Treasure Global Inc. (NASDAQ: TGL) just turned in one of the most volatile trading weeks on the market.
On Friday, December 5, the Southeast Asia–focused fintech and e‑commerce company executed a 1‑for‑20 reverse stock split, sending its shares from single digits to a $25.44 close, up about 276% on the day. The stock traded as high as roughly $29 intraday and pushed above $70 in after‑hours trading, putting the company’s market capitalization around $22 million with only about 848,000 shares now outstanding. [1]
Social platform Stocktwits described the move as a “nearly 200%” intraday jump, with message volume and retail sentiment flagged as “extremely bullish,” even as the stock remains deeply underwater for the year. [2]
The explosive rally caps a chaotic stretch in which Treasure Global:
- Projected over 500% revenue growth for 2026
- Disclosed a Nasdaq delisting notice
- Announced its third reverse split in less than two years
- Endured double‑digit percentage selloffs earlier in the week before today’s rebound [3]
Below is a breakdown of what changed, what Treasure Global is promising for 2026, and what risks still hang over the stock despite the latest surge.
Reverse Split: A Big Price Jump, Not a Bigger Company
How the 1‑for‑20 reverse split works
On December 3, Treasure Global announced it would execute a 1‑for‑20 reverse stock split of its common shares, effective at the open on December 5. [4]
Key mechanics:
- Every 20 existing shares were consolidated into 1 new share.
- The outstanding share count shrank from roughly 16.96 million to about 848,100. [5]
- The par value and total authorized shares were unchanged. [6]
- Fractional shares will be rounded up to the nearest whole share, handled by transfer agent VStock Transfer. [7]
- The stock continues to trade under ticker “TGL” on the Nasdaq Capital Market, now under a new CUSIP code. [8]
Crucially, a reverse split does not change the company’s overall valuation by itself. Market cap is essentially the same immediately after the operation; only the number of shares and per‑share price change.
The explicit goal, according to the company’s press release: lift the share price to help regain compliance with Nasdaq’s minimum $1.00 bid requirement. [9]
Delisting pressure is still front and center
The reverse split comes only days after Nasdaq notified Treasure Global that its securities are subject to delisting from the Nasdaq Capital Market. [10]
According to a summary of the determination:
- TGL failed to maintain the $1.00 minimum bid price for 30 consecutive business days (October 15 – November 28, 2025). [11]
- The company is not eligible for an additional compliance period, because it has already conducted multiple reverse splits over the past two years with a cumulative ratio greater than 250‑for‑1. [12]
- Those prior reverse splits were a 1‑for‑70 split on February 27, 2024 and a 1‑for‑50 split on April 7, 2025 – together equating to a combined 1‑for‑3,500 ratio before the latest action. [13]
Treasure Global has requested a hearing before a Nasdaq Hearings Panel, which temporarily stays the delisting and suspension of trading while the appeal proceeds. The company stresses that the determination does not affect its underlying business operations or SEC reporting obligations. [14]
In other words, today’s reverse split buys time, but Nasdaq will still expect sustained compliance—not just a one‑day spike.
A Wild Week: From Double‑Digit Losses to Triple‑Digit Gains
Before Friday’s fireworks, the stock had already been on a roller coaster.
- December 1: Shortly after the company announced more than 500% projected revenue growth for 2026, AInvest reported that TGL plunged 21% intraday to $0.516, a 52‑week low at the time, on heavy volume and “oversold” technical readings. [15]
- December 3: As delisting fears and the new 1‑for‑20 split were digested, another AInvest piece noted a 35.2% intraday collapse to about $0.298, with the stock trading near its new 52‑week low amid what the outlet called a “perfect storm” of regulatory pressure and investor skepticism. [16]
- December 4: Ahead of the split’s effective date, TGL staged a short‑term rebound, rising 12.7% intraday as traders positioned around the upcoming corporate action. [17]
- December 5 (today): Post-split, one AInvest analysis flagged a 167% intraday spike from $6.82 to $26.80, linking the move partly to the company’s acquisition of Quarters Elite and the perceived $150 million revenue opportunity attached to its OXI Wallet fintech platform. [18]
StockAnalysis data shows TGL closed the session at $25.44, up 276% on the day, with an after‑hours quote around $73.01, and trading volume exceeding 23.8 million shares—enormous for a float of only ~848,000 shares. [19]
Despite the huge one‑day move, Stocktwits notes that TGL is still down roughly 88% year‑to‑date, underscoring just how much value had already been destroyed before this week. [20]
The 2026 Promise: 500%+ Revenue Growth Fueled by Fintech and Tokenization
A small revenue base, a big percentage target
On December 1, Treasure Global issued a GlobeNewswire release predicting “more than 500%” revenue growth in 2026. The company is targeting around USD 1 million in revenue, versus USD 182,527 reported in its first fiscal quarter, highlighting what it describes as “accelerating monetization” across its platforms and new fintech initiatives. [21]
The percentage sounds eye‑catching, but it’s important context: this is growth off a very small base. StockAnalysis estimates that TGL generated about $2.33 million in revenue for 2025, a drop of roughly 89% from the prior year’s $22.07 million, while posting a net loss of about $23.38 million. [22]
So the company is effectively asking investors to look past sharp revenue contraction and large losses, and focus instead on a new fintech‑centric roadmap.
OXI Wallet: A digital asset platform aiming for $10 billion in assets
A central pillar of that roadmap is OXI Wallet, an institutional‑grade digital asset and payments platform Treasure Global is co‑developing and expects to roll out in the first half of 2026. [23]
According to the company:
- OXI Wallet is designed to support up to USD 10 billion in user‑held digital assets in its first operational year, with multi‑chain interoperability across networks like Binance, Ethereum, TRON, and Solana. [24]
- It will be tightly integrated with the ZCITY Super App, allowing the app’s users to access digital asset payments, stablecoin off‑ramps, and card‑based spending. [25]
- Monetization is expected from wallet transaction fees, debit‑card fees, listing fees, and future tokenization products, augmented by AI‑powered portfolio tools to help users manage assets. [26]
Management pitches OXI Wallet as a way to capture growth in a crypto‑wallet market that outside research estimates could surpass $100 billion globally by 2033, and to ride increasing institutional adoption of stablecoins across Asia. [27]
UNIRWA: Tokenizing $100 million in real‑world assets
Layered on top of OXI Wallet is Treasure Global’s partnership around UNIRWA, a real‑world‑asset (RWA) token project:
- Through its subsidiary Tadaa Technologies, Treasure Global has been appointed exclusive treasury manager for 200 million UNIRWA tokens, which are projected to represent about $100 million of tokenized assets. [28]
- The tokens are intended to target real estate and hospitality assets across Southeast Asia, all custodied through OXI Wallet’s infrastructure. [29]
- Tadaa expects to generate revenue through management fees, transaction fees, and tokenization service fees, positioning the company as a niche player in regulated RWA finance. [30]
Quarters Elite: A $150 million advisory channel for distribution
Another building block is the planned acquisition of Quarters Elite, a Malaysian financial advisory business:
- A recent SEC‑related summary notes that Treasure Global signed a letter of intent to acquire a 51% stake in Quarters Elite Advisory for approximately $1.2 million, subject to valuation and closing conditions. [31]
- Quarters Elite is described as a leading advisory firm with about $150 million in client assets, over 350 advisors, and nearly 3,000 clients—potentially a powerful distribution channel for OXI Wallet and other fintech products. [32]
Company and third‑party commentary suggest the acquisition could unlock a “$150 million” long‑term revenue opportunity tied to wallet distribution and fee‑based advisory services, though this figure is aspirational rather than guidance. [33]
ZCITY Super App and growing (but still lightly monetized) ecosystem
Underpinning all of this is ZCITY, Treasure Global’s flagship Super App that combines e‑payments, loyalty rewards and online‑to‑offline commerce in Malaysia:
- ZCITY has reached over 2.7 million registered users as of June 2025, according to multiple company releases. [34]
- Management frames this user base as a ready‑made funnel into higher‑margin fintech products like OXI Wallet and tokenized assets, though monetization per user is still low relative to more mature platforms. [35]
In its Q1 2026 results, Treasure Global highlighted a five‑fold increase in cash to $1.25 million (from $236,895 at June 30, 2025) and strengthened stockholders’ equity to about $11.97 million, emphasizing the balance sheet as a foundation for fintech investment. [36]
How Analysts and Data Platforms Are Framing the Story
QuiverQuant: Big upside, but big execution and regulatory risk
A QuiverQuant summary of Treasure Global’s 500% growth press release highlights several potential positives:
- The ambitious revenue projection could signal strong future growth if execution matches expectations.
- OXI Wallet’s $10 billion asset capacity and institutional‑grade design could tap into a fast‑growing digital asset market.
- The UNIRWA RWA partnership and Quarters Elite acquisition may diversify revenue and reduce customer acquisition costs. [37]
But QuiverQuant also flags key risks:
- The scale of the 500%+ target may draw investor skepticism regarding feasibility.
- The strategy depends on multiple unproven initiatives launching in 2026, each with high execution risk.
- Regulatory and market volatility in the digital‑asset space could derail the plan. [38]
AInvest: “High‑risk, high‑reward” and repeated warning shots
A series of AInvest articles over the past week frames TGL as a high‑beta, high‑risk speculative play:
- On December 1, a piece titled “Treasure Global Plummets 21% Amid Ambitious 2026 Growth Projections” highlighted the market’s immediate skepticism despite the 500% growth claim, pointing to heavy selling, oversold technicals, and thin liquidity. [39]
- On December 3, “Treasure Global Plummets 35% Amid Delisting Fears and Reverse Split Drama” tied the selloff to the new 1‑for‑20 reverse split and Nasdaq delisting risk, noting that TGL has now implemented a cumulative 1‑for‑3,500 split ratio since early 2024. [40]
- Today’s analysis, “Treasure Global’s Reverse Split and Fintech Ambitions: A High‑Risk, High‑Reward Entry Point for 2026?”, calls the strategy a “classic high‑risk, high‑reward scenario”, citing:
- Cash reserves up to $1.25 million
- A $400,000 strategic equity investment from Executive Director Chan Meng Chun and investor Chuah Su Chen
- Heavy reliance on unproven monetization of ZCITY’s 2.7 million users and successful deployment of OXI Wallet and UNIRWA. [41]
Another AInvest note — “Treasure Global’s 167% Surge: A Volatile Gambit or Strategic Breakthrough?” — emphasizes the speculative nature of today’s pop, reminding readers that a prior 167% spike in 2022 ultimately faded over the following month. [42]
Investing.com & TipRanks: The delisting cloud remains
Investing.com and TipRanks both zero in on the Nasdaq delisting notice:
- They reiterate that the staff determination was based on bid price non‑compliance and repeated reverse splits, and that Nasdaq is not obliged to grant further grace periods. [43]
- Both note that while TGL’s appeal keeps the stock trading in the near term, delisting remains a live risk if the company cannot maintain compliance and convince the panel of its turnaround plan. [44]
Financial Reality Check: Tiny Float, Heavy Losses, Extreme Volatility
Taken together, recent filings and data paint a picture of a tiny, highly volatile micro‑cap:
- Market cap: ≈ $21.8 million
- Shares outstanding: ≈ 848,100 post‑split
- Trailing 12‑month revenue: ≈ $2.31–$2.33 million, down ~89% from the prior year
- Trailing net loss: ≈ $24–$23 million, significantly larger than in 2024 [45]
With trading volume above 23 million shares on December 5— nearly 28 times the reported share count—even small shifts in sentiment can produce violent price swings. [46]
Add in:
- Repeated reverse splits, now aggregating to 1‑for‑70, 1‑for‑50, and 1‑for‑20 over less than two years [47]
- Ongoing Nasdaq delisting proceedings
- A business model in the middle of a high‑risk pivot to digital assets and tokenization [48]
…and it’s clear why many independent commentaries are urging caution, even after—or especially after—today’s rally.
What Market Participants Will Be Watching Next
For traders, analysts, and longer‑term investors following TGL, several catalysts now sit in focus for 2026:
- Nasdaq hearing outcome
- Will the company’s appeal convince the panel to maintain the listing, and under what conditions? [49]
- OXI Wallet launch and adoption
- Does TGL hit its 1H 2026 launch timeline, and can it attract meaningful assets and transaction volume toward its $10 billion capacity goal? [50]
- UNIRWA token traction
- Will the planned 200 million RWA tokens tied to Southeast Asian real estate and hospitality see demand, and will management and transaction fees show up in the revenue line at scale? [51]
- Integration of Quarters Elite
- If the 51% acquisition closes, can TGL actually use 350+ advisors and $150 million in client assets to distribute OXI Wallet and other products, or will integration prove slower and messier than hoped? [52]
- Monetization of ZCITY’s 2.7 million users
- So far, user growth has outpaced revenue growth; 2026 will test whether the super‑app can be converted into higher‑margin fintech and digital‑asset revenue, not just engagement. [53]
- Further capital raises and dilution
- The recent $400,000 equity injection and modest cash balance suggest TGL may still depend on future financing, which could mean additional share issuance over time. [54]
Quick FAQ: Treasure Global’s Latest Moves
What exactly changed with today’s reverse stock split?
Every 20 pre‑split TGL shares were merged into 1 new share, reducing the outstanding share count from roughly 16.96 million to around 848,000, with the trading price rising accordingly. The company’s market cap didn’t materially change as a direct result of the split; only the share count and per‑share price did. [55]
Is Treasure Global still at risk of being delisted from Nasdaq?
Yes. Nasdaq staff has already issued a delisting determination citing persistent bid‑price violations and repeated reverse splits that exceed the permitted cumulative ratio. Treasure Global’s appeal buys time, and the stock continues to trade for now, but the panel’s decision will be critical to the company’s future on the exchange. [56]
What’s driving the 500%+ revenue growth forecast for 2026?
Management’s forecast of about $1 million in 2026 revenue—a more than 500% jump from its first‑quarter baseline—rests on three main pillars:
- Launch and scaling of OXI Wallet as a multi‑chain digital asset and payments platform
- Revenue from UNIRWA RWA tokenization and related fees
- Expanded, fee‑based revenue through the planned Quarters Elite acquisition and ZCITY ecosystem integration. [57]
Treasure Global’s story heading into 2026 is a study in contrasts: headline‑grabbing percentage gains, ambitious fintech ambitions, and a loyal retail following, set against shrinking historical revenues, repeated reverse splits, and unresolved listing risk.
Whether today’s rally marks the start of a genuine turnaround or just another spike in a volatile chart will depend less on split‑adjusted prices and more on what the company actually delivers over the next 12–18 months.
References
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