Wetouch Technology Inc (WETH)

[molee]

10-Q finally posted : https://www.otcmarkets.com/stock/WETH/disclosure

[molee]

Oh looky , another S-1/A has been filed : https://www.otcmarkets.com/stock/WETH/disclosure

[molee]

Market isn't buying anything $WETH is putting out .... Something smells poopy .

[Welcome2Pinkyland]

Cash on hand at the of 2022 $51m. Current market cap. $45m $WETH

[Welcome2Pinkyland]

EPS was .27 not .05

[Welcome2Pinkyland]

$40m revenue. EPS .05 per share. $WETH

[molee]

10K is out > https://www.otcmarkets.com/stock/WETH/disclosure

[molee]

The 10K will now be late : https://www.otcmarkets.com/stock/WETH/disclosure

[molee]

$WETH > More mumbo-jumbo : "proposed" S-1 is out :

https://www.otcmarkets.com/stock/WETH/disclosure

https://www.otcmarkets.com/filing/html?id=16505762&guid=r0A-k6fOuPKFQth

"We expect to effect a 1-for-[ ] reverse stock split of our outstanding common stock, with the number of authorized shares of common stock reduced ratably, effective immediately following the effectiveness of the registration statement of which this prospectus forms a part, prior to the completion of this offering (the “Reverse Stock Split”). On February 17, 2023, our Board of Directors (the “Board”) authorized a reverse stock split of each of the outstanding shares of our common stock, $0.001 par value per share, at a ratio to be determined by the Board of within a range of a minimum of a one-for-five (1-for-5) to a maximum of one-for-eighty (1-for-80) (the “Reverse Stock Split Ratio”), with the exact ratio to be set at a number within this range as determined by the Board in its sole discretion, with no change in par value. We intend for the Board to effect such reverse stock split in connection with the Underwritten Offering and our intended listing of our common stock on the Nasdaq Capital Market. However, we cannot guarantee that such reverse stock split will occur based on the ratio stated above, that such reverse stock split will be necessary or will occur in connection with the listing of our common stock on the Nasdaq Capital Market, or that the Nasdaq Stock Market will approve our initial listing application for our common stock upon such reverse stock split."

[abrooklyn]

Wetouch Technology Inc. Announces Construction Progress on New Production Facility

https://www.globenewswire.com/en/news-release/2022/09/22/2521004/0/en/Wetouch-Technology-Inc-Announces-Construction-Progress-on-New-Production-Facility.html

Wetouch Technology Inc. Announces Construction Progress on New Production Facility
September 22, 2022 08:30 ET | Source: Wetouch Technology Inc.





...
Chengdu, China, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced that it has completed approximately 80% of the construction work on its new high-standard production facility in Chengdu, for which the Company expects to complete the construction work before the end of 2022.

The Company has completed roof sealing on the facility, which underscores Wetouch’s ongoing commitment to enhance its capacity and capability to meet fast-growing customer needs, including world’s top 500 enterprise customers such as Siemens, Canon and Delta. Wetouch will invest in total RMB76 million on the construction of the factory, and also invest another RMB20 million to build two fully-automated touchscreen production lines at the facility that are expected to start mass production in the first quarter of 2023.

The production facility covers an area of nearly 20 acres, with a construction area of nearly 30,000 square meters. The new facility is located in the Strait Industrial Park, Wenjiang District, Chengdu City.

Zongyi Lian, Chief Executive Officer of Wetouch commented: “We are pleased to announce significant progress on the construction work of our new facility, which would help us enhance production capacity and efficiency to expand our partnership with global partners. Wetouch is committed to enabling customers by enhancing our capability to expedite the development and commercialization of more innovative touchscreen products, and we expect our new production facility could potentially generate annual sales exceeding RMB1 billion, and a net income of more than RMB200 million once put into use."

Forward Looking Statements

The information in this press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance. The financial guidance reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.

The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements. Important factors that could cause the Company's actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the risk factors set forth in the Company’s Annual Report for the year ended December 31, 2021 filed with the SEC on April 15, 2022.

About Wetouch Technology Inc.

Wetouch, through its indirect wholly-owned subsidiary Sichuan Vtouch Technology Co., Ltd, is engaged in the manufacturing and sales of medium to large sized projected capacitive touchscreens, ranging from 7.0 inch to 42 inch screens. The Company offers touchscreens for a variety of applications, including GPS/car entertainment panels for automotive industry, industrial human-machine interface (“HMI”), financial and banking terminals, point of sale, lottery and gaming machines, smart home, robots and charging stations. Wetouch sells its products both domestically in China and internationally, covering major areas in China, including but not limited to the eastern, southern, northern and southwest regions of China. Wetouch has shipped products to South Korea and several European countries such as Spain and Germany and has established a strong and diversified client base. As of September 7, 2022, Wetouch holds 10 patents and has passed a number of industry certifications, including ISO9001, ISO14001, TS16949, FCC, CE, ROHS, CCC, ROHS.

Investor Relation Contact:

Gordon Cai
[e-mail]




Tags Wetouch Technology Inc. OTC: WETH Sichuan Vtouch Technology Co. manufacturing and sales medium to large sized touchscreens HMI
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[abrooklyn]

http://www.wetouchinc.com

[abrooklyn]

https://www.otcmarkets.com/filing/pdf?id=16474196&guid=Xv4-kp4gOAsgdth

_______________________________
In the Matter of
Wetouch Technology, Inc.
No. 29, Third Main Avenue Shigao Town, Renshou County Meishan, Sichuan, 620500 China
File No: 333-259499
_______________________________
ORDER DECLARING REGISTRATION STATEMENT ABANDONED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
UNITED STATES OF AMERICA BEFORE THE
SECURITIES AND EXCHANGE COMMISSION March 8, 2023
Wetouch Technology, Inc. filed with the Commission a registration statement to register securities under Section 6(a) of the Securities Act of 1933. The registration statement has been on file for more than nine months and has not yet become effective.
Wetouch Technology, Inc. has failed to respond to notice under Rule 479 that the registration statement would be declared abandoned unless it was timely amended or withdrawn;
In view of the foregoing, it is ORDERED that the registration statement be declared abandoned on March 8, 2023.
For the Commission, by the Division of Corporation Finance, pursuant to delegated authority.
Larry Spirgel Office Chief

[Welcome2Pinkyland]

Nope

[molee]

Do you know what this is ? : "Sec Staff Action/letter (sec Staff)"

https://ih.advfn.com/stock-market/USOTC/wetouch-technology-qb-WETH/stock-news/90451644/sec-staff-action-letter-sec-staff

[jtomm]

Yeah, none of it really seems to make common sense. Company claims to have $45m cash (and almost no debt) and yet is raising another $40m?? Something just doesn't sound right.

[molee]

So a likely 1 for 80 reverse split ( like the one in 2020 ) just after this :

On January 19, 2023, Wetouch Technology Inc., a Nevada corporation (the “Company”), entered into a Securities Purchase Agreement (the “Agreement”) with the buyers indicated therein (collectively, the “Buyers”), pursuant to which the Company sold to the Buyers an aggregate of 160,000,000 shares of the common stock of the Company (the “Shares”) for an aggregate purchase price of $40,000,000, or $0.25 per share.

[jtomm]

The problem with these Chinese companies is that the financials may not be true. The company's questionable auditor has been associated with many dubious Chinese stocks:

https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-former-bf-borgers-audit-director-for-violating-pcaob-rules-and-standards-in-four-audits-of-three-public-companies

[Welcome2Pinkyland]

big time. or also known as ->just another day pinkyland.

[abrooklyn]

The last filing shows $45 million in cash and the stock trades at a Market cap 6,384,943 02/21/2023

WETOUCH TECHNOLOGY INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
As of September 30, 2022

https://www.otcmarkets.com/filing/conv_pdf?id=16199207&guid=he7-keSHJM22dth

[abrooklyn]

WETH SECURITY DETAILS
Share Structure

Market Cap Market Cap
6,384,943
02/21/2023
Authorized Shares
300,000,000
02/21/2023
Outstanding Shares
33,604,965
02/21/2023
Restricted
14,846,935
02/21/2023
Unrestricted
18,758,030
02/21/2023
Held at DTC
2,400,272
02/21/2023
Float
28,507,913
03/01/2022
Par Value
0.001

[molee]

These guys SUK ,,,,

Item 8.01 Other Events

Reverse Stock Split

On February 17, 2023, the Board authorized a reverse stock split with a ratio of not less than one to five (1:5) and not more than one to eighty (1:80), with the exact amount and the timing of the reverse stock split to be as determined by the Chairman of the Board. Upon such reverse stock split becoming effective, the number of authorized shares of the common stock of the Company will also be decreased in the same ratio. Pursuant to Nevada Revised Statutes Section 78.209, the reverse stock split does not have to be approved by the shareholders of the Company.

https://www.otcmarkets.com/filing/html?id=16421604&guid=he7-keSHJM22dth

[Welcome2Pinkyland]

thanks

[molee]

25 cents ....

"160,000,000 shares of the common stock of the Company (the “Shares”) for an aggregate purchase price of $40,000,000, or $0.25 per share. The net proceeds of the offering (after deducting legal and accounting fees and expenses) shall be used by the Company for working capital and general corporate purposes and the repayment of debt."

[Welcome2Pinkyland]

fun times. did you notice an offering price?

[molee]

The crazy continues >> https://www.otcmarkets.com/filing/html?id=16335208&guid=Us2-kqZTk6TCaBh

[Welcome2Pinkyland]

yep. Happy Holidays molee

[molee]

Perhaps , next year , when China opens up and the economy improves these shares will be worth more than pennies .

Happy Holidays to you and the rest of the crew here .

[Welcome2Pinkyland]

pretty crazy

[molee]

$WETH >> Oh My , a real DUMP-A-THON going on right now ...

[Welcome2Pinkyland]

And the crowd goes wild. $WETH

[molee]

10Q is out :

https://www.otcmarkets.com/filing/html?id=16199207&guid=Nx_-knvOEIxxYth

[molee]

$WETH shares on sale , AGAIN .....

Tally Ho ...

[molee]

Wetouch Technology Inc. Announces Construction Progress on New Production Facility

Chengdu, China, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced that it has completed approximately 80% of the construction work on its new high-standard production facility in Chengdu, for which the Company expects to complete the construction work before the end of 2022.

The Company has completed roof sealing on the facility, which underscores Wetouch’s ongoing commitment to enhance its capacity and capability to meet fast-growing customer needs, including world’s top 500 enterprise customers such as Siemens, Canon and Delta. Wetouch will invest in total RMB76 million on the construction of the factory, and also invest another RMB20 million to build two fully-automated touchscreen production lines at the facility that are expected to start mass production in the first quarter of 2023.

The production facility covers an area of nearly 20 acres, with a construction area of nearly 30,000 square meters. The new facility is located in the Strait Industrial Park, Wenjiang District, Chengdu City.

Zongyi Lian, Chief Executive Officer of Wetouch commented: “We are pleased to announce significant progress on the construction work of our new facility, which would help us enhance production capacity and efficiency to expand our partnership with global partners. Wetouch is committed to enabling customers by enhancing our capability to expedite the development and commercialization of more innovative touchscreen products, and we expect our new production facility could potentially generate annual sales exceeding RMB1 billion, and a net income of more than RMB200 million once put into use."

[Horsin around]

Thanks. Intriguing company. I wonder why it's so quiet. Potentially bc 20 to 1 split coming up?
Wonder if they could do a smaller split.

[molee]

All I could find other than SEC stuff :

http://ir.wetouchinc.com/

Investor Relation Contact:
Guangde Cai
[e-mail]

[Horsin around]

I can't find a working website or any investors presentation. Is sec filings only place to get info on them?

[molee]

Whatever they are doing , the share price is collapsing once again ...

[Horsin around]

Any ideas on when you all think they complete the uplist? This quarter? This year?

[Horsin around]

Hey all. I like to read s1's for long term investments. Came across weth tonight and am very intrigued. I'm asking for Recommendations of additional information on the company that I should view? Any good interviews or PRs that I should start with

[molee]

Wetouch Technology Inc. (WETH) Announces FY2022 Financial Guidance

https://www.otcmarkets.com/stock/WETH/news/Wetouch-Technology-Inc-WETH-Announces-FY2022-Financial-Guidance?id=371563

Expects stable revenue from core products business in 2022, guiding to total revenue in the range of $36.0 million to $44.0 million.
Net income in the range of $9.0 million to $11.0 million.

Chengdu, China, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced its financial guidance for fiscal year 2022.

“We are very pleased by the strong demand trends we have seen in our business. Despite COVID-19 pandemic as well as continued global supply chain constraints, we expect stable revenue in fiscal year 2022, guiding to sales in the range of $36.0 million to $44.0 million.” commented Guangde Cai, the Chairman of Wetouch. “As a prominent player in the medium and wide-format touchscreen sector for applications such as GPS/car entertainment panels in mid-size and luxury cars, industrial HMI, financial and banking terminals, POS and lottery machines, Wetouch has been supplying to customers, including certain Fortune 500 companies. In 2022, Wetouch has received several purchase orders from our customers in Germany and Japan. We are excited to service and maintain good relationship with them. Although the challenges from the macro environment remains in the short term, we are very confident with business prospects and believe our seasoned management team, technology and quality products and services and years of experience servicing multinational corporate clients will create lasting shareholder value.”

[molee]

Maybe they are cross trading a bunch of shares from one group to another ? IDK ...

[molee]

Non stop selling pressure today .. Typical O T C ...

[molee]

Wondering what / who has caused this recent activity ....

Frontloading some future announcement perhaps ??

[Welcome2Pinkyland]

yep

[molee]

I have been glued to my seat watching this ...Peculiar , but nice at the same time .

We'll just have to wait and see where this goes .

[Welcome2Pinkyland]

Houston, doesn’t seem to be a problem- but it does seem something odd is transpiring- shares are being bought and the pps is going up. $WETH

[Welcome2Pinkyland]

Load the hoverboat. $WETH $$

[Welcome2Pinkyland]

Market cap $16m revenue $40m. $WETH $$

[Welcome2Pinkyland]

EPS .30 PPS highest bid .30 for worlds #1 touch screen maker $WETH $$

[Welcome2Pinkyland]

I don’t think it matters $71m assets-$7m liabilities- $40m+ in revenue- eps .30+ / market $16m. $WETH