Gulf Resources, Inc. (NASDAQ:GURE), a company specializing in chemical products with a market capitalization of $7.68 million, has successfully finalized the acquisition of salt lands through its subsidiary. Shouguang Hengde Salt Industry Co. Ltd, a wholly-owned subsidiary of Gulf Resources, along with several local economic cooperatives, mutually acknowledged the transfer of salt land that meets the required acquisition criteria.
Gulf Resources, headquartered in Shouguang City, Shandong, China, operates under the industrial classification of Chemicals & Allied Products. The company's fiscal year-end is December 31, and it is incorporated in the state of Nevada.
The transaction was disclosed in accordance with Regulation FD, ensuring that all material information is released to the public simultaneously. The company's Chief Financial Officer, Min Li, signed off on the SEC filing dated today, Monday, January 6, 2025.
This acquisition is part of Gulf Resources' business expansion strategy and demonstrates the company's ongoing commitment to growing its operations. The company's shares are traded on the NASDAQ Global Select Market under the ticker symbol GURE, with the stock currently trading at $0.72 and showing a year-to-date return of +4.48%.
In other recent news, Gulf Resources has reported several significant developments. The company confirmed the election of seven directors to its board and ratified the appointment of independent auditors for the upcoming fiscal year during its annual meeting. The newly elected board members are tasked with overseeing Gulf Resources' operations and addressing the company's performance issues.
Furthermore, Gulf Resources has announced a temporary shutdown of its bromine and crude salt facilities, following a directive from the Shouguang City government. The company has not provided specific details on the impact this shutdown will have on its production output and financial implications.
Gulf Resources has also successfully regained compliance with NASDAQ's listing rules. This was achieved after the company submitted its delayed Annual Report for the year ending December 31, 2023, and Quarterly Reports for the first and second quarters of 2024, collectively known as the Delinquent Filings.
Additionally, Gulf Resources has outlined strategic measures to counteract economic challenges in China. These measures include reducing the sale of bromine and crude salt, investing in flood prevention measures, and acquiring land for salt fields.
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