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Maison Solutions (MSS) - 2025 Q4 - Annual Report
2025-08-14 02:00
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 April 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from ______ to ______ Commission File Number: 001-41720 Maison Solutions Inc. (Exact name of registrant as specified in its charter) Delaware 84-2498797 (State or other jurisd ...
Maison Solutions (MSS) - 2025 Q3 - Quarterly Results
2025-03-17 21:48
Revenue Growth - Total net revenues for Q3 2025 increased 151.1% to $34.1 million compared to $13.6 million in Q3 2024[3] - Net revenues from perishable goods for Q3 2025 increased 140.7% to $17.4 million compared to $7.2 million in Q3 2024[4] - Net revenues from non-perishable goods for Q3 2025 increased 163.0% to $16.7 million compared to $6.4 million in Q3 2024[4] - Total net revenues for the first nine months of fiscal 2025 increased 130.6% to $94.8 million compared to $41.1 million in the same period last fiscal year[8] Profitability - Gross profit for Q3 2025 was $7.5 million with a gross margin of 22.1%, compared to $3.2 million and 23.4% in Q3 2024[6] - EBITDA for Q3 2025 increased 824.5% to $1.5 million compared to a loss of $210,000 in Q3 2024[7] - Net income for Q3 2025 was approximately $1.0 million, compared to a net loss of approximately $549,000 in Q3 2024[7] - Gross profit for the first nine months of fiscal 2025 was $24.0 million with a gross margin of 25.3%, compared to $9.4 million and 22.9% in the same period last fiscal year[11] Guidance and Future Initiatives - The company is reiterating guidance for fiscal year 2025 with expected revenues between $120 million and $125 million[18] - The company signed a consultancy agreement with Good Fortune Supermarkets, expected to generate $1.3 million in annual compensation, supporting ongoing M&A initiatives[2]
Maison Solutions (MSS) - 2025 Q3 - Quarterly Report
2025-03-17 20:43
Financial Performance - The company reported a net income of $1,011,763 for the three months ended January 31, 2025, and $1,456,662 for the nine months ended January 31, 2025, despite an accumulated deficit of approximately $1.36 million and negative working capital of $11.50 million as of January 31, 2025[184]. - Net income attributable to Maison Solutions Inc. was $1,011,763 for the three months ended January 31, 2025, compared to a loss of $548,954 in 2024, marking a significant turnaround[207]. - Net income attributable to the Company was $1,011,763 for the three months ended January 31, 2025, an increase of 284.3% from a net loss of $548,954 for the same period in 2024[217]. - For the nine months ended January 31, 2025, net revenues were approximately $94.8 million, an increase of 130.6% from $41.1 million for the same period in 2024, driven by $59.0 million in revenues from the newly acquired subsidiary, Lee Lee[219][220]. - Gross profit for the nine months ended January 31, 2025, was approximately $24.0 million, representing a 154.4% increase from $9.4 million in the same period in 2024, with a gross margin of 25.3%[223]. - The company reported a net income before noncontrolling interest of $1,296,896 for the nine months ended January 31, 2025, compared to a net loss of $470,802 for the same period in 2024[246]. Revenue and Expenses - Net revenues for the three months ended January 31, 2025, were approximately $34.1 million, an increase of $20.6 million or 151.1% compared to $13.6 million for the same period in 2024[207]. - Total operating expenses increased to approximately $20.5 million for the nine months ended January 31, 2025, up 127.9% from $9.7 million in the same period in 2024, primarily due to increased selling expenses[224]. - Total operating expenses increased to approximately $6.4 million, up by $2.9 million or 83.9% compared to $3.5 million in 2024[212]. - Selling expenses increased to $4.9 million, a rise of 99.0% compared to $2.4 million in 2024[212]. - General and administrative expenses increased by 49.1% to $1.6 million for the three months ended January 31, 2025, compared to $1.1 million in 2024[212]. Cash Flow and Financing - Net cash provided by operating activities for the nine months ended January 31, 2025, was $6,386,143, a significant increase from a net cash outflow of $887,439 for the same period in 2024[240][246]. - Net cash used in investing activities was $216,427 for the nine months ended January 31, 2025, primarily for store renovation and equipment purchases[247]. - Net cash used in financing activities was approximately $5.7 million for the nine months ended January 31, 2025, mainly due to repayment of a note payable from the acquisition of Lee Lee[250]. - The Company completed an IPO on October 10, 2023, raising net proceeds of approximately $8.72 million from the sale of 2,500,000 shares at $4.00 per share[233]. - The Company raised approximately $4.60 million from a PIPE Offering on November 22, 2023, selling 1,190,476 shares at a price of $4.20 per share[234]. - The company entered into a securities purchase agreement to issue a senior unsecured convertible promissory note of $3,000,000 with an original issue discount of 8.5%[235]. Acquisitions and Investments - The company acquired 100% of the equity interests in Lee Lee Oriental Supermart, Inc. for approximately $22.2 million, consisting of $7.0 million in cash and a senior secured promissory note of approximately $15.2 million[174]. - The company invested $1,440,000 for a 40% equity interest in HKGF Market of Arcadia, LLC, and an additional $360,000 for another 10% equity interest, adjusting its ownership to 49%[173]. - The company plans to invest approximately $35 million to $40 million for expansion, with $13 million to $16 million needed in the next 12 months for new stores on the East Coast and near California[236]. Legal and Regulatory Matters - The Company is involved in various legal proceedings, including a class action complaint alleging violations of the Securities Act, with potential compensatory damages sought[269][270]. - A shareholder derivative action has been filed against several executives and the Company itself, alleging breaches of fiduciary duty and other claims, with no reasonable estimate of contingent loss available at this stage[272]. - The Company is currently unable to estimate the outcome of several ongoing legal cases due to their early stages[275][276]. Debt and Obligations - The Company has an aggregate balance of $2,512,675 on three SBA loans as of January 31, 2025[254]. - As of January 31, 2025, the Company had an outstanding note payable of $8,292,008 to the sellers of Lee Lee, which is required to be repaid before May 11, 2026[262]. - The Company's total contractual obligations as of January 31, 2025, amount to $52,313,440, with $9,739,611 due within one year[267]. - The Company has guaranteed all loans described, with CEO John Xu personally guaranteeing the loans with the SBA[277]. - The Modification Agreement increased the annual interest rate on the outstanding principal amount to 12% effective February 24, 2024, and an additional extension fee interest of 8% will accrue on the outstanding principal balance[261]. - The annual interest rate on the secured note was increased to 10% effective October 8, 2024, with a new payment schedule established[260]. Operational Insights - The company had payroll and payroll tax expenses of $3.5 million for the three months ended January 31, 2025, compared to $1.8 million for the same period in 2024, and $11.5 million for the nine months ended January 31, 2025, compared to $5.2 million for the same period in 2024[181]. - The company has approximately 376 employees as of January 31, 2025, with payroll expenses affected by recent increases in minimum wage rates in California and Arizona[181]. - The inflation rate in the U.S. was reported at 3.0% for the nine months ended January 31, 2025, impacting purchase, occupancy, and payroll costs[176]. - The company has a collaboration agreement with JD.com to enhance in-store technology, which includes a consultancy fee of $220,000[175]. - The company operates a centralized vendor management system, with major suppliers accounting for 9%, 8%, 1%, 4%, and 7% of total purchases for the nine months ended January 31, 2025[182].
Maison Solutions (MSS) - 2025 Q2 - Quarterly Results
2024-12-16 22:10
Revenue Growth - Total net revenues for Q2 2025 increased 125.3% to $31.0 million compared to $13.8 million in Q2 2024[4] - Net revenues from perishable goods for Q2 2025 increased 114.3% to $16.0 million compared to $7.5 million in Q2 2024[5] - Net revenues from non-perishable goods for Q2 2025 increased 138.5% to $15.0 million compared to $6.3 million in Q2 2024[5] - Total net revenues for the first six months of fiscal 2025 increased 120.5% to $60.7 million compared to $27.5 million in the same period last fiscal year[9] - The company is targeting revenues between $120 million and $125 million for fiscal year 2025[14] Profitability - Gross profit for Q2 2025 was $8.2 million with a gross margin of 26.3%, up from $3.1 million and 22.7% in Q2 2024[7] - EBITDA for Q2 2025 was $0.7 million compared to $0.3 million in Q2 2024[8] - Net income attributable to Maison Solutions for the first six months of fiscal 2025 was approximately $445,000, compared to a net loss of approximately $13,500 for the same period last fiscal year[13] Strategic Initiatives - The successful completion of the El Monte store renovation is a key milestone for enhancing customer experience and driving financial growth[3] - The company remains focused on pursuing additional strategic acquisitions of profitable grocery stores with a loyal Asian customer base[3]
Maison Solutions (MSS) - 2025 Q2 - Quarterly Report
2024-12-16 22:02
Financial Performance - The company reported a net loss of approximately $256,009 for the three months ended October 31, 2024, but had a net income of approximately $444,899 for the six months ended October 31, 2024[200]. - Net revenues for the three months ended October 31, 2024, were approximately $31.0 million, an increase of $17.3 million or 125.3% from $13.8 million in the same period of 2023[227]. - Net revenues for the six months ended October 31, 2024, reached approximately $60.7 million, a 120.5% increase from $27.5 million in the same period of 2023, driven by revenues from the newly acquired subsidiary, Lee Lee[238]. - Gross profit for the three months ended October 31, 2024, was approximately $8.2 million, representing a 161.0% increase from $3.1 million in 2023, with a gross margin of 26.3% compared to 22.7% in the prior year[229]. - Gross profit for the six months ended October 31, 2024, was approximately $16.4 million, a 163.6% increase from $6.2 million in the same period of 2023, with a gross margin of 27.1%[241]. - The company reported a net income before noncontrolling interest of $301,731 for the six months ended October 31, 2024, up from $64,754 in the same period of 2023[263]. Expenses and Costs - Payroll and payroll tax expenses increased to $4.3 million for the three months ended October 31, 2024, compared to $1.7 million for the same period in 2023[197]. - The company spent $154,255 on repairs and maintenance for the three months ended October 31, 2024, an increase of $140,808 compared to $13,447 for the same period in 2023[199]. - The cost of revenues increased to $22.9 million for the three months ended October 31, 2024, up $12.2 million or 114.9% from $10.6 million in 2023, primarily due to the acquisition of Lee Lee[228]. - Total operating expenses rose to approximately $7.5 million for the three months ended October 31, 2024, an increase of $4.6 million or 160.7% from $2.9 million in 2023[231]. - Selling expenses increased by 135.2% to $5.4 million in the three months ended October 31, 2024, compared to $2.3 million in 2023, driven by higher payroll and advertising costs[231]. - General and administrative expenses surged by 259.7% to $2.1 million for the three months ended October 31, 2024, up from $588,251 in 2023, largely due to increased professional fees and office expenses[232]. - Interest expense increased to $242,380 for the three months ended October 31, 2024, up from $29,965 for the same period in 2023, reflecting a rise of $212,415[234]. - Income tax expense rose to $563,096 for the three months ended October 31, 2024, an increase of $415,936 from $147,160 in the prior year, primarily due to higher taxable income from new acquisition stores[236]. Acquisitions and Investments - The company acquired 100% of Lee Lee Oriental Supermart, Inc. for approximately $22.2 million, including $7.0 million in cash and a senior secured promissory note of approximately $15.2 million[190]. - The company invested $1,440,000 for a 40% equity interest in HKGF Market of Arcadia, LLC, and an additional $360,000 for another 10% equity interest[189]. - The increase in payroll expense was $2.6 million for the three months ended October 31, 2024, compared to the same period in 2023, attributed to the acquisition of Lee Lee and increased hourly rates[231]. Financing and Capital Structure - The company completed its IPO on October 10, 2023, raising approximately $8.72 million from the sale of 2,500,000 shares at $4.00 per share[252]. - On November 22, 2023, the company raised approximately $4.60 million through a PIPE offering, selling 1,190,476 shares at $4.20 per share[253]. - The company plans to invest approximately $35 million to $40 million in expanding its supermarket and warehouse footprint on the East and West Coasts, with $13 million to $16 million needed within the next 12 months[254]. - As of October 31, 2024, the company had cash and cash equivalents of approximately $355,670 and a working capital deficit of approximately $15.6 million[249]. - Net cash used in financing activities was approximately $4.2 million for the six months ended October 31, 2024, mainly due to repayment of a note payable of $5.3 million[266]. - The company may seek additional financing, which could involve issuing more equity securities, potentially diluting existing shareholders[255]. Legal Matters - The Company is involved in various legal proceedings, but management does not believe any currently pending legal proceeding will have a material adverse effect on its financial statements[284]. - A class action complaint was filed against the Company alleging violations of the Securities Act, with plaintiffs seeking compensatory damages[287]. - The Company is facing a derivative action alleging breaches of fiduciary duty and gross mismanagement, with no reasonable estimate of contingent loss available at this stage[290]. - A complaint for wrongful termination and labor law violation has been filed against Maison San Gabriel, with potential damages ranging from $300,000 to $3,000,000[291]. Contractual Obligations - The Company has total contractual obligations amounting to $54,405,884, with $14,030,984 due within one year and $25,156,594 due thereafter[285]. - The SBA loan amounts to $2,529,012, with $2,175,496 due after three years[285]. - Operating lease obligations total $42,050,807, with $4,138,759 due within one year[285]. - The company’s aggregate balance on three SBA loans was $2,529,012 as of October 31, 2024[271]. - As of October 31, 2024, the company had an outstanding note payable of $9,826,065 related to the acquisition of Lee Lee, due before May 5, 2025[278]. - AZLL entered into a guarantee to benefit the Sellers, unconditionally guaranteeing the payment by Lee Lee of the principal amount of the Secured Note, totaling $9,826,065[279].
Maison Solutions (MSS) - 2025 Q1 - Quarterly Report
2024-09-23 20:00
Financial Performance - The company reported a net income of approximately $700,908 for the three months ended July 31, 2024, with an accumulated deficit of approximately $2.12 million[156]. - Net income for the three months ended July 31, 2024, was $617,826, a significant increase of 2,411.9% from a net loss of $26,724 in the same period in 2023[176][188]. - Net income attributable to the Company was $700,908 for the three months ended July 31, 2024, an increase of 767.9% from a net loss of $104,939 for the same period in 2023[189]. - The Company had a net income before noncontrolling interest of $617,826 for the three months ended July 31, 2024, an increase of $644,550 compared to a net loss of $26,724 for the same period in 2023[205]. Revenue and Expenses - Net revenues for the three months ended July 31, 2024, were approximately $29.6 million, an increase of 115.6% from $13.8 million for the same period in 2023, driven by $18.2 million from the newly acquired subsidiary, Lee Lee[176][179]. - Gross profit for the three months ended July 31, 2024, was approximately $8.3 million, representing a 166.1% increase from $3.1 million in the same period in 2023, with a gross margin of 27.9% compared to 22.6%[181]. - Total operating expenses increased to approximately $6.6 million for the three months ended July 31, 2024, up 99.6% from $3.3 million in the same period in 2023, with selling expenses rising by 116.4%[182][184]. - Cost of revenues for the three months ended July 31, 2024, was approximately $21.4 million, an increase of 100.9% from $10.6 million in the same period in 2023, primarily due to the acquisition of Lee Lee[180]. Acquisitions and Investments - The company acquired 100% of Lee Lee Oriental Supermart, Inc. for approximately $22.2 million, consisting of $7.0 million in cash and a $15.2 million secured promissory note[146]. - The company invested $1,440,000 for a 40% equity interest in HKGF Market of Arcadia, LLC, and an additional $360,000 for another 10% interest[146]. - The acquisition of Lee Lee in April 2024 significantly impacted both revenues and costs, contributing to the overall financial performance for the quarter[179][180]. Operating Costs and Expenses - Payroll expenses increased to $3.7 million for the three months ended July 31, 2024, compared to $1.7 million for the same period in 2023[153]. - The company spent $295,872 on repairs and maintenance and supermarket renovation for the three months ended July 31, 2024, an increase of $215,598 compared to $80,274 for the same period in 2023[155]. - Interest expense for the three months ended July 31, 2024, was $183,387, an increase of 293.8% from $46,566 in the same period in 2023, attributed to SBA Loans and note payable from the acquisition of Lee Lee[187]. - Income tax expense for the three months ended July 31, 2024, was $636,228, an increase of 435.1% from $118,906 in the same period in 2023, due to increased taxable income[188]. - General and administrative expenses increased by 63.6% to $1.7 million for the three months ended July 31, 2024, compared to $1.1 million in the same period in 2023[182][185]. Cash Flow and Financing - Net cash provided by operating activities was approximately $3.6 million for the three months ended July 31, 2024, compared to $596,541 for the same period in 2023[201]. - Net cash used in investing activities was $102,631 for the three months ended July 31, 2024, primarily for store renovation and equipment purchases[206]. - Net cash used in financing activities was approximately $2.9 million for the three months ended July 31, 2024, mainly due to repayment of a note payable from the acquisition of Lee Lee[209]. - The Company received net proceeds of approximately $8.72 million from its IPO of 2,500,000 shares at a price of $4.00 per share, which closed on October 10, 2023[193]. - The Company plans to invest approximately $35 million to $40 million for expansion, with $13 million to $16 million required within the next 12 months for new stores in California and the East Coast[195]. Legal and Regulatory Matters - The company is currently facing class action complaints alleging violations of the Securities Act, with potential compensatory damages sought[219][220]. - The company has not made any accruals for potential losses related to a California health and safety regulation case pending since May 2020[224]. - A settlement of $245,000 was accrued for a California employment law case settled in June 2022[224]. - The company is involved in multiple legal proceedings, but management does not believe any will have a material adverse effect on its financial statements[218]. - The company has guaranteed all loans described, with the CEO personally guaranteeing the SBA loans[226]. Contractual Obligations - As of July 31, 2024, the company's total contractual obligations amount to $55,252,080, with $14,305,410 due within one year[217]. - The senior secured note payable is $10,126,065, all of which is due within one year[217]. - The SBA loan totals $2,545,221, with $2,194,585 due thereafter[217]. - Operating lease obligations and others total $42,580,794, with $4,113,718 due within one year[217]. Market Conditions - The inflation rate in the U.S. was 2.9% for the three months ended July 31, 2024, impacting purchase costs, occupancy costs, and payroll costs[148]. - Major vendors accounted for significant portions of total purchases, with five suppliers contributing 9%, 11%, 3%, 5%, and 11% of total purchases for the three months ended July 31, 2024[154]. - The four California-based supermarkets contributed $11.5 million in revenue during the three months ended July 31, 2024, a decrease of approximately $2.3 million compared to the same period in 2023[179].
Adagene Presents Results at ESMO Congress that Show Best-in-Class Therapeutic Potential for Anti-CTLA-4 SAFEbody® ADG126 (Muzastotug) in Combination with KEYTRUDA® (Pembrolizumab) in Advanced/Metastatic Microsatellite-stable (MSS) Colorectal Cancer (CRC)
GlobeNewswire News Room· 2024-09-16 07:01
Core Insights - Adagene Inc. presented promising clinical data for ADG126, a masked anti-CTLA-4 SAFEbody, in combination with pembrolizumab for patients with metastatic microsatellite-stable colorectal cancer (MSS CRC) at the ESMO Congress [1][2][3] Clinical Efficacy - Confirmed partial responses (PRs) doubled to four, resulting in an overall response rate (ORR) of 24% (4/17) for patients without liver and peritoneal metastases receiving ADG126 at 10 mg/kg every three weeks [1] - Median progression-free survival (PFS) was 8.5 months for patients without liver and peritoneal metastases at the 10 mg/kg dose [1] - Twelve-month overall survival (OS) rates were 74% for patients without liver metastases and 82% for those without liver and peritoneal metastases [1][6] Safety Profile - The safety profile of ADG126 maintained a low incidence of Grade 3 treatment-related adverse events (TRAEs), with only 16% of patients experiencing such events at the 10 mg/kg Q3W dose [1][5] - No dose-limiting toxicities (DLT) or Grade 4 or 5 TRAEs were observed at any dose up to 20 mg/kg Q3W [4] - The discontinuation rate due to adverse events remained low at 8% [5] Future Development - The company plans to evaluate ADG126 at 10- to 20-fold higher doses than ipilimumab in a randomized, registration-oriented clinical program [9] - Initial data from a cohort evaluating a single dose of ADG126 at 20 mg/kg followed by a 10 mg/kg Q3W maintenance dose in combination with pembrolizumab is expected later this year [7] - Comprehensive pharmacokinetic (PK) analyses are being conducted to guide future clinical development and dose selection [8]
Maison Solutions (MSS) - 2024 Q4 - Annual Report
2024-08-13 20:45
Business Operations and Strategy - The company currently manages seven traditional Asian supermarkets and plans to acquire the remaining 90% equity interest in the Alhambra Store to operate it as the first satellite store in its new center-satellite business model[106]. - The partnership with JD US aims to upgrade the store management system and improve product inventory, but its success is uncertain as the collaboration is still in early stages[111]. - New store openings may negatively impact financial results in the short term, as they typically have lower gross margins and higher operating expenses compared to mature stores[113]. - The company intends to increase operating margins through scale efficiencies and improved systems, but failure to manage store growth could hinder these efforts[124]. - The company operates four stores in Los Angeles and three in the greater Phoenix and Tucson areas, making it susceptible to regional economic downturns[137]. Financial Condition and Risks - As of April 30, 2024, the company has approximately $2.56 million in debt financing arrangements, which may restrict its operational flexibility and ability to respond to business changes[109]. - Increased commodity prices due to supply chain disruptions and geopolitical factors may lead to higher costs for the company, potentially impacting gross margins and profitability[122]. - Economic conditions affecting consumer spending, such as inflation and disposable income levels, could materially affect the company's business and financial results[123]. - High fixed lease obligations could adversely affect financial performance and future financing capabilities[148]. - The company may require significant additional capital to fund its expanding business, which may not be available on satisfactory terms[161]. Supply Chain and Vendor Relationships - The company relies on strong vendor relationships to source products at competitive prices, and any disruption in these relationships could adversely affect sales and profitability[128]. - The company relies heavily on perishable products, and disruptions in supply could significantly impact profitability and operating results[130]. - Supply chain disruptions could lead to lost potential revenue and diminished brand loyalty[147]. - Primary suppliers accounted for approximately 48.0% and 51.5% of total purchases in fiscal years 2024 and 2023, respectively[144]. - Three vendors provided approximately 34% of total inventory in the year ended April 30, 2024, and approximately 33% in the year ended April 30, 2023[145]. Legal and Regulatory Risks - Legal proceedings may materially impact the company's financial condition and results of operations due to high consumer litigation risk[152]. - The company is currently facing class action and derivative litigation, which may divert financial and management resources and could materially affect its financial condition and results of operations[153]. - Compliance with health and safety regulations may increase costs and limit the company's ability to sell certain products, adversely affecting its financial condition[171]. - The company is subject to various federal, state, and local laws and regulations, which could increase operational costs or require product reformulation[177][179]. Technology and Data Security - The company faces risks related to information technology systems, including potential security incidents that could disrupt operations and harm financial results[116]. - The company faces risks related to data security breaches that could adversely affect customer relationships and business operations[143]. Employee and Management Risks - The company is dependent on key personnel, and the loss of senior management could adversely affect its business and financial condition[156]. - Attracting and retaining employees is critical, and failure to do so may impair the company's brand image and operational efficiency[158]. - Prolonged labor disputes and increases in labor costs could negatively impact the company's profitability and operational results[159]. Market and Stock Performance - The company completed its initial public offering on October 10, 2023, and the market for its Class A common stock is relatively new, which may lead to periods of inactivity and significant volatility[182]. - The trading price of the Class A common stock is likely to be volatile, influenced by various market factors, including fluctuations in quarterly or annual financial results[183]. - If securities analysts cease coverage or downgrade the stock, it could lead to a decline in stock price and trading volume[198]. - The company may face increased costs and compliance obligations as a result of operating as a public company, which could divert management's attention from revenue-generating activities[190][191]. Corporate Governance and Shareholder Rights - John Xu, the CEO, beneficially owns approximately 77.93% of the outstanding Class A common stock, giving him about 90.34% voting power, which limits shareholders' influence on corporate matters[194]. - The company has anti-takeover provisions in its Certificate of Incorporation that could discourage third-party acquisitions, limiting shareholders' opportunities to sell shares at a premium[199]. - The company is classified as a "Controlled Company," allowing it to rely on exemptions from certain corporate governance requirements, which may limit shareholder protections[227]. - Concentrated voting power with the CEO may delay or prevent changes in control, potentially affecting the market price of Class A common stock[231]. Internal Controls and Financial Reporting - The company has identified material weaknesses in internal control over financial reporting, including insufficient accounting expertise and lack of timely monitoring of related party transactions[221]. - The company is currently addressing a material weakness in its internal controls, which may affect the accuracy of its financial reporting and investor confidence[223]. - If the company fails to maintain effective internal controls, it risks losing investor confidence and facing potential delisting from the stock exchange[224]. - The company may be required to restate financial statements if internal controls are deemed ineffective, impacting the reliability of its financial reports[224]. Future Outlook and Growth - The company’s financial projections are subject to inherent risks and may not be reliable indicators of future performance[217]. - The company may issue additional shares of Class A common stock in connection with future investments or acquisitions, potentially diluting existing shareholders[189]. - The company is defined as an "emerging growth company" and may remain so until the fiscal year ending April 30, 2028, unless certain revenue or market value thresholds are exceeded[232]. - The company has reduced disclosure obligations as an emerging growth company, which may make its securities less attractive to investors[232].
MAISON ALERT: Bragar Eagel & Squire, P.C. is Investigating Maison Solutions Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm
GlobeNewswire News Room· 2024-08-10 01:00
Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Maison Solutions Inc. due to a class action complaint alleging breaches of fiduciary duties by the company's board of directors following its IPO in October 2023 [1] Group 1: IPO Details - Maison Solutions filed a registration statement on Form S-1 on May 22, 2023, which was declared effective on September 29, 2023, after six amendments [2] - The IPO was conducted between October 5, 2023, and October 10, 2023, issuing 2,500,000 common shares at an offering price of $4.00 per share, resulting in approximately $10 million in proceeds for the company before expenses [3] Group 2: Allegations in the Complaint - The filed complaint claims that the Offering Documents were negligently prepared, containing untrue statements or omitting necessary facts, thus failing to comply with regulatory standards [4] - Specific allegations include: (1) engagement with auditors and underwriters with poor track records, (2) the principal vendor being an undisclosed related party, and (3) past legal issues faced by Defendant Xu due to business conduct [4]
Syndax Announces Plans to Advance into Phase 1b Portion of Trial Evaluating Revumenib in Relapsed or Refractory Metastatic MSS CRC
Prnewswire· 2024-06-06 11:00
Core Insights - Syndax Pharmaceuticals has advanced revumenib into the Phase 1b portion of its Phase 1/2 trial for relapsed or refractory metastatic microsatellite stable colorectal cancer, supported by favorable initial data from the Phase 1a trial [1][2][6] Group 1: Trial Details - The Phase 1/2 trial (NCT05731947) aims to evaluate the safety, tolerability, and anti-tumor activity of revumenib in patients with relapsed or refractory metastatic MSS CRC [2] - The Phase 1a portion enrolled 19 patients with a median of four prior therapies, testing three dose levels: 163 mg, 226 mg, and 276 mg three times a day [2] - Revumenib demonstrated a favorable safety profile with no Grade 3 or greater treatment-related adverse events, and common adverse events included decreased appetite, dysgeusia, nausea, and fatigue [2][6] Group 2: Efficacy Results - Initial efficacy results indicated that at doses believed to achieve full target saturation, 44% of patients had stable disease at 8 weeks, and 33% had stable disease at 16 weeks [2] - One patient experienced prolonged stable disease for 32 weeks, supporting the advancement to Phase 1b with a selected dose of 276 mg TID [2][6] Group 3: Company Overview - Syndax Pharmaceuticals is focused on developing innovative cancer therapies, including revumenib and axatilimab, a monoclonal antibody targeting the CSF-1 receptor [4] - The company is preparing for potential product launches later in the year, emphasizing the role of revumenib in treating R/R metastatic MSS CRC [6] Group 4: Industry Context - Metastatic microsatellite stable colorectal cancer is the second leading cause of cancer death in the U.S., with over 55,000 patients estimated in the relapsed or refractory setting annually [7] - The Wnt/β-catenin signaling pathway is a key driver in CRC tumors, and menin inhibition has shown promise in blocking tumor growth in preclinical models [7]