Newegg Shares Slide After Disclosure Involving Chairman, Largest Shareholder

Benzinga01-22 02:03

Newegg Commerce Inc (NASDAQ:NEGG) shares are trading lower Wednesday afternoon after the online electronics retailer disclosed that a large shareholder and chairman has been detained by authorities, ...

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Here’s what investors need to know.\nIn a Form 6-K filing with the SEC, Newegg said Hangzhou Lianluo Interactive Information Technology, its largest stockholder, announced the detention of its CEO, Zhitao He, who is also the chairman of Newegg’s board.\nThe company said its business and operations are continuing as normal and that the board is functioning in the ordinary course during his absence.\nNewegg is a technology-focused e-commerce platform best known for selling computer components, gaming hardware, consumer electronics and related accessories to consumers and businesses. The company competes with larger online marketplaces by targeting PC enthusiasts and offering a deep catalog of parts and prebuilt systems.\nEven though Newegg says day-to-day operations remain unaffected, investors typically react negatively when a key leader faces legal or regulatory issues. The detention of the chairman and head of the company's largest shareholder potentially raises questions about future strategic decisions, potential changes in control and corporate governance.Benzinga Edge Rankings: Benzinga Edge rankings show NEGG has extremely strong momentum (99.34), and a weak short- and medium-term price trend but a positive long-term trend.\nNEGG Price Action: Newegg Commerce shares were down 18.82% at $44.91 at the time of publication on Wednesday, according to Benzinga Pro data.\nImage: Shutterstock\nThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2605923482","isCrawlerRequest":true}