Market Newsdesk

Wilmington, DE, Dec. 31, 2024 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, the Company had adjourned its previously announced extraordinary general meeting of shareholders on December 30, 2024 (the “Meeting”) to 10:30 a.m. Eastern Time, January 9, 2025, to allow additional time for the Company to engage with its shareholders regarding the proposals as provided in the definitive proxy statement on Schedule 14-A (the “Proxy Statement”) filed with the Securities and Exchange Commission (the “SEC”) on December 11, 2024.
For further information, unless otherwise amended, you may refer to the Proxy Statement, and the current report on Form 8-K to be filed contemporaneously by the Company with the SEC on the date hereof.
As a result of the adjournment of the Meeting, the deadline for the Company’s public shareholders to deliver their redemption requests or reversal of such requests is extended to 5:00 p.m. Eastern Time, January 8, 2025. The record date for determining the Company shareholders entitled to receive notice of and to vote at the Meeting remains the close of business on November 27, 2024 (the “Record Date”). Shareholders as of the Record Date can vote, even if they have subsequently sold their shares. Shareholders who have previously submitted their proxies or otherwise voted and who do not want to change their vote need not take any action. Shareholders who have not yet done so are encouraged to vote as soon as possible.
There is no change to the location, the purpose or any of the proposals to be acted upon at the Extraordinary Meeting. The physical location of the Extraordinary Meeting remains at 3F., No. 25, Gongyuan Rd., Pingtung City, Pingtung County, Taiwan (R.O.C.), and virtually via teleconference, for which you must register in advance at: https://forms.office.com/r/PvfdJyQ6xm.
If you have questions regarding the certification of your position or delivery of your shares, please contact:

Vstock Transfer LLC
18 Lafayette Place
Woodmere, NY 11598
Attn: Chief Executive Officer

Shareholders who have questions regarding the Meeting or the impact on the votes casted, or would like to request documents may contact the Company’s proxy solicitor, Advantage Proxy, Inc., at (877) 870-8565, or banks and brokers can call (206) 870-8565, or by email at [email protected].

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the adjournment, the date of the Meeting and the extension of the deadline to deliver a redemption request. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
  
Additional Information and Where to Find It

On December 11, 2024, the Company filed the Proxy Statement with the SEC in connection with its solicitation of proxies for the Meeting. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or contact proxy solicitor:

Advantage Proxy, Inc.
P.O. Box 13581
Des Moines, WA 98198
Attn: Karen Smith
Toll Free: (877) 870-8565
Collect: (206) 870-8565
Email: [email protected]

Participants in the Solicitation

The Company and its respective directors and officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Extraordinary Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the Proxy Statement. You may obtain free copies of these documents using the sources indicated above.

THE WOODLANDS, Texas, Dec. 31, 2024 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced that it has issued its 2024 Sustainability Report (the “2024 Report”), which is available on the Company’s website at www.ringenergy.com under the “Sustainability” tab.

The 2024 Report marks the fourth consecutive annual update. It provides comprehensive information about Ring’s Environmental, Social and Governance (“ESG”) initiatives and continued ESG progress on multiple fronts, including multi-year targeted capital investments, that are directly contributing to the Company’s further sustainability. The 2024 Report highlights the significant benefits afforded by Ring’s recent strategic acquisitions and asset dispositions, the combination of which provide the opportunity to further invest in leading technologies designed to reduce the Company’s relative environmental footprint over time, enhance its employee training and benefits programs, and partner with the local communities in which the Company operates. One key example of Ring’s ongoing sustainability success in 2023 was the 59% year-over-year decrease in Scope 1 Greenhouse Gas (“GHG”) emissions that was primarily associated with the Company’s successful efforts to reduce flaring and casing gas venting.

In the creation of the document, the Company primarily consulted the Sustainability Accounting Standards Board’s (“SASB”) Oil and Gas Exploration and Production Sustainability Accounting Standard and the Global Sustainability Standards Board’s Global Reporting Initiative (“GRI”) and associated Oil & Gas Sector Standards. In addition, the Company considered the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”), the Sustainable Development Goals (“SDGs”) promulgated by the United Nations, and guidance from other industry frameworks and the various ESG ratings agencies, as appropriate.

About Ring Energy, Inc.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s sustainability / ESG strategy and related efforts, as well as the expected continued positive impact from recent strategic acquisitions, asset dispositions, and other corporate actions. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission, including its Form 10-K for the fiscal year ended December 31, 2023, and its other filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

Contact Information

Al Petrie Advisors
Al Petrie, Senior Partner
Phone: 281-975-2146
Email: [email protected]

NEW YORK, Dec. 31, 2024 (GLOBE NEWSWIRE) — Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announces first half 2024 unaudited financial results and provides corporate updates.

Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, commented, “In the first half of 2024, we navigated a challenging landscape marked by constraint on the container supply, intensified competition, and shifting buyer preferences. Despite a marginal decrease in net revenue, it’s noteworthy that our gross profit margin improved to 33.09%, demonstrating our resilient to optimisation on our key revenue stream. We’ve also observed a growing trend of buyers opting for rentals, which account for 25.0% of our revenue. While our net income improved in the first half of 2024 was primarily attributable to the non-recurring of fee in connection with the initial public offering exercise incurred for the six months ended June 30, 2023, we have proactively adapted to these market dynamics to ensure the sustainability of our business for the rest of the year.”

“Looking ahead to 2025, several recent announcements related to major infrastructure projects commencing construction next year leave us optimistic about the future of our business, including expansion works on the Woodlands Checkpoint to five times its size will begin in 2025, and the first phase, comprising an extension at the Old Woodlands Town Centre and Bukit Timah Expressway, is targeted to be completed progressively from 2028.

“We remain dedicated to delivering value to our shareholders, customers, and employees, and are confident in our ability to navigate any challenges and seize the opportunities that lie ahead,” concluded Mr. Lim.

First Half 2024 Financial Highlights

• For the six months ended June 30, 2024, our net revenue marginally decreased 1.95% to $14.09 million, compared to $14.37 million for the six months ended June 30, 2023. The decrease in net revenue was largely due to several factors, including:
  • Disruption on the containers supply due to the middle east war.         
  • Greater competition in the procurement of high-demand machinery due to limited supplies has led to greater lead time for machinery delivery.
  • Buyers being more cautious and opting for rentals – rental revenue as a percentage of total revenue increased to 25.0% in the first half of 2024 versus 14.7% in the first half of 2023.
• Gross profit was approximately $4.66 million, with a 33.09% profit margin, for the first six months of 2024, compared with gross profit of $4.29 million, with a 29.85% profit margin for the first six months of 2023.                 
• Net income was approximately $0.08 million for the first six months of 2024, compared with a net loss of $4.75 million for the first six months of 2023.

Cash Flows Summary

• Cash and cash equivalents were approximately $3.66 million as of June 30, 2024, compared to approximately $7.08 million as of June 30, 2023.                 
• Cash used in operating activities for the six months ended June 30, 2024, was approximately $8.03 million, compared to cash used in operating activities of approximately $7.03 million for the six months ended June 30, 2023.                 
• Cash used in investing activities for the six months ended June 30, 2024, was $0.18 million, a decrease of $3.72 million compared to cash used in investing activities of $3.90 million for the six months ended June 30, 2023, primarily consisting of non-recurring of investment in equity securities and absent of additional right-of-use assets.                 
• Cash provided by financing activities for the six months ended June 30, 2024, was approximately $5.22 million, compared to approximately $14.81 million for the six months ended June 30, 2023. On April 5, 2023, the Company completed its initial public offering, which generated gross proceeds of $15.1 million before deducting any underwriting discounts or expenses.

About Multi Ways Holdings Limited

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com. 

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Investor Relations Contact:

Matthew Abenante, IRC
President
Strategic Investor Relations, LLC

Tel: 347-947-2093

Email: [email protected] 

SECAUCUS, N.J., Dec. 31, 2024 (GLOBE NEWSWIRE) — The Children’s Place, Inc. (Nasdaq: PLCE) (the “Company”), an omni-channel children’s specialty portfolio of brands, today announced that it has commenced its previously announced rights offering (the “Rights Offering”) to purchase up to $90,000,000 in shares of the Company’s common stock, representing 9,230,769 shares of the Company’s common stock in the aggregate.

The Company is distributing to its stockholders as of the close of business on December 13, 2024, the record date (the “Record Date”), on a pro rata basis, non-transferable subscription rights to purchase up to an aggregate of 9,230,769 shares of the Company’s common stock at a subscription price of $9.75 per whole share, payable by each rights holder (i) in cash, (ii) by delivery in lieu of cash of an equivalent amount of any indebtedness for borrowed money (principal and/or accrued and unpaid interest) owed by the Company to such rights holder, or (iii) by delivery of a combination of cash and such indebtedness. The Company is offering to each stockholder one non-transferable subscription right for each full share of common stock owned by that stockholder as of the close of business on the Record Date.

With the basic subscription rights, rights holders may purchase 0.7220 shares of the Company’s common stock per subscription right. Additionally, rights holders who fully exercise their basic subscription rights will be entitled to subscribe for additional shares of common stock that remain unsubscribed as a result of any unexercised basic subscription rights (the “over-subscription privilege”). The over-subscription privilege allows a rights holder to subscribe for additional shares of common stock at the subscription price of $9.75 per whole share. If there are an insufficient number of shares of common stock available to fully satisfy the over-subscription requests of rights holders, whether due to all holders exercising their basic subscription rights in full, or due to over-subscription requests exceeding the number of shares not purchased by other holders of subscription rights under their basic subscription rights, rights holders who exercised their over-subscription privilege will receive the available shares of Common Stock pro rata based on the number of shares of common stock each rights holder subscribed for under the basic subscription right.  

No fractional shares of common stock will be issued upon the exercise of subscription rights in the Rights Offering. Any fractional shares of common stock created by the exercise of subscription rights will be rounded down to the nearest whole share. Any excess subscription payments will be returned in the manner and form in which such payments were made.

The Rights Offering subscription period will expire at 5:00 p.m., New York City time, on January 31, 2025, unless extended by the Company in its sole discretion.

The subscription rights are non-transferable, except that the subscription rights will be transferable by operation of law. The rights will not be listed for trading on the Nasdaq Global Select Market (“Nasdaq”) or any other stock exchange or market. The shares of the Company’s common stock are listed on Nasdaq under the symbol “PLCE”.

The Company expects that the rights certificates and copies of the prospectus for the Rights Offering will be mailed to holders of record of common stock as of the Record Date on or after the date of the prospectus. Holders of shares of common stock in “street name” through a brokerage account, dealer, custodian bank, or other nominee will not receive a physical rights certificate and must instruct their broker, dealer, custodian bank, or other nominee whether or not to exercise subscription rights on their behalf.
        
All questions regarding the Rights Offering, and all requests for additional copies of the prospectus or other relevant documents, should be directed to D.F. King & Co., Inc., the information agent for the Rights Offering, by calling it toll-free at (888) 567-1626.

Neither the Company nor its Board of Directors is making any recommendation to stockholders as to whether to exercise their rights in the Rights Offering. Stockholders should make an independent investment decision about whether to exercise their rights based on their own assessment of their best interests and of the Company’s business and financial condition, its prospects for the future, the terms of the Rights Offering and the information contained in, or incorporated by reference in, the prospectus, as it may be supplemented from time to time.

The Company intends to use net cash proceeds of the Rights Offering first (to the extent required by its Amended and Restated Credit Agreement, dated as of May 9, 2019, with the lenders party thereto (as amended from time to time, the “Credit Agreement”)) to make a prepayment of the indebtedness outstanding under the Credit Agreement and thereafter for general operating, working capital and other corporate purposes, which, if so determined by the Company, may include additional reduction of the Company’s indebtedness.

The Rights Offering is being made pursuant to the Company’s registration statement (including a prospectus) on Form S-1 that was filed with the United States Securities and Exchange Commission (the “SEC”) and declared effective on December 31, 2024, and a prospectus filed with the SEC on December 31, 2024. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, nor shall there be any offer, solicitation or sale of any securities of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The Rights Offering will be made only by means of a prospectus. Copies of the prospectus, when it becomes available, will be distributed to eligible stockholders as of the Record Date and may also be obtained free of charge at the website maintained by the SEC at www.sec.gov, or by contacting D.F. King & Co., Inc., the information agent for the Rights Offering, at (888) 567-1626.

About The Children’s Place

The Children’s Place is an omni-channel children’s specialty portfolio of brands. Its global retail and wholesale network includes two digital storefronts, more than 500 stores in North America, wholesale marketplaces and distribution in 15 countries through six international franchise partners. The Children’s Place designs, contracts to manufacture, and sells fashionable, high-quality apparel, accessories and footwear predominantly at value prices, primarily under its proprietary brands: “The Children’s Place”, “Gymboree”, “Sugar & Jade”, and “PJ Place”. For more information, visit: www.childrensplace.com and www.gymboree.com, as well as the Company’s social media channels on Instagram, Facebook, X, formerly known as Twitter, YouTube and Pinterest.

Forward Looking Statements

This press release
contains or may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the Company’s Rights Offering, including the size, timing, subscription price, anticipated proceeds therefrom and the use of such proceeds. Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” sections of its annual report on Form 10-K for the fiscal year ended February 3, 2024 and of the Registration Statement. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unable to achieve operating results at levels sufficient to fund and/or finance the Company’s current level of operations and repayment of indebtedness, the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by changes in economic conditions (including inflation), the risk that changes in the Company’s plans and strategies with respect to pricing, capital allocation, capital structure, investor communications and/or operations may have a negative effect on the Company’s business, the risk that the Company’s strategic initiatives to increase sales and margin, improve operational efficiencies, enhance operating controls, decentralize operational authority and reshape the Company’s culture are delayed or do not result in anticipated improvements, the risk of delays, interruptions, disruptions and higher costs in the Company’s global supply chain, including resulting from disease outbreaks, foreign sources of supply in less developed countries, more politically unstable countries, or countries where vendors fail to comply with industry standards or ethical business practices, including the use of forced, indentured or child labor, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, various types of litigation, including class action litigations brought under securities, consumer protection, employment, and privacy and information security laws and regulations, the imposition of regulations affecting the importation of foreign-produced merchandise, including duties and tariffs, risks related to the existence of a controlling shareholder, the uncertainty of weather patterns, the risk that the Rights Offering is ultimately not consummated, the financial and operating performance of the Company following the Rights Offering, and the other factors detailed in the Company’s Registration Statement filed on Form S-1 (Registration No. 333-282664) and related prospectus, as well as other risks discussed in the Company’s filings with the SEC from time to time. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

The Children’s Place Contact:

Investor Relations (201) 558-2400 ext. 14500

HOUSTON, Dec. 31, 2024 (GLOBE NEWSWIRE) — U.S. Energy Corp. (NASDAQ: USEG, “U.S. Energy” or the “Company”) today announced that the Company has closed the sale (the “Transaction”) of assets located in East Texas (the “East Texas Assets”). The Transaction was previously announced on December 12, 2024.

HIGHLIGHTS

• All cash proceeds of $6,825,000.
• Proceeds are expected to be used to fund the continued development of U.S. Energy’s industrial gas project in Montana.
• Divested assets averaged approximately 1.0 million cubic feet per day of natural gas and 149 barrels of oil per day for the quarter ending September 30, 2024.
• The transaction closed on December 31, 2024 with an effective date of November 1, 2024.

MANAGEMENT COMMENTARY

“We are pleased to announce the successful closing of U.S. Energy’s recent transaction, completing the divestment of a significant portion of our legacy East Texas assets,” stated Ryan Smith, Chief Executive Officer of U.S. Energy Corp. “The proceeds from this sale will be strategically allocated to advancing our industrial gas project in Montana. With this milestone behind us, U.S. Energy is now poised with greater liquidity and a stronger balance sheet, enabling us to focus on our growth into a leading industrial gas company.”

ABOUT U.S. ENERGY CORP.

We are a growth company focused on consolidating high-quality energy and industrial gas assets in the United States with the potential to optimize production and generate free cash flow through low-risk development while maintaining an attractive shareholder returns program. We are committed to being a leader in reducing our carbon footprint in the areas in which we operate. More information about U.S. Energy Corp. can be found at www.usnrg.com.

INVESTOR RELATIONS CONTACT

Mason McGuire 

[email protected]
(303) 993-3200
www.usnrg.com

FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements.

Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation: (1) the ability of the Company to grow and manage growth profitably and retain its key employees; (2) the ability of the Company to close previously announced transactions and the terms of such transactions, including the closing of the Transaction on the terms and timeline set forth above, including, but not limited to the ability to meet conditions to closing the Transaction and the use of proceeds associated therewith; (3) risks associated with the integration of acquired assets; (4) the Company’s ability to comply with the terms of its senior credit facilities; (5) the ability of the Company to retain and hire key personnel; (6) the business, economic and political conditions in the markets in which the Company operates; (7) the volatility of oil and natural gas prices; (8) the Company’s success in discovering, estimating, developing and replacing oil and natural gas reserves; (9) risks of the Company’s operations not being profitable or generating sufficient cash flow to meet its obligations; (10) risks relating to the future price of oil, natural gas and NGLs; (11) risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; (12) risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; (13) risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; (14) technological advancements; (15) changing economic, regulatory and political environments in the markets in which the Company operates; (16) general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; (17) actions of competitors or regulators; (18) the potential disruption or interruption of the Company’s operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; (19) pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; (20) inflationary risks and recent changes in inflation and interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; (21) risks related to military conflicts in oil producing countries; (22) changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; (23) the amount and timing of future development costs; (24) the availability and demand for alternative energy sources; (25) regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; (26) uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities; (27) risks relating to the lack of capital available on acceptable terms to finance the Company’s continued growth, potential future sales of debt or equity and dilution caused thereby; (28) the review and evaluation of potential strategic transactions and their impact on stockholder value and the process by which the Company engages in evaluation of strategic transactions; and (29) other risk factors included from time to time in documents U.S. Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and future annual reports and quarterly reports. These reports and filings are available at www.sec.gov. Unknown or unpredictable factors also could have material adverse effects on the Company’s future results.

New York, Dec. 31, 2024 (GLOBE NEWSWIRE) — MKDWELL Tech Inc. (the “Company”, “we”, “our”, or “us”) (Nasdaq: MKDW), a business company incorporated in the British Virgin Islands (“BVI”) with operations in Mainland China and Taiwan, today announced its unaudited financial results for the six months ended June 30, 2024.

First Half 2024 Financial Highlights

	●	Total revenues in the first half of 2024 were US$0.81 million, representing a decrease of 61.3% from US$2.10 million in the same period of 2023.
	●	Gross profit in the first half of 2024 was US$0.07 million with a gross profit margin of 8.2%, compared to US$0.32 million with a gross profit margin of 15.2% in the same period of 2023.
	●	Loss from operations in the first half of 2024 was US$1.54 million, representing an increase of 83.4% from US$0.84 million in the same period of 2023.
	●	Net loss in the first half of 2024 was US$1.73 million, representing an increase of 77.8% from US$0.97 million in the same period of 2023.

Management Commentary

We terminated a key customer relationship in 2024, due to a mismatch in price expectation. After comprehensive business evaluation, management made the determination to terminate such customer relationship, and as a result our new customers in 2024 were primarily in the trial production stage in the first half of the year, resulting in a year-on-year decrease in sales revenue. In the first half of 2024, we incurred expenses for our Nasdaq listing, resulting in an increase in loss.

Prior to the listing of the Company on Nasdaq, the focus of the management team was preoccupied with such listing and the business combination with Cetus Capital. With the Company now having completed its business combination and listing on Nasdaq, we anticipate that the management team will lead the business team to shift the focus of work to business and customer development. In addition to adding new customer groups, we will strive to improve product quality to increase customer dependence and trust in the Company.

We completed our business combination with Cetus Capital in July 2024, as a result of which we became listed on Nasdaq, and MKDWELL Tech Inc. acquired MKDWELL Limited, a BVI business company as its wholly-owned subsidiary and an approximate 62.36% indirect equity interest in MKD Technology Inc., a Taiwan corporation and our operating subsidiary.

The unaudited condensed consolidated financial statements presented herein are those prior to the business combination which was consummated on July 31, 2024, and represents the financial statements of MKDWELL Limited and its subsidiaries, and the financial statements of Cetus Capital Acquisition Corp.

First Half 2024 Financial Results

Revenues

Our revenues consist of (i) sales of manufactured electronic products, (ii) commissioned processing service, (iii) rental income and (iv) others. Others mainly consist of electricity and technical services revenues.

Our breakdown of revenues for the six months ended June 30, 2023 and 2024 are summarized as below:

		For the six months ended June 30,								Change
		2023				2024				Amount				%
		US$				US$				US$
By revenue type
Sales of manufactured electronic products		$	1,135,324			$	589,231			$	(546,093	)			(48.1	)%
Commissioned processing service			740,063				72,020				(668,043	)			(90.3	)%
Rental income			158,012				113,952				(44,060	)			(27.9	)%
Others			63,973				35,838				(28,135	)			(44.0	)%
Total		$	2,097,372			$	811,041			$	(1,286,331	)			(61.3	)%

Our total revenues decreased by US$1.29 million, or 61.3% from US$2.10 million for the six months ended June 30, 2023 to US$0.81 million for the six months ended June 30, 2024, primarily attributable to the decrease of sales of manufactured electronic products and commissioned processing service.

Revenues from our sales of manufactured electronic products decreased by US$0.55 million, or 48.1%, from US$1.14 million for the six months ended June 30, 2023 to US$0.59 million for the six months ended June 30, 2024, which was mainly contributed to the decrease of orders and customers.

Revenues from our commissioned processing service decreased by US$0.67 million, or 90.3%, from US$0.74 million for the six months ended June 30, 2023 to US$0.07 million for the six months ended June 30, 2024, which was mainly contributed to the termination of cooperation with several major customers. The company is actively seeking new customers and has established cooperation with new customers in the second half of 2024.

Rental income decreased by US$0.05 million, or 27.9%, from US$0.16 million for the six months ended June 30, 2023 to US$0.11 million for the six months ended June 30, 2024, which was mainly due to the decrease in leasehold area resulting from the expiration of several lease contracts in the first half of 2024.

Revenues from others decreased by US$0.03 million, or 44.0%, from US$0.06 million for the six months ended June 30, 2023 to US$0.03 million for the six months ended June 30, 2024, which was mainly due to reduced electricity demand from lessees, which is in related to the reduction in leasehold area in the first half of 2024.

Cost of revenues

Cost of revenues consists primarily of (i) purchase of electronic materials, (ii) payroll, (iii) depreciation and other costs related to the business operation, (iv) inventories write-down.

Our cost of revenues decreased by US$1.04 million, or 58.2% from US$1.78 million for the six months ended June 30, 2023 to US$0.74 million for the six months ended June 30, 2024, which was primarily attributable to a decrease in labor costs with respect to commission processing service and sales of manufactured electronic products.

Gross profit and gross profit margin

Gross profit represents our revenues less cost of revenues. Gross profit margin represents our gross profit as a percentage of our revenues.

Gross profit decreased by US$0.25 million, or 79.0% from US$0.32 million for the six months ended June 30, 2023 to US$0.07 million for the six months ended June 30, 2024, and gross profit margin decrease from 15.2% in the first half of 2023 to 8.2% in the first half of 2024, primarily attributed to the elevated fixed costs associated with labor costs. The company is actively optimizing its workforce to mitigate labor costs.

Selling expenses

Selling expenses primarily consist of: (i) salaries and benefits for sales personnel, (ii) freight expenses, (iii) rental and depreciation allocated to selling department, (iv) certain other expenses.

Our selling expenses remained relatively stable at US$0.11 million for the six months ended June 30, 2023 and 2024. Selling expenses did not decrease in line with revenue because our selling expenses composed of fixed expenses, such as salaries.

General and administrative expenses

General and administrative expenses primarily consist of: (i) professional service fees; (ii) salaries and benefits for general and administrative personnel, (iii) rental and depreciation allocated to general and administrative department, and (iv) other corporate expenses.

Our general and administrative expenses increased by US$0.48 million, or 71.7% from US$0.67 million for the six months ended June 30, 2023 to US$1.15 million for the six months ended June 30, 2024, which was primarily attributable to the increase of US$0.40 million in professional service fees for the purpose of effecting our business combination with Cetus Capital.

Research and development expenses

Research and development expenses primarily include (i) salaries and benefits for research and development personnel, (ii) material and supplies expenses in relation to research and development activities, (iii) rental and depreciation allocated to the research and development department, (iv) certain other expense.

Our research and development expenses slightly decreased by US$0.03 million, or 8.3% from US$0.38 million for the six months ended June 30, 2023 to US$0.35 million for the six months ended June 30, 2024, which remained relatively steady. We continued to focus on software development to support our previously developed hardware projects.

Interest expenses, net

Interest expenses, net consists of interest expenses for bank borrowings and financing through sales and lease back, and interest income earned on cash deposits in banks.

Our interest expenses, net increased by US$0.04 million, or 32.6% from US$0.12 million for the six months ended June 30, 2023 to US$0.16 million for the six months ended June 30, 2024, which was primarily attributable to the increase of US$0.07 million in interest expense due to the newly borrowed loans from related parties, and offset by the increase of US$0.03 in interest income due to the newly lent loans to Cetus Sponsor LLC.

Other expenses, net

Other expenses, net consists of government subsidies, foreign currency exchange gain or loss, and others.

Other expense, net increased by US$0.01 million, or 266.8% from US$0.01 million for the six months ended June 30, 2023 to US$0.02 million for the six months ended June 30, 2024, which was primarily attributable to the decrease of the government subsidies.

Taxation

British Virgin Islands (“BVI”)

The Company is incorporated in the BVI. Under the current laws of the BVI, the Company is not subject to income or capital gains taxes. Additionally, dividend payments are not subject to withholdings tax in the BVI.

Samoa

One of our subsidiaries was incorporated in Samoa and, under the current laws of Samoa, is not subject to tax on its income or capital gains. Additionally, dividend payments are not subject to withholdings tax in Samoa.

Mainland China

Generally, our subsidiaries, which are considered PRC resident enterprises under PRC tax law, are subject to enterprise income tax on their worldwide taxable income as determined under PRC tax laws and accounting standards at a rate of 25%.

Taiwan

We are subject to a tax rate of 20% for entities under R.O.C. Income Tax Law.

Net loss

As a result of the foregoing, our net loss increased by US$0.76 million, or 77.8% from US$0.97 million for the six months ended June 30, 2023 to US$1.73 million for the six months ended June 30, 2024.

Going concern and Capital Resources

Our unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. We incurred net losses of US$0.97 million and US$1.73 million for the six months ended June 30, 2023 and 2024, respectively. Net cash used in operating activities were US$0.34 million and US$1.53 million for the six months ended June 30, 2023 and 2024, respectively. As of June 30, 2024, our accumulated deficits were US$12.62 million, with a working capital deficit of US$4.84 million. Our operating results for future periods are subject to numerous uncertainties and it is uncertain if we will be able to reduce or eliminate our net losses for the foreseeable future. These conditions raise substantial doubt about our ability to continue as a going concern.

We have historically depended on financing from bank, related parties and third-party investors to support our operations. Our future operations are dependent upon equity or debt financing and our ability to generate profits through operations at an indeterminate time in the future. We cannot assure that we will be successful in completing an equity or debt financing or in achieving or maintaining profitability in the near term. Our financial statements do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary should we be unable to continue as a going concern.

Exchange Rate

This press release contains translations of certain Chinese Renminbi (“RMB”) and New Taiwan dollar (“NT$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. The following table outlines the currency exchange rates that were used in preparing the unaudited condensed consolidated financial statements, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System:

June 30, 2023

December 31, 2023

June 30, 2024

Six months-ended spot rate

Average rate

Year-end spot rate

Average rate

Six months-ended spot rate

Average rate

US$ against RMB

US$1=RMB 7.2513

US$1=RMB 6.9283

US$1=RMB7.0978

US$1=RMB7.0803

US$1=RMB 7.2672

US$1=RMB 7.2150

US$ against NT$

US$1=NT$31.1400

US$1=NT$ 30.5542

US$1=NT$30.6200

US$1=NT$31.1525

US$1=NT$ 32.4500

US$1=NT$ 31.8992

About MKDWELL Tech Inc.

Through our operating subsidiaries, we are a manufacturer and supplier of automotive electronics for passenger cars, modified commercial vehicles, camper vans and logistics vehicles. Our business coverage extends from research and development, design, and production to sales of automotive electronic products. Our main products are intelligent camper vans control systems, LiDAR sensors, intelligent container control systems for logistics vehicles, vehicle seat control system, and we provide customers with ODM and OEM customized services. We design, manufacture and supply our products to our customers through our design center located in Hsinchu Science Park, Taiwan and our manufacturing plant in Jiaxing Science and Technology City, Jiaxing City, Zhejiang Province, China. Our customers are mainly based in Mainland China and Taiwan.

For further information, please contact:

MKDWELL Tech Inc.
Email: [email protected] 

MKDWELL TECH INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In U.S. dollars, except for share and per share data, or otherwise noted)

		As of
		December 31, 2023				June 30, 2024
						(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	924,428			$	271,609
Accounts receivable, net			562,058				390,617
Amounts due from a related party			14,674				14,905
Inventories, net			362,963				326,860
Prepaid expenses and other current assets, net			875,119				1,108,305
Total current assets			2,739,242				2,112,296
Non-current assets:
Intangible assets, net			299,797				409,692
Property, plant and equipment, net			3,731,403				4,424,895
Real estate properties for lease, net			2,238,577				1,099,876
Operating lease right-of-use assets, net			125,009				89,456
Financing lease right-of-use assets, net			8,523				3,330
Other non-current assets			28,453				27,235
Total non-current assets			6,431,762				6,054,484
TOTAL ASSETS			9,171,004				8,166,780
Liabilities
Current liabilities:
Short-term bank borrowings			2,726,197				2,662,649
Accounts payable			304,668				197,244
Amounts due to related parties, current			341,563				800,007
Accrued expenses and other current liabilities			2,039,329				2,311,377
Long-term bank borrowings, current portion			596,335				925,070
Operating lease liabilities, current			61,099				58,964
Total current liabilities			6,069,191				6,955,311
Non-current liabilities:
Long-term bank borrowings			2,429,465				2,028,822
Operating lease liabilities, non-current			63,910				30,492
Other non-current liabilities			273,850				478,473
Total non-current liabilities			2,767,225				2,537,787
TOTAL LIABILITIES			8,836,416				9,493,098
Commitments and Contingencies
Equity (deficit)
			–				–
Additional paid-in capital			11,464,055				11,464,055
Accumulated deficit			(11,213,083	)			(12,621,494	)
Accumulated other comprehensive income			344,870				511,949
MKDWELL Limited shareholders’ equity (deficit)			595,842				(645,490	)
Non-controlling interests			(261,254	)			(680,828	)
Total equity (deficit)			334,588				(1,326,318	)
TOTAL LIABILITIES AND EQUITY (DEFICIT)		$	9,171,004			$	8,166,780

MKDWELL TECH INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In U.S. dollars, except for share and per share data, or otherwise noted)

		For the six months ended June 30,
		2023				2024
Revenues		$	2,097,372			$	811,041
Cost of revenues			(1,778,947	)			(744,282	)
Gross profit			318,425				66,759
Operating expenses:
Selling expenses			(110,966	)			(110,054	)
General and administrative expenses			(671,706	)			(1,153,323	)
Research and development expenses			(376,617	)			(345,332	)
Total operating expenses			(1,159,289	)			(1,608,709	)
Loss from operations			(840,864	)			(1,541,950	)
Other loss:
Interest expenses, net			(124,374	)			(164,912	)
Other expenses, net			(5,002	)			(18,348	)
Total other loss			(129,376	)			(183,260	)
Loss before income tax expense			(970,240	)			(1,725,210	)
Income tax expense			–				–
Net loss		$	(970,240	)		$	(1,725,210	)
Net loss attributable to non-controlling interest			(180,266	)			(316,799	)
Net loss attributable to ordinary shareholders			(789,974	)			(1,408,411	)
Other comprehensive (loss) income
Foreign currency translation adjustment attributable to non-controlling interest			(28,506	)			(102,775	)
Foreign currency translation adjustment attributable to parent company			(9,874	)			167,079
Total other comprehensive (loss) income		$	(38,380	)		$	64,304
Total comprehensive loss		$	(1,008,620	)		$	(1,660,906	)
Total comprehensive loss attributable to non-controlling interest			(208,772	)			(419,574	)
Total comprehensive loss attributable to ordinary shareholders			(799,848	)			(1,241,332	)
Weighted average shares outstanding used in calculating basic and diluted loss per share – basic and diluted			26,042,934				24,443,989
Loss per share – basic and diluted		$	(0.03	)		$	(0.06	)

 CETUS CAPITAL ACQUISITION CORP.
BALANCE SHEETS

	June 30, 2024				December 31, 2023
	Unaudited
ASSETS
Current assets:
Cash	$	181,795			$	320,971
Prepaid expenses		210				15,140
Total current assets		182,005				336,111
Non-current assets:
Cash and marketable securities held in the trust		22,127,715				60,158,872
Total assets	$	22,309,720			$	60,494,983
LIABILITIES
Current liabilities:
Other payable		563,254				293,748
Accrued offering costs		70,000				70,000
Franchise tax payable		16,313				179,876
Excise tax payable		387,925				–
Income tax payable		79,820				255,097
Amounts due to related parties		1,099,737				748,509
Total current liabilities		2,217,049				1,547,230
Deferred underwriting commission		2,130,500				1,725,000
Total liabilities	$	4,347,549			$	3,272,230
Commitments and Contingencies
Class A Common stock subject to possible redemption, $0.0001 par value; 50,000,000 shares authorized; 2,058,934 shares and 5,750,000 shares issued and outstanding, respectively as of June 30, 2024 and December 31, 2023		22,055,715				59,723,899
SHAREHOLDERS’ DEFECIT
Preferred share, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		–				–
Class A common stock, $0.0001 par value; 50,000,000 shares authorized; 1,781,875 issued and outstanding (excluding 2,058,934 share subject to possible redemption), 1,781,875 shares issued and outstanding (excluding 2,058,934 share subject to possible redemption) as of June 30, 2024 and December 31, 2023, respectively		179				179
Class B common stock, $0.0001 par value; 4,000,000 shares authorized; none issued and outstanding		–				–
Accumulated deficit		(4,093,723	)			(2,501,325	)
Total shareholders’ deficit		(4,093,544	)			(2,501,146	)
Total liabilities, Class A Common stock subject to redemption and shareholders’ deficit	$	22,309,720			$	60,494,983

CETUS CAPITAL ACQUISITION CORP.

STATEMENTS OF OPERATIONS

	​	For the Six Months Ended June 30, 2024					For the Six Months Ended June 30, 2023
		(Unaudited)					(Unaudited)
Formation and operating costs	​	​$	(207,841	)			​$	(379,403	)
Franchise tax	​	​	(194,313	)			​	(102,567	)
Loss from operation	​	​	(402,154	)			​	(481,970	)
	​	​					​
Unrealized gain on marketable securities hold in the trust account	​	​	869,184				​	1,106,041
Loss of extinguishment of debt	​	​	(405,500	)			​	–
Other income	​	​	463,684				​	1,106,041
Income before income taxes	​	​	61,530				​	624,071
Income tax expenses	​	​	(141,723	)			​	(210,730	)
Net (loss) income	​	​	(80,193	)			​	413,341
Weighted average shares outstanding, basic and diluted	​	​	4,976,522				​	6,320,746
Basic and diluted net income (loss) per common share	​	​$	(0.02	)			​$	0.06

*The condensed interim financial statements of Cetus Capital Acquisition Corp. as of June 30, 2024 and for the six months ended June 30, 2024 herein have not been audited or reviewed by Cetus Capital Acquisition Corp.’s independent registered accounting firm.