Latest news with #USSecuritiesandExchangeCommission
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
The company with zero revenue that is worth $31 billion
A biotech stock focused on herbal medicine has surged by more than 64,000 per cent so far this year, although the company has made zero revenue, much less turned a profit. The unbelievable rally has transformed Regencell Bioscience Holdings, a penny stock as recently as April, to one worth more than $US20 billion ($30.7 billion) in market value. A year ago, the company had a market capitalisation of $US53 million. This is despite having a net loss of $US4.4 million for its fiscal year that ended June 2024, a 28 per cent decrease from the previous year. Regencell Bioscience this month said its board approved a 38-for-1 stock split. When the split took effect, shares rose as much as 434 per cent – their biggest one-day jump ever – to a record high, triggering more than 10 volatility halts. Shares of the company have been on a bizarre 640-fold tear in 2025, with little to no news released. The Hong Kong-based company, which debuted on the Nasdaq Capital Market in 2021, is in the research and development stage and has not generated any revenue since inception, according to its most-recent annual filing with the US Securities and Exchange Commission. A representative for Regencell didn't immediately respond to a Bloomberg request for comment. Incorporated in the Cayman Islands, the company aims to treat neurological conditions such as ADHD and autism spectrum disorder through traditional herb-based medicines, according to its website. Its traditional Chinese medicine (TCM) formula, which forms the basis of its product candidates, 'contains only natural ingredients without any synthetic components'. 'We have not generated revenue from any TCM formulae candidates or applied for any regulatory approvals, nor have distribution capabilities or experience or any granted patents or pending patent applications and may never be profitable,' the company said in an October filing.
The Age
4 days ago
- Business
- The Age
The company with zero revenue that is worth $31 billion
A biotech stock focused on herbal medicine has surged by more than 64,000 per cent so far this year, although the company has made zero revenue, much less turned a profit. The unbelievable rally has transformed Regencell Bioscience Holdings, a penny stock as recently as April, to one worth more than $US20 billion ($30.7 billion) in market value. A year ago, the company had a market capitalisation of $US53 million. This is despite having a net loss of $US4.4 million for its fiscal year that ended June 2024, a 28 per cent decrease from the previous year. Regencell Bioscience this month said its board approved a 38-for-1 stock split. When the split took effect, shares rose as much as 434 per cent – their biggest one-day jump ever – to a record high, triggering more than 10 volatility halts. Shares of the company have been on a bizarre 640-fold tear in 2025, with little to no news released. The Hong Kong-based company, which debuted on the Nasdaq Capital Market in 2021, is in the research and development stage and has not generated any revenue since inception, according to its most-recent annual filing with the US Securities and Exchange Commission. A representative for Regencell didn't immediately respond to a Bloomberg request for comment. Incorporated in the Cayman Islands, the company aims to treat neurological conditions such as ADHD and autism spectrum disorder through traditional herb-based medicines, according to its website. Its traditional Chinese medicine (TCM) formula, which forms the basis of its product candidates, 'contains only natural ingredients without any synthetic components'. 'We have not generated revenue from any TCM formulae candidates or applied for any regulatory approvals, nor have distribution capabilities or experience or any granted patents or pending patent applications and may never be profitable,' the company said in an October filing.
Indian Express
4 days ago
- Automotive
- Indian Express
Zoomcar hit by massive data breach affecting 84 lakh users, SEC filing shows
Zoomcar users' personal data has been stolen in a data breach where hackers gained unauthorised access to its information systems, the car-sharing platform has confirmed. At least 84 lakh customers were affected in the security incident that took place on June 9, according to a Zoomcar filing with the US Securities and Exchange Commission (SEC). The Bengaluru-based company said it had become aware of the data breach after a few of its employees received external communications from a threat actor who claimed responsibility for the data breach. Personal data stolen in the data breach includes the names, phone numbers, and car registration numbers of users. However, Zoomcar said that it had no evidence of hackers gaining access to financial information such as plaintext passwords and other sensitive identifiers. 'Upon discovery, the company promptly activated its incident response plan,' Zoomcar said in its filing. 'In response to the incident, the company has taken immediate actions to contain the threat and enhance its security posture. These measures include implementing additional safeguards across the cloud and internal network, increasing system monitoring, and reviewing access controls,' the company said. 'The company is also engaging with third-party cybersecurity experts to further assist with the investigation. The company has also notified the appropriate regulatory and law enforcement authorities and is cooperating fully with their inquiries,' it added. Zoomcar also said that the data breach had not impacted its operations. 'However, the Company continues to evaluate the scope and potential impacts of the event, including legal, financial, and reputational considerations, as well as any associated remediation costs,' it said. Zoomcar was founded in 2013 as a platform through which customers could rent cars on a monthly, weekly, daily, and hourly basis. In 2023, the company merged with an American blank-check firm called Innovative International Acquisition Corp (IOAC) and became a US‑listed public company registered in Delaware. Hence, it had to report the security incident in adherence to SEC financial reporting standards. Currently, Zoomcar operates in 99 cities with over 25,000 cars and more than 10 million users. Besides India, it is also available in Egypt, Indonesia, and Vietnam. In February this year, the company saw a 19 per cent surge in car rental bookings from the year ago period with contribution profit growing by 500 per cent to $1.28 million and net loss at $7.9 million.
Time of India
5 days ago
- Automotive
- Time of India
Car rental platform Zoomcar users' data leaked in cyberattack
Car-sharing platform Zoomcar told the US market regulator that a hacker accessed the personal data of at least 8.4 million customers. Names, phone numbers, and car registration numbers, personal addresses and email addresses were compromised in the cyberattack, it said in a filing dated June 13. The Bengaluru-based company told the US Securities and Exchange Commission that the first event was recorded on June 9. The company became aware of the data leak after "certain employees received external communications from a threat actor alleging unauthorised access to company data", the filing noted. Zoomcar said it promptly acted upon discovering the threat, activating its incident response plan.
Time of India
5 days ago
- Automotive
- Time of India
Car rental platform Zoomcar says hackers accessed personal data of 8.4 million users
Live Events Car-sharing platform Zoomcar told the US market regulator that a hacker accessed the personal data of at least 8.4 million customers. Names, phone numbers, and car registration numbers, personal addresses and email addresses were compromised in the cyberattack, it said in a filing dated June Bengaluru-based company told the US Securities and Exchange Commission that the first event was recorded on June 9. The company became aware of the data leak after "certain employees received external communications from a threat actor alleging unauthorised access to company data", the filing said it activated its incident response plan upon discovering the breach. It said it implemented additional safeguards across the cloud and internal network, increased system monitoring, and reviewed access is also engaging with third-party cybersecurity experts to further assist with the investigation. The company has also notified the appropriate regulatory and law enforcement authorities and is cooperating fully with their inquiries, the filing data leak has not resulted in any material disruption to operations, Zoomcar said. However, the company said it is continuously evaluating the scope and potential impacts of the event, including legal, financial, and reputational considerations, as well as any associated remediation costs.
