Treasure Global Inc Announces Request to Withdraw S-1 Registration Statement
August 16 2024 - 9:00AM
Treasure Global Inc. (NASDAQ: TGL) (“Treasure Global” or the
“Company”), a leading technology solutions provider, today
announced that it has submitted a request to withdraw its S-1
Registration Statement originally filed with the U.S. Securities
and Exchange Commission (SEC) on July 26, 2024.
The Registration Statement has not been declared
effective by the SEC, and no securities have been sold in
connection with the offering described in the Registration
Statement.
This strategic move is in response to current
market conditions, including recent declines in the Company’s share
prices. Withdrawing the S-1 Registration Statement aligns with the
Company’s ongoing strategic direction and reflects a broader effort
to protect shareholder value and better pursue initiatives that
will support the Company’s growth over the long term.
“We have been prompted to reassess our approach,
and we believe that withdrawing the S-1 Registration Statement is
the most prudent course of action given the current market
environment. Our management team is as committed as ever to pivot
in response to these challenges,” said Carlson Thow, CEO of
Treasure Global. “We are actively evaluating alternative funding
and strategic options. Our focus is now on refining our business
strategy that aligns with our vision of positioning the Company for
an accelerated growth trajectory. We remain committed to enhancing
shareholder value and are confident in our strategy moving
forward.”
About Treasure Global Inc:
Treasure Global is a leading Malaysian solutions
provider developing innovative technology platforms. Treasure
Global has developed the ZCITY Super App, a unique digital
ecosystem that transforms and simplifies the e-payment experience
for consumers, while simultaneously allowing them to earn rewards.
As of August 9, 2024, ZCITY Super App boasts over 2.7 million
registered users.
For more information, please visit
https://treasureglobal.co.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company’s
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of the coronavirus
(COVID-19) and future measures taken by authorities in the
countries wherein the Company has supply chain partners, the demand
for the Company’s products and the Company’s customers’ economic
condition, the impact of competitive products and pricing,
successfully managing and, general economic conditions and other
risk factors detailed in the Company’s filings with the United
States Securities and Exchange Commission. The forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake any
responsibility to update the forward-looking statements in this
release, except in accordance with applicable law.
For further information, please
contact:
Investor and Media
Contactir_us@treasuregroup.co
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