Treasure Global Inc. Stock Price, News & Analysis

Treasure Global Inc (NASDAQ: TGL) has announced the completion and termination of its at-the-market (ATM) equity offering program. The program, launched on March 22, 2024, with H.C. Wainwright & Co., as the sales agent, concluded on September 25, 2024. TGL successfully raised the maximum total gross proceeds of US$2,990,162.32 by selling 1,678,307 common shares.

The ATM Offering was initially set up to offer common shares totaling US$2,990,900. The net proceeds from this offering will be utilized to support Treasure Global's continued growth and corporate initiatives, including new business ventures and investments. The company emphasizes that this announcement does not constitute an offer to sell or solicit offers to buy securities.

Treasure Global Inc (NASDAQ: TGL) has appointed two new independent directors to strengthen its leadership team and enhance corporate governance. Mr. Leong Wei Ping, an Executive Director at Asia Television Holdings , brings expertise in international business operations, strategic planning, and corporate governance. Mr. Anand Ramakrishnan, Group Managing Director and CEO of Invest Energy Group, offers experience in deal origination, execution, and managing complex energy projects.

CEO Carlson Thow expressed confidence that these appointments will drive shareholder value and reinforce the company's commitment to excellence and innovation. The move aims to enhance Treasure Global's ability to navigate the evolving technological landscape and seize emerging opportunities as it continues to scale operations and expand globally.

Treasure Global Inc (NASDAQ: TGL) has announced the withdrawal of its S-1 Registration Statement filed on July 26, 2024, with the SEC. The decision comes in response to current market conditions, including recent declines in the company's share prices. The Registration Statement was not declared effective, and no securities were sold in connection with the offering.

CEO Carlson Thow stated that this move is part of a broader effort to protect shareholder value and pursue initiatives supporting long-term growth. The company is now evaluating alternative funding and strategic options, focusing on refining its business strategy to position itself for accelerated growth.

Treasure Global Inc (NASDAQ: TGL) announces plans to integrate TikTok Shop with ZSTORE, an online grocery store within the ZCITY Super APP. This strategic move aims to enhance TGL's global reach and provide a seamless shopping experience. Key points include:

1. Access to TikTok's 150 million viewers and 55 million US shoppers
2. Benefiting ZSTORE's 2,061 merchants with increased visibility
3. Seamless shopping for ZCITY's 2.7 million users
4. Tapping into the projected $913 billion social commerce market in 2023
5. Potential to scale sales through social media's expansive reach

CEO Carlson Thow emphasizes the strategic importance of this integration for the company's growth and user experience enhancement.

Treasure Global Inc (NASDAQ: TGL) has announced preliminary pro forma results for the fiscal year ended June 30, 2024. The company expects to report total revenue of approximately $22.1 million. The preliminary pro forma loss from operations is anticipated to be around $5.6 million, representing a significant improvement with a reduction of about $4.6 million compared to fiscal year 2023. This decrease is attributed to effective cost management and operational efficiencies.

The preliminary pro forma net loss attributable to common stockholders is expected to be approximately $6.2 million, a decrease of around $5.5 million compared to the previous fiscal year. These results are subject to completion of the audit for the transition period from April 1, 2024, to June 30, 2024, and the company's year-end closing process.

Treasure Global Inc (NASDAQ: TGL) has announced a strategic collaboration with VCI Global (NASDAQ: VCIG) and Cogia AG to roll out the VCIG Secure Cogia Messenger for ZCITY's 3 million users. This innovative application integrates military-grade encryption with a cryptocurrency wallet, targeting 1 million active users initially.

The ZCITY Super App aims to revolutionize e-payments and enhance user privacy. It addresses the needs of unbanked populations by offering secure communication and financial services. The integrated wallet allows users to send, receive, and store digital assets, including cryptocurrency rewards. The rollout will be implemented in phases, starting with a group of ZCITY users before expanding to the broader user base.

Treasure Global Inc (NASDAQ: TGL) announced its plan to acquire 100% shareholding of Who Knows Wins (WKW), a UK-based innovative online sports engagement platform. The acquisition aligns with Treasure Global's strategic vision to leverage technology for revenue growth and expansion in the US market. WKW operates a robust proprietary platform with features like real-time sports data feeds, social integration, and anti-money laundering measures, catering to 65,000 users. The acquisition will enhance Treasure Global's offerings, drive multiple revenue streams, and position WKW as a key player in the sports engagement industry. WKW's partnership with GolfNow , a subsidiary of NBC, further strengthens its market position. The global sports technology market is projected to grow at a CAGR of 20.8% from 2023 to 2030, driven by increasing demand for interactive fan experiences.

ZCITY Sdn Bhd, a subsidiary of Treasure Global (NASDAQ: TGL), has announced a strategic partnership with Ezytronic Sdn Bhd to develop and support AI GPU rental services. This collaboration aims to enhance ZCITY's technological offerings and meet the growing demand for high-performance computing resources. The partnership is expected to create new revenue streams for ZCITY, leveraging the increasing adoption of AI technologies by businesses.

Ezytronic will be responsible for deployment and client support, using advanced Nvidia AI GPUs, including H200, H100, and A100 series. The partnership targets the rapidly expanding global cloud GPU market, projected to grow from USD 3.17 billion in 2023 to USD 47.24 billion by 2032, with a CAGR of 35%. This move positions ZCITY to cater to diverse industries such as healthcare, finance, and entertainment, driving innovation and operational excellence.

Treasure Global Inc (NASDAQ: TGL) has announced the appointments of Mr. Henry Chai as Chief Operating Officer (COO) and Ms. Sook Lee Chin as Chief Financial Officer (CFO), aiming to drive new growth and innovation strategies. Mr. Chai's background includes overseeing technology operations in blockchain companies and managing software development interfacing with major exchanges. Ms. Chin brings over 12 years of finance experience across various industries, adding significant expertise in financial planning and risk management. The new leadership team aligns with Treasure Global's vision to integrate advanced technologies, such as the AI-driven ZCITY Super App, to enhance their digital ecosystem and drive operational excellence. Both executives will receive $80,000 worth of company shares as part of their compensation.