HANGZHOU, China - UTStarcom (NASDAQ: NASDAQ:UTSI), a global provider of telecommunications infrastructure, announced the appointment of Dr. Yong Wang as a new independent director, following the resignation of Dr. Jintong Lin from the company's board. Dr. Lin, who had been with UTStarcom since September 2019, stepped down from his roles on March 21, 2024.
Dr. Wang brings a wealth of experience in legal expertise and risk management to his new position. He currently holds a professorship at the School of Civil, Commercial and Economic Law of China University of Political Science and Law.
Additionally, Dr. Wang serves in various roles across the industry, including as vice president of the China Commercial Law Research Association and as a founder of Beijing Hongfan Jiuzhou Consulting Co., Ltd.
His appointment also extends to the positions previously held by Dr. Lin, including the chairman of the Nominating and Corporate Governance Committee, and memberships in the Audit Committee and Compensation Committee.
UTStarcom's Chairman of the Board of Directors, Mr. Ning Shan, expressed gratitude to Dr. Lin for his service and welcomed Dr. Wang, highlighting his potential contribution to the company's corporate governance and development.
Dr. Wang's academic and professional journey includes a bachelor's degree in Education from China Youth University of Political Studies, a master's degree in Economic Law from Nanjing University, and a doctorate in Civil and Commercial Law from China University of Political Science and Law.
He has been teaching since 1999 and holds other independent director positions at Tongding Interconnection Information Co., Ltd., Beijing Capital Eco-Environment Protection Group Co., Ltd., and Huaneng Guicheng Trust Co., Ltd., as well as being the chairman of the board of supervisors of SPD Silicon Valley Bank Co., Ltd.
UTStarcom, established in 1991 and listed on the Nasdaq in 2000, specializes in advanced equipment for network functions such as mobile backhaul, metro aggregation, and broadband access, focusing on markets including Japan and India. This announcement is based on a press release statement from UTStarcom Holdings Corp.
InvestingPro Insights
UTStarcom's recent changes in its board with the appointment of Dr. Yong Wang come at a time when the company's financial health and market performance are of particular interest to investors. According to InvestingPro data, UTStarcom currently holds a market capitalization of 24.68 million USD and is trading at a low price/book multiple of 0.46 as of the last twelve months ending Q4 2023. This metric suggests that the company's stock is potentially undervalued relative to the book value of its assets.
InvestingPro Tips for UTStarcom indicate that the company holds more cash than debt on its balance sheet, which could provide some financial stability and flexibility. Additionally, UTStarcom's liquid assets exceed its short-term obligations, further underscoring the company's ability to manage its short-term liabilities. However, it's important to note that UTStarcom is not profitable over the last twelve months and is quickly burning through cash, which could be a concern for long-term sustainability.
Furthermore, investors should be aware that UTStarcom is trading near its 52-week low, and the price has performed poorly over the last decade. This historical performance may influence investor sentiment and expectations for the company's future. For those considering a deeper analysis, InvestingPro offers additional tips on UTStarcom, which can be found at https://www.investing.com/pro/UTSI. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, accessing a total of 10 InvestingPro Tips that could further inform investment decisions.
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