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.

The Tech Report - Editorial ProcessOur Editorial Process

The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.

Latest News

Solana Labs Launches Bond, A New Blockchain Customer Loyalty Platform
Crypto News

Solana Labs Launches Bond, A New Blockchain Customer Loyalty Platform

Coinbase and ASA Challenge SEC's $2.6 Billion Budget Proposal Both Seek Cuts
Crypto News

Coinbase and ASA Challenge SEC’s $2.6 Billion Budget Proposal Both Seek Cuts

America’s biggest crypto exchange, Coinbase, is challenging the SEC’s budget request of $2.6 billion. Coinbase believes this is an excessive amount and is urging for a more reasonable budget. Coinbase...

Congressman Proposes a Bill to Terminate Federal Reserve After being Inspired By Bitcoin
Crypto News

Congressman Proposes a Bill to Terminate Federal Reserve After being Inspired By Bitcoin

As the popularity around Bitcoin grows, a US congressman has proposed a controversial legislation. Thomas Massie, a congressman representing Kentucky’s 4th congressional District, recently reintroduced legislation to abolish the Federal...

XRP Lawyer Claims SEC is Expressing 'Strange Animus' to Ripple
Crypto News

XRP Lawyer Claims SEC is Expressing ‘Strange Animus’ to Ripple

Meta To Delay Its Plans of Using EU Users’ Data For AI Training 
News

Meta Forced to Delay Plans of Using EU Users’ Data for AI Training

Bitcoin ETFs Bleeding as Outflows Hit $228 Million As Miners Capitulate - Is Bitcoin’s Rally Over?
Crypto News

Bitcoin ETFs Bleed After Outflows Hit $228 Million As Miners Capitulate – Is Bitcoin’s Rally Over?

Massive 20,000 Bitcoin Options Expiry Sets Maximum Pain Price At $68,500. What Comes Next?
Crypto News

Massive 20,000 Bitcoin Options Expiry Sets Maximum Pain Price At $68,500