Reported 8 months ago
FTNN News Network reported on June 16, 2024, that the shareholder meeting of Atlantic Beverages (1213), known for producing 'Apple Cider,' was adjourned last Friday (14th) due to only 0.49% of shareholders attending, falling short of the required quorum. The company had faced continuous financial uncertainties over the past five quarters, being at risk of delisting by 2026 if improvements are not made within three years. Despite the low attendance at the meeting, Chairman Su Yunlo reiterated that there are no current plans for delisting and the company has resumed full-scale production since June, actively stocking goods in various channels while resolving past wage disputes. However, the company has accumulated significant losses, including exceeding half of its paid-up capital and having liquid liabilities surpassing liquid assets. The first-quarter revenue for this year was reported at 33.48 million yuan, with a net loss per share of 0.43 yuan. In May, revenue reached 16.42 million yuan, increasing by 31.63% monthly but showing a year-on-year decrease. Negative news has plagued the company, including penalties, wage arrears, and substantial losses, raising concerns over its future.
Source: YAHOO