, Porsche, Lexus, and Bentley, making them available in the Chinese market.

Cheetah Net Supply Chain Service Inc. operates by purchasing automobiles in the U.S. market and reselling them to a diverse customer base, which includes both U.S. and PRC parallel-import car dealers. The company’s business model hinges on capitalizing on the price differences between the purchase and selling prices of these vehicles, thus generating substantial profits.

In recent developments, Cheetah Net Supply Chain Service Inc. has reported a significant expansion in its gross profit margin, which has increased by 400 basis points to reach 10.3%. This improvement indicates a robust financial performance and operational efficiency. Additionally, the company anticipates closing a major transaction early in 2024, which could further enhance its market positioning and growth prospects.

The company maintains a strong emphasis on investor relations, ensuring transparent communication and updates about its financial health and operational milestones. Key contacts for investor relations include Robert W. Cook, Chief Financial Officer, and Jody Burfening from LHA Investor Relations.

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Cheetah Net Supply Chain Service announced its plans to relocate its headquarters from North Carolina to Los Angeles, leveraging the city's strategic advantages in import, export, and supply chain operations. The move aims to reduce shipping costs and transit times due to proximity to major ports, including the Port of LA and the Port of Long Beach. LA's developed infrastructure, access to major highways, railways, and airports, and a large consumer market will support Cheetah Net's mission to enhance its supply chain financial services. The relocation also offers a vibrant business environment, access to skilled labor, and a desirable quality of life for employees. Cheetah Net intends to provide various financial services, including loans and short-term bridge loans, to better serve the supply chain market and drive growth.

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Cheetah Net Supply Chain Service announced the closing of its follow-on public offering, raising $8.19 million by selling 13,210,000 shares of Class A common stock at $0.62 per share.

The company plans to use the net proceeds to fund working capital and enhance its warehousing and logistics services. The offering was facilitated by AC Sunshine Securities and was conducted under two registration statements filed with the SEC, effective April 26, 2024, and May 13, 2024, respectively.

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Cheetah Net Supply Chain Service, a supplier of parallel-import vehicles and logistic services, announced the pricing of a follow-on public offering of 13,210,000 shares of Class A common stock at $0.62 per share, totaling $8.19 million in gross proceeds. The offering is expected to close on May 15, 2024, contingent upon customary closing conditions. The proceeds will be used to fund working capital and develop warehousing and logistics services. AC Sunshine Securities is the sole placement agent. The registration statement was declared effective on April 26, 2024, with additional filings on May 13, 2024.

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Cheetah Net Supply Chain Service Inc. reported challenging market conditions in the People's Republic of China, leading to a significant decline in revenue for the first quarter of 2024. The company sold 13 vehicles compared to 82 in the same period of 2023, resulting in a net loss of $0.6 million. Cheetah acquired Edward Transit Express Group to expand its warehousing and logistics services, generating $60,000 in revenue. Despite the current economic conditions, the company remains focused on executing sales that generate favorable margins.

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Cheetah Net Supply Chain Service Inc. reported a decline in revenue and profit due to challenging market conditions in the People's Republic of China (PRC). The company's 2023 sales decreased by 30.5% to $38.4 million, with a net profit of $0.1 million. The acquisition of Edward Transit Express Group, Inc. for $1.5 million aims to expand warehousing and logistics services. Cheetah plans to become an integrated provider of international trade services for small- and medium-sized traders.
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Cheetah Net Supply Chain Service Inc. (CTNT) has successfully completed the acquisition of Edward Transit Express Group Inc., a California-based global inbound non-vessel operating common carrier providing ocean and air transportation services. The total consideration for the acquisition was $1.5 million, with $300,000 in cash and 1,272,329 shares of the company's unregistered Class A common stock. Edward will operate as a wholly-owned subsidiary of Cheetah, and its general manager, Franky Zhang, will become the CEO of Edward. The acquisition is expected to reduce Cheetah's operating costs and generate new revenue streams.
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Cheetah Net Supply Chain Service Inc. announced the execution of a definitive agreement for the acquisition of Edward Transit Express Group Inc., a California-based global inbound non-vessel operating common carrier. The acquisition is expected to close within 20 days and involves a cash payment of $300,000 and the issuance of Cheetah's unregistered Class A common stock. The total market value of the share consideration is $1,200,000. The acquisition marks Cheetah's entry into the logistics sector and is expected to reduce operating overhead while expanding its ability to offer logistics and warehousing services to third-party parallel-import dealers.
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Cheetah Net Supply Chain Services Inc. (Nasdaq CM: CTNT) has announced the signing of a letter of intent with Edward Transit Express Group Inc., a California-based global inbound non-vessel operating common carrier. The total purchase price for Edward is $1.5 million, consisting of $300,000 in cash and $1.2 million in Cheetah’s Class A common stock. The completion of the transaction is subject to various conditions, including the favorable completion of due diligence on Edward and the entry of a definitive agreement. The anticipated completion timeframe is early 2024. This transaction underscores Cheetah's commitment to evolving into a comprehensive international trade service provider.
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CTNT: Cheetah Net Supply Chain Service Inc. Reports Q3 2023 Results, Focuses on Luxury Vehicle Market in China. Revenue Declines to $10M from $11.9M, Net Income Drops to $0.1M from $1.2M
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Cheetah Net Supply Chain Service Inc. reports Q2 2023 results. Gross profit margin expanded 400 basis points to 10.3%. Average selling price per vehicle increased by 10.4% to $131,430. Net cash provided by operating activities was $4.1 million for the first six months of 2023. Cash balance increased to $0.6 million compared to December 31, 2022.
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FAQ

What is Cheetah Net Supply Chain Service Inc.?

Cheetah Net Supply Chain Service Inc. is a supplier of parallel-import vehicles sourced from the U.S. to be sold in the Chinese market.

What are parallel-import vehicles?

Parallel-import vehicles are purchased directly from overseas markets and imported for sale through channels other than brand manufacturers' official distribution systems.

Which brands does Cheetah Net Supply Chain Service Inc. deal with?

The company deals with luxury brands such as Mercedes, BMW, Porsche, Lexus, and Bentley.

How does Cheetah Net Supply Chain Service Inc. make a profit?

The company profits from the price difference between buying and selling prices for parallel-import vehicles.

What recent financial achievement has Cheetah Net Supply Chain Service Inc. reported?

The company has reported a 400 basis point expansion in its gross profit margin, reaching 10.3%.

Who are the key contacts for investor relations at Cheetah Net Supply Chain Service Inc.?

Key contacts include Robert W. Cook, Chief Financial Officer, and Jody Burfening from LHA Investor Relations.

When is the anticipated closing date for the upcoming transaction?

The transaction is anticipated to close in early 2024.

Where does Cheetah Net Supply Chain Service Inc. source its vehicles from?

The company sources its vehicles from the U.S. market.

Who are the customers of Cheetah Net Supply Chain Service Inc.?

The customers include both U.S. and PRC parallel-import car dealers.

How does Cheetah Net Supply Chain Service Inc. ensure transparent communication with its investors?

The company emphasizes strong investor relations and maintains clear communication through key contacts for updates about its financial health and operations.

Cheetah Net Supply Chain Service Inc.

Nasdaq:CTNT

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14.10M
24.15M
18.43%
0.28%
2.38%
Automobile and Other Motor Vehicle Merchant Wholesalers
Wholesale Trade
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United States of America
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