Marvion Inc. (the "Company"), a business entity with a focus on finance services, reported on Monday that TAN Tee Soo has stepped down from his role as a Director of the company, effective as of last Thursday. The resignation was for personal reasons and was not due to any disagreements over the Company's operations, policies, or practices.
TAN Tee Soo's departure was confirmed in a Form 8-K filing with the Securities and Exchange Commission by Marvion Inc., headquartered in Singapore. The company, formerly known as Bonanza Goldfields Corp., has its principal executive offices located at 21st Floor, Centennial Tower, 3 Temasek Avenue, Singapore, with a business phone contact of +65 6829 7029.
The company's common stock is identified by the trading symbol MVNC, although it is not currently registered on any exchange. Marvion Inc. is incorporated in Nevada and operates under the IRS Employer Identification No. 26-2723015.
The announcement was made without any indication of a successor or any changes to the company's executive team. Marvion Inc.'s Chief Executive Officer, CHAN Sze Yu, signed off on the filing, which was dated today.
In other recent news, Marvion Inc. has undergone significant changes in its executive leadership and business operations. The company recently announced the departure of CHAN Man Chung from his roles as CEO, CFO, Secretary, and Director. His successor, CHAN Sze Yu, has been appointed to these positions, bringing with him an extensive background in logistics and home furnishing industries.
Marvion Inc. has also finalized the acquisition of United Warehouse Management Corp. (UWMC), a move expected to enhance its operational capabilities and increase its market reach. The transaction involved an exchange of all issued and outstanding securities of UWMC for shares of Marvion Inc.'s common stock, with additional earnout payments totaling $5.5 million, contingent upon UWMC meeting certain net income targets.
In addition, Marvion Inc. has entered into a substantial stock purchase agreement involving the transfer of 10 million shares of Series A Preferred Stock to individuals LEE Ying Chiu Herbert and Young Chi Kin Eric. The agreement also includes an assumption of approximately $288,089 in liabilities by Mr. Young.
InvestingPro Insights
In light of TAN Tee Soo's resignation from Marvion Inc.'s board, investors may find additional context from InvestingPro's data and tips particularly relevant. The company's financial health appears precarious, with InvestingPro data showing a market capitalization of just $1.03 million and a negative P/E ratio of -0.05 over the last twelve months as of Q2 2024. This aligns with an InvestingPro Tip indicating that Marvion is "not profitable over the last twelve months."
The company's revenue has seen a dramatic decline, with a 99.98% decrease in quarterly revenue as of Q2 2024. This severe contraction is reflected in the stock's performance, with InvestingPro Tips noting that the "price has fallen significantly over the last year" and "stock has taken a big hit over the last six months." Indeed, the data shows a staggering 99.1% price decline over the past six months.
Despite these challenges, Marvion "holds more cash than debt on its balance sheet," according to another InvestingPro Tip. This could provide some financial flexibility as the company navigates its current difficulties and the recent change in leadership.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Marvion Inc., providing a deeper understanding of the company's financial position and market performance.
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