On March 16, TD Holdings Inc. (GLG) declared its financial results for fiscal 2021 which ended on December 31, 2021. Consequent to the beat earnings report, the stock soared high in the after-hours session.
It seems investors were looking forward to the earnings with much enthusiasm as the stock traded in the green during the regular session. The positive anticipation caused the stock to trade at a heavy volume of 18.71 million shares which was 1,747% of the average. GLG closed the session at $0.2373, gaining a good 18.65% or $0.0373 per share. Following the announcement, the stock’s bullish momentum reached full potential as it increased by a huge 77.41%. Hence, the stock was trading at $0.4210 per share in the after-hours on Wednesday. The volume of the shares exchanged was 17.96 million in the after hours.
The China-based holding company, TD Holdings Inc. trades commodities along with its supply chain business. Currently, the company has a market capitalization of $27.63 million with 138.17 million outstanding shares. Standing at a year-to-date loss of 42.83%, GLG subtracted a huge 89.31% last year.
GLG’s 2021 Earnings Report
The company reported commodities trading business revenue of $201.13 million for fiscal 2021. The 2021 revenue included $197.95 million from sales of commodities products and $3.18 million from supply chain management services. Comparatively, the year-ago revenue was $28.27 million, thus marking an increase of 612% YOY.
Moreover, GLG incurred a net loss of $0.94 million from continuing operations in fiscal 2021, with $0.05 on a per share basis. This compares to $2.40 million or $0.05 per share in fiscal 2020. Additionally, the net loss for fiscal 2021 was $0.94 million against $4.95 million for the previous year.
Furthermore, the company ended the year with cash and cash equivalents of $4.31 million, against $2.70 million the prior year.
Nasdaq’s Extension Notice
On March 02, the company announced receiving an extension of additional 180 calendar days for regaining compliance from Nasdaq. The company was notified through a written notification from Nasdaq on March 01 regarding the extension. Therefore, GLG now has until August 29, 2022, to regain compliance with Nasdaq’s minimum bid price requirement. For regaining compliance, the company needs to maintain a bid price of $1.00 or above for 10 consecutive days before the end of the given period.
Previously, the company was notified of its non-compliance in September 2021 and was given till February 28 to regain compliance.
