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 (NASDAQ: CTNT) news coverage tracks developments from this supply chain management and logistics company. The company operates in the freight forwarding and warehousing sector, providing services that help businesses manage the movement and storage of goods.
News flow for Cheetah Net Supply Chain Service typically includes quarterly and annual financial results, corporate announcements, and material business developments. As a publicly traded logistics company, CTNT generates news around earnings releases, operational updates, and strategic initiatives that affect its supply chain service offerings.
Investors and analysts following CTNT monitor news for insights into the company's financial performance, client relationships, and position within the logistics industry. Supply chain companies often report on metrics related to shipment volumes, service expansion, and market conditions affecting freight and warehousing demand.
This news page aggregates coverage of Cheetah Net Supply Chain Service from financial news sources, press releases, and SEC filings. Bookmark this page to follow developments affecting CTNT stock and the company's business operations in the logistics sector.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), a warehousing and logistics services provider, has announced a follow-on public offering of 6,479,663 shares of Class A common stock. The offering is priced at $0.23 per share, aiming to raise approximately $1.49 million in gross proceeds. The company plans to use the net proceeds for working capital and general corporate purposes. FT Global Capital, Inc. is acting as the exclusive placement agent for this offering, which is expected to close around July 26, 2024. The offering is made pursuant to a registration statement filed with the SEC, which was declared effective on July 15, 2024.
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.
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.
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.
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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