Furniture-Maker Nova Lifestyle Springs Higher After CEO Resigns
Furniture manufacturer Nova Lifestyle Inc (NASDAQ: NVFY) is one of the biggest gainers in the market Tuesday.
The stock has been on a wild ride as of late, jumping over 21 percent after news that the company's CEO Ya Ming "Jeffrey" Wong has resigned and will be replaced by president Tawny Lam, who will fill in on an interim basis.
Nova has also announced it has signed a $15 million annual product agreement to supply U.S.-made mattresses and other products to The Future Biz School.
Last week, the company sold off its Chinese business to Kuka Design Limited for $8.5 million in a share transfer agreement. The deals proceeds will be used to for marketing, distribution and a greater e-commerce presence in North America, Asia and Europe.
At last check, Nova Lifestyle was up 19.02 percent at $4.38.
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