Cheetah Net Supply Chain Service Inc. Announces Executive and Board Changes
Ticker: CTNT · Form: 8-K · Filed: Aug 28, 2024 · CIK: 1951667
Sentiment: neutral
Topics: executive-change, board-change, management-transition
Related Tickers: CNAQ
TL;DR
CNAQ CFO Jianfeng Li steps in, Jianjun Li out. Board seats also shuffled.
AI Summary
Cheetah Net Supply Chain Service Inc. announced on August 25, 2024, the appointment of Mr. Jianfeng Li as Chief Financial Officer and the resignation of Mr. Jianjun Li from the same role. The company also reported the election of Ms. Xiaoyan Li and Mr. Jianfeng Li to its Board of Directors, and the resignation of Mr. Jianjun Li from the Board. These changes are effective immediately.
Why It Matters
This filing indicates significant shifts in the financial leadership and board composition of Cheetah Net Supply Chain Service Inc., which could impact the company's strategic direction and financial oversight.
Risk Assessment
Risk Level: medium — Changes in key executive and board positions can signal internal shifts or strategic realignments that may carry inherent risks.
Key Players & Entities
- Cheetah Net Supply Chain Service Inc. (company) — Registrant
- Jianfeng Li (person) — Appointed Chief Financial Officer and elected to Board of Directors
- Jianjun Li (person) — Resigned as Chief Financial Officer and from the Board of Directors
- Xiaoyan Li (person) — Elected to the Board of Directors
- August 25, 2024 (date) — Effective date of changes
FAQ
Who has been appointed as the new Chief Financial Officer of Cheetah Net Supply Chain Service Inc.?
Mr. Jianfeng Li has been appointed as the new Chief Financial Officer.
Who has resigned from the position of Chief Financial Officer?
Mr. Jianjun Li has resigned from the position of Chief Financial Officer.
Which individuals have been elected to the Board of Directors?
Ms. Xiaoyan Li and Mr. Jianfeng Li have been elected to the Board of Directors.
Who has resigned from the Board of Directors?
Mr. Jianjun Li has resigned from the Board of Directors.
What is the effective date of these executive and board changes?
The changes are effective as of August 25, 2024.
Filing Stats: 926 words · 4 min read · ~3 pages · Grade level 10 · Accepted 2024-08-28 08:05:29
Key Financial Figures
- $5,769 — on Agreement: (a) a lump sum payment of $5,769.24, to be paid on September 6, 2024, in
- $42,354 — his resignation; (b) an annual bonus of $42,354.86, to be paid on August 30, 2024, calc
- $30,000 — y; and (c) a stock incentive payment of $30,000, settled in cash, calculated based on t
Filing Documents
- tm2422745d1_8k.htm (8-K) — 30KB
- tm2422745d1_ex10-1.htm (EX-10.1) — 36KB
- tm2422745d1_ex99-1.htm (EX-99.1) — 7KB
- tm2422745d1_ex99-1img01.jpg (GRAPHIC) — 14KB
- tm2422745d1_ex99-1img02.jpg (GRAPHIC) — 8KB
- 0001104659-24-093743.txt ( ) — 288KB
- ctnt-20240825.xsd (EX-101.SCH) — 3KB
- ctnt-20240825_lab.xml (EX-101.LAB) — 33KB
- ctnt-20240825_pre.xml (EX-101.PRE) — 22KB
- tm2422745d1_8k_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On August 25, 2024, Robert Cook, chief financial officer ("CFO") of Cheetah Net Supply Chain Service Inc. (the "Company"), submitted a letter of resignation indicating his intention to resign as the Company's CFO, effective August 30, 2024, which has been accepted by the board of directors of the Company (the "Board"). Mr. Cook has advised the Company that his resignation was due to personal reasons and not a result of any disagreement with the Company on any matter related to the operations, policies, or practices of the Company. After his resignation, Mr. Cook will be available to provide consulting services to the Company on a part-time basis at the company's request. The Board intends to conduct a search for potential internal and external candidates to fill in the vacancy created by the resignation of Mr. Cook. In the meantime, the chairman of the Board and the chief executive officer of the Company, Huan Liu, will serve as the interim CFO and assume the duties of principal financial officer and principal accounting officer of the Company. In connection with Mr. Cook's resignation, on August 27, 2024, with approval of the Board, the Company entered into a Letter Agreement and General Release with Mr. Cook, which sets forth the terms of his separation from service with the Company (the "Resignation Agreement"). Pursuant to the terms of the Resignation Agreement, Mr. Cook will resign as an officer and employee of the Company effective on August 30, 2024. Mr. Cook also agrees to abide by certain confidentiality, non-disparagement, and other obligations set forth in the Resignation Agreement, and to release any and all claims against the Company and its affiliates and related parties that in any way relate to his employment and association with the Company. Mr. Cook will be entitled to the following in exchange for his covenants and releases under the terms of the Resignation Agreement: (a) a lump sum payme
02. Departure of Directors
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The information set forth above in Item 1.01 of this Current Report on Form 8-K regarding Mr. Cook's resignation is incorporated into this Item 5.02 by reference.
01. Exhibits
Item 9.01. Exhibits. Exhibit No. Description 10.1 Resignation Agreement dated August 27, 2024 by and between the Company and Robert Cook 99.1 Press Release dated August 28, 2024 on Robert Cook's resignation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 28, 2024 Cheetah Net Supply Chain Service Inc. By: /s/ Huan Liu Huan Liu Chief Executive Officer, Director, and Chairman of the Board of Directors