FingerMotion, Inc. (NASDAQ:FNGR), a prepackaged software services company with a market capitalization of $107 million, announced a change in its board composition this week. On Monday, Michael Chan stepped down from his role as a director and chair of the company's audit committee.
Additionally, Chan was a member of the compensation committee. The changes come as the company's stock has declined over 50% year-to-date, according to InvestingPro data.
Following Chan's departure, FingerMotion's board moved swiftly to fill the vacancies. On Tuesday, Hsien Loong Wong was appointed as a member of the audit committee. Yew Poh Leong has taken over as the new chair of the audit committee. Furthermore, the board appointed Eng Ho Ng to serve on the compensation committee.
These changes in the board's committees ensure that FingerMotion maintains its corporate governance standards and continues to adhere to the regulatory requirements of the Nasdaq Stock Market where its shares are traded. While the company currently shows weak profitability metrics, InvestingPro data indicates analysts expect the company to turn profitable this year, with projected earnings per share of $0.03.
FingerMotion, Inc., previously known as Property Management Corp of America, is incorporated in Delaware and has set its fiscal year-end to February 28. The company's principal executive offices are located in Singapore.
This announcement comes as part of a current report filing with the United States Securities and Exchange Commission (SEC), which also included financial statements and exhibits. The information provided is based on the company's latest 8-K filing with the SEC. The company has not provided any additional comments on the reasons behind Michael Chan's resignation or the objectives of the newly appointed board members.
In other recent news, FingerMotion, Inc. secured a short-term loan of approximately USD $183,000 for working capital purposes. The loan agreement, with Rita Chou Phooi Har, carries a monthly interest rate of 1.67% and is repayable one year from the drawdown date. This strategic financial move is part of FingerMotion's efforts to maintain liquidity and operational flexibility.
The software services company also made significant strides in its financial operations, announcing a change in its independent registered public accounting firm. The Board of Directors and Audit Committee approved the termination of Centurion ZD CPA & Co. and appointed CT International LLP as the new auditor, a decision not related to any disagreements on accounting principles or practices.
In product development, FingerMotion launched a new crisis and emergency response technology in China. The Advanced Mobile Integrated Command and Communication Platform (C2 Platform), developed by subsidiary Shanghai JuiGe Information Technology Co., Ltd., aims to enhance the coordination and communication of emergency response teams. The technology will be integrated into vehicles as part of China's civil emergency crisis program, unifying disaster communication systems into a single interface.
These are recent developments, demonstrating FingerMotion's ongoing commitment to expanding its technology products and services within and outside China.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.