CHARLOTTE, N.C., May 15, 2024 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. ("Cheetah Net" or the "Company") (NASDAQ:CTNT), a supplier of parallel-import vehicles sourced in the U.S. to be sold in the PRC market and a logistics and warehouse service provider, today announced the closing of its follow-on offering of 13,210,000 shares of Class A common stock. Each share of Class A common stock was sold at an offering price of $0.62, for gross proceeds of $8.19 million, before deducting placement a ...

Core Viewpoint - Cheetah Net Supply Chain Service (CTNT) is experiencing a significant increase in stock price despite disappointing financial results and company-specific challenges [1][4]. Financial Performance - In Q1 2024, Cheetah sold only 13 vehicles, a sharp decline from 82 vehicles sold in the same quarter last year [2]. - Revenue for Q1 2024 was $1.4 million, down from $10.2 million in Q1 2023, indicating a substantial decrease [2]. - The company reported a net loss of $600,000 in Q1 2024, worsening from a loss of $100,000 in the same period last year [2]. Market Conditions - Management cited challenging market conditions that began in the second half of 2023 and have continued into 2024 [3]. - The gross margin between U.S. retail prices of select luxury car models and their wholesale prices in the parallel-vehicle market has been significantly compressed [3]. Stock Movement - CTNT stock has surged over 240% in early afternoon trading, attributed to a low float of 1.54 million shares and limited trading volume [4]. - The average trading volume over the past 10 days was 127,110 shares, while the three-month average was only 78,620 shares, indicating that small buying activity can lead to significant price movements [4]. Short Selling and Speculation - The number of shares available to short is limited, with a high short borrow fee of 81.91%, which may be contributing to bullish sentiment around CTNT stock [5]. - Speculation exists that geopolitical tensions and potential tariff increases on Chinese imports, including electric vehicles, may drive demand for U.S.-sourced luxury cars [6]. Analyst Insights - With a market capitalization of approximately $75 million, CTNT stock is considered a risky investment [7]. - Maxim Group analyst Tate Sullivan issued a "buy" rating with a price target of $4, suggesting potential upside for investors [7].

CHARLOTTE, N.C., May 14, 2024 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. ("Cheetah Net" or the "Company") (NASDAQ:CTNT), a supplier of parallel-import vehicles sourced in the U.S. to be sold in the PRC market and a logistic and warehouse service provider, today announced the pricing of its follow-on offering of 13,210,000 shares of Class A common stock. Each share of Class A common stock is being sold at an offering price of $0.62, for gross proceeds of $8,190,200, before deducting placement ...

Cheetah Net Supply Chain Service Inc. Announces 1 Quarter 2024 Results and Provides Corporate Update Recent Highlights Cheetah Chairman and CEO Tony Liu commented, "Poor economic conditions in the PRC market that began in mid-2023 have continued into 2024. Luxury import dealers are discounting the prices of their vehicles below the manufacturer's suggested retail price, causing our gross profit margins to narrow or disappear entirely. Cheetah remains focused on executing sales to the PRC that generate favor ...

CHARLOTTE, N.C., May 13, 2024 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. ("Cheetah" or the "Company") (Nasdaq CM: CTNT), a supplier of parallel-import vehicles sourced in the U.S. to be sold in the People's Republic of China (the "PRC") market, today reported results for the quarter ended March 31, 2024 and provided a corporate update. Recent Highlights Challenging market conditions in the PRC, first reported with respect to the Company's financial performance during the second half of 2023, ...

SECURITIES AND EXCHANGE COMMISSION Table of Contents WASHINGTON, D.C. 20549 | --- | --- | |-----------------------------------------|-----------------------| | North Carolina | 81-3509120 | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | --- | --- | --- | |-----------------------------------------------------------------|---------------------|-------------------------------------------------------| | Title of each Class | Trading Symbol(s) | ...

CHARLOTTE, March 18, 2024 (GLOBE NEWSWIRE) – Cheetah Net Supply Chain Service Inc. ("We," "Our," "Cheetah," or the "Company") (Nasdaq CM: CTNT), a supplier of parallel-import vehicles sourced in the U.S. to be sold in the People's Republic of China ("PRC") market, today reported results for the financial year ended December 31, 2023 and provided a corporate update. 2023 Financial Results Total other expenses consisted primarily of interest expense, which decreased significantly by approximately $1.2 million ...

CHARLOTTE, N.C., March 18, 2024 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. ("We," "Our," "Cheetah," or the "Company") (Nasdaq CM: CTNT), a supplier of parallel-import vehicles sourced in the U.S. to be sold in the People's Republic of China ("PRC") market, today reported results for the financial year ended December 31, 2023 and provided a corporate update. Recent Highlights Challenging market conditions in the PRC have resulted in an industry-wide slowdown of vehicle sales, including price a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41761 Cheetah Net Supply Chain Service Inc. (Exact name of registrant as specified in its charter) North Carolina 8 ...

CHARLOTTE, N.C., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Cheetah Net Supply Chain Service Inc. ("Cheetah" or the "Company") (Nasdaq CM: CTNT) today announced the successful completion of its acquisition of Edward Transit Express Group Inc. (the "Acquisition"), a California-based global inbound non-vessel operating common carrier providing ocean and air transportation services ("Edward"). The Acquisition marks a pivotal achievement in Cheetah's strategic expansion plans. Tony Liu, Chairman and CEO, commented, "[t] ...