In a significant corporate development, Treasure Global Inc, a business services entity, announced today its entry into a material definitive agreement with Credilab Sdn. Bhd. (CLSB). The partnership, effective as of today, aims to leverage the strengths and market expertise of both companies to foster mutual growth.
The agreement, detailed in an 8-K filing with the Securities and Exchange Commission, outlines the strategic partnership which will capitalize on the core competencies and resources of both Treasure Global Inc and CLSB. The specifics of the partnership, however, have not been disclosed in the filing.
In a separate but related boardroom shift, Treasure Global Inc also reported the departure of Mr. Anand Ramakrishnan from its board of directors. Mr. Ramakrishnan's resignation, effective today, has been clarified as not being due to any disagreement or dispute with the company's operations, policies, or practices.
Treasure Global Inc, which is traded on The Nasdaq Stock Market LLC under the ticker TGL, is positioned within the business services sector under the SIC code 7389. The company's principal executive offices are located in New York, New York.
In other recent news, Treasure Global Inc. has seen significant changes in its board and executive team. The company reported the resignations of Marco Baccanello and Chai Ching "Henry" Loong, and the appointment of Chan Wai Kuan to the board.
Concurrently, the company also acknowledged the departure of board members Joseph "Bobby" Banks and Jeremy Roberts, and the appointment of Leong Wei Ping, Anand Ramakrishnan, Carlson Thow, and Dr. Darren Tan Kok Pin to the board.
In a strategic move, Treasure Global withdrew its S-1 Registration Statement with the U.S. Securities and Exchange Commission due to challenging market conditions. The company has also announced a partnership with TikTok to integrate TikTok Shop with its ZSTORE platform, part of the ZCITY Super App, aiming to enhance the online shopping experience for ZCITY's 2.7 million users.
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