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Here’s the Reason Sino-Global Shipping America, Ltd. (SINO) Stock Sinking in Regular Trading.

Sino-Global Shipping America, Ltd. (SINO) is leading shipping, chartering and freight logistics company. The company is also involved in the cryptocurrency business. It operates in US, China and Hong Kong.

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The price of SINO stock during the regular trading on January 6, 2022 was last checked to be $3.87 with a downfall of 6.07%.

SINO: Events and Happenings

On January 5, 2022, SINO reported about changing its name in relation to its new focus and vision, to Singularity Future Technology Ltd. The Company’s stock will start trading on NASDAQ using the new ticker SGLY from January 7, 2022 onwards.

SINO: CEO Comments

Speaking at the occasion, CEO of the company Yang Leo Jie said that the change in the name embodies the Company’s vision more clearly. He further added that the company progressed in 2021, including start of cryptocurrency business and new strategic collaborations which proved to be fruitful for the company.

SINO: Key Financials

On November 12, 2021, SINO reported its third quarter report of 2021, the quarter ended on September 30, 2021. Some of the highlights are as follows

Total Current Assets

Total current assets pf the company for the third quarter 2021 were $45.8 million.

Net Revenue

Net revenue for Q3 2021 was $1.7 million as compared to same period prior year when it was $1.1 million.

Net Loss per Share

Basic and diluted net loss per share for Q3 2021 was $2.9 million or $0.18 per share as compared to same period of 2020 when it was $0.7 million or $0.19 per share

On November 10, 2021, SINO reported about appointing Shi Qiu as the new Chief Technical Officer of the company. He had previously worked as Vice General Manager at the company’s subsidiary. On November 1, 2021, SINO reported that after the mutual consensus of BoD’s Lei Cao, the ex-CEO of the company, stepped down from his post with effect from November 1, 2021. His successor was Company’s ex Vice President, Yang “Leo” Jie with effect from November 1, 2021.

On October 4, 2021, SINO reported about entry into a joint venture of bitcoin mining machine with Highsharp. The company made a $10 million investment to fund the venture’s operations. The venture provided the technical development facility and marketing of a patented bitcoin mining machinery.

On September 21, 2021, SINO reported about restructuring its contract with Hebei Yanghuai Technology Company for the acquisition of 2,783 digital currency mining servers from Yanghuai. Through the deal, the company proceeds its expansion in cryptocurrency market.

Conclusion

The price of SINO stock is 30% up as compared to six months period. The current premarket sinking is due to the company’s announcement regarding change of its name and ticker symbol in NASDAQ. The analysts are suggesting a great come back for the company’s stock keeping in view its previous record.

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