American Virtual Cloud Technologies, Inc. (NASDAQ:AVCT) revamp its position on Wednesday as shares moved up around 8.32% after the firm reported changes to its BOD and management team, along with the release of a review to explore the sale of the entire business or selected assets.
The company disclosed that Kevin Keough has been appointed CEO as part of this change. On a temporary basis, Tom King will transition from his position as chief financial officer to chief of staff, reporting to Mr. Keough. Adrian Foltz and Onex Evans, who both answer to Mr. Keough, have been upgraded to the positions of Chief Financial Officer and Chief Accounting Officer, respectively, with effect from September 1, 2022. As a result of Michael Tessler’s resignation from the board of directors, Larry Mock has been named to take over as chairman of the board. In his new role as Executive Vice Chairman of the Board, former CEO Darrell Mays will continue to support the business.
Along with these adjustments, the company said that it has hired Northland Capital Markets to counsel it over a thorough strategic review process that may result in the sale of the company or certain assets. Northland Securities, Inc., Member FINRA/SIPC, provides some capital markets and investment banking services under the trade name Northland Capital Markets.
Chairman of the firm, Michael Tessler commented that he have enjoyed working with the AVCT board and management team. He wishes the new management team well as it works with the board to consider the range of possible strategic alternatives to optimize the value of the entity.
Since April, Mr. Keough has held the position of Chief Transformation Officer at AVCT. He acquired significant public business expertise early on in his career while working as a partner with McKinsey & Company, Inc. and as a senior executive with FirstEnergy Corp. Mr. Keough worked in senior operating positions for three private equity companies between 2006 and 2022, including Arcapita, Investcorp, and Navigation Capital Partners. Mr. Keough graduated with honors from the United States Military Academy at West Point and went on to get an MBA from Stanford Graduate School of Business. He started his career as an officer in the US Army.
American Virtual Cloud Technologies, Inc. (NASDAQ:AVCT) closed at $0.32 by adding 14.45% with traded volume of 19.34 million surge from the average volume of 16.54 million. AVCT sales were $19.40 million while its net income was -101.30 million. HPQ has a -0.02 book value per share while the stock has the 0.10 value in cash per share.
Some other stocks that weighed the industry includes Infosys Limited (NYSE:INFY) with price to earnings ratio of 27.80, Sabre Corporation (NASDAQ:SABR) with P/E ratio of 0.021 and Paysafe Limited (NYSE:PSFE) has PE ratio of 0.01 at 1.43 billion of market capitalization.
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