Agape ATP Corporation (NASDAQ:ATPC), a company specializing in health services, announced today the resignation of Mr. Chee Chin Aik as an independent director and committee member, effective Monday. Following Mr. Chee's departure, Dr. Ni Luh Dharma Kerti Natih was appointed to the Board to fill the vacancy.
Dr. Natih brings over two decades of experience in health services to the Board. Her extensive background includes roles as a Certified Hospital Accreditation Surveyor at KARS and the Ministry of Health of Indonesia, where she has contributed since 2000. Additionally, she held directorial positions at Ngoerah General Hospital in Bali and RSP Goenawan in Cisarua Bogor, Indonesia.
Her educational qualifications include a Master of Public Health from Flinders University in Adelaide, Australia, and certifications as a Hospital Accreditation Expert and Surveyor Competence from KARS Indonesia and the Ministry of Health of Indonesia, respectively.
There is no indication of any family relationships between Dr. Natih and any executive officers or directors of Agape ATP Corporation. Furthermore, no material interest in any transactions involving the company or its subsidiaries has been reported in relation to Dr. Natih in the past two years.
The changes in the Board come at a time when corporate governance and experience in health services are critical for Agape ATP. The company's business address is in Kuala Lumpur, Malaysia, and it is incorporated in Nevada, USA.
This executive transition is based on a filing with the Securities and Exchange Commission and does not include any additional context or implications for the company's operations or market performance.
In other recent news, Agape ATP Corporation announced a 1-for-20 reverse stock split as part of a strategy to meet NASDAQ's continued listing standards. The action will decrease the number of authorized common shares from 1 billion to 50 million. The company is also facing potential delisting from NASDAQ for failing to meet the minimum bid price requirement. Agape ATP Corp plans to appeal this decision and will request a hearing before a NASDAQ Hearings Panel.
In addition to these developments, Agape ATP Corp is pursuing growth initiatives. The company has entered into a partnership with B&H Intec Solution Sdn. Bhd, leading to the creation of ATPC Green Energy Sdn. Bhd., a venture focusing on the green energy sector. Furthermore, the company is expanding its wellness and senior care services, with new offerings from Cedar ATPC Sdn. Bhd. and continued quality care from Sweet Home Senior Living Care Centre Sdn Bhd.
Lastly, during its recent annual stockholders' meeting, Agape ATP Corp announced the successful reappointment of its board of directors, including How Kok Choong, Wilfrendo Fernando Cortizo, Ramesh Ruben Louis, Vong John Hing, and Chee Chin Aik.
These recent developments highlight the ongoing regulatory and governance activities within Agape ATP Corp.
InvestingPro Insights
As Agape ATP Corporation (NASDAQ:ATPC) undergoes this board transition, InvestingPro data provides additional context on the company's financial health. With a market capitalization of just $7 million, ATPC is a micro-cap player in the health services industry. The company's revenue for the last twelve months as of Q2 2024 stands at $1.38 million, with a concerning revenue decline of 20.6% over the same period.
InvestingPro Tips highlight that ATPC is "quickly burning through cash" and is "not profitable over the last twelve months." These insights are particularly relevant given the company's recent board changes and the need for experienced leadership in the health services sector. The appointment of Dr. Natih, with her extensive background in hospital accreditation and management, may be seen as a strategic move to address these financial challenges.
The stock's performance has been notably poor, with InvestingPro data showing a staggering 98.86% decline in the one-year price total return. This aligns with the InvestingPro Tip indicating that the "stock has taken a big hit over the last six months."
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for ATPC, providing a deeper understanding of the company's financial position and market performance.
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