Home Abit cuts debt but remains mired in uncertainty
News

Abit cuts debt but remains mired in uncertainty

Joel Hruska
Disclosure
Disclosure
In our content, we occasionally include affiliate links. Should you click on these links, we may earn a commission, though this incurs no additional cost to you. Your use of this website signifies your acceptance of our terms and conditions as well as our privacy policy.

DigiTimes has news on Abit’s plans to sell its office in Taipei for NT$1.7 billion. The cash will be used to retire part of the company’s loans and reduce overall debt, but there seem to be serious questions regarding Abit’s long-term health.

Even a quick glance at the financial information provided by DigiTimes demonstrates the problem. Abit’s sales have dropped 96% year-on-year. As of October 31, Abit’s net worth had fallen to NT$1.7 billion, down from NT$10.8 billion in November of 2004. Taiwan’s security regulatory agency has requested Abit re-file all financial statements from 2003, 2004, and part of 2005; Abit is threatened with delisting from the Taiwan Stock Exchange if it fails to comply.

What began as an investigation into accounting problems that Abit assured us would blow over "in two weeks" has stretched into a year-long saga with no end in sight. Abit sales have sunk like a rock, and the company has announced it plans to sell its production facilities and will outsource future manufacturing.

Latest News

NFL
Streaming News & Events

NFL Discloses Moving Two NFL Games Into Streaming in 2024

Crypto News

Unveiling the Most Popular Crypto Presales in March Among Americans

As BTC surges 162% and SOL an enormous 820% year to date, with many other tokens following, the crypto industry experiences a revival. We start seeing more new exciting projects,...

Apple Users Are Being Spammed with Unwanted Password Reset Requests as Part of ‘MFA Bombing'
News

Apple Users Are Being Spammed with Unwanted Password Reset Requests as Part of ‘MFA Bombing’

Beware Apple users – a phishing scam is doing the rounds, targeting Apple devices. It’s being called as ‘MFA Bombing’ where unknown threat actors send you unsolicited system-level password reset...

Lenovo Plans To Introduce A New Generation Of AI PCs
News

Lenovo Plans to Introduce a New Generation of AI PCs with Native AI Features

5 Major Tech Companies Announce Fresh Layoffs in March
News

5 Major Tech Companies Announce Fresh Rounds of Layoffs in March

Bitcoin ETF Records Inflows After Bottoming Out Favoring Self-Custody Investors
Crypto News

Bitcoin ETF Records Inflows After Bottoming Out Favoring Self-Custody Investors

Coinbase Gears Up To Onboard Business Onchain With Plans To Store Users’ USDC On Base
Crypto News

Coinbase Gears Up To Onboard Business Onchain With Plans To Store Users’ USDC On Base