Nanosynth Group PLC (LON: NNN) share price edged 1.65% higher after announcing the resignation of its Chairman Antony Legge effective today.
The nanoparticles and synthesis company revealed that Richard Clarke would assume the role of interim Chairman until an appropriate successor is recruited.
Antony Legge had chaired Nanosynth’s board for the past year. His departure to pursue other business interests could have been motivated by the 52.24% decline in Nanosynth shares since January.
Today’s resignation is the second Board resignation in November after John Richardson resigned from Nanosynth’s board on 1 November 2021 to focus on a product management role within the firm’s principal subsidiary Pharm 2 Farm (P2F).
The company also agreed to relinquish control of Cloudveil Ltd by transferring its shares in the company to the founder, Antony Hugo Gillum-Webb, for nominal consideration.
It appears that Nanosynth is going through a transformation period given that its current CEO Mark Duffin was appointed on 1 September 2021 as the company works hard to turn around its fortunes.
In August, the company inked a supply contract for COVID-19 masks with an Indian company known as Vivek Kohlin Enterprises. It was hopeful that it would get another order in the future.
The nanoparticles and synthesis company also released its H1 earnings results at the end of September, where it generated revenues worth £135,100. However, the firm reported a loss of £1.194 million compared to last year’s £202,900 loss.
Investors are hopeful that the group shall turn around its operations after reducing its holdings in Gyrometric Systems and the disposal of Cloudveil, the last transactions in its refocusing strategy under the leadership of its new CEO.
Investors should closely follow the company’s share price performance to see if a rally will materialise in the coming days.
*This is not investment advice. Always do your due diligence before making investment decisions.
Nanosynth share price.
Nanosynth share price surged 1.65% to trade at 0.676p, rising from Monday’s closing price of 0.665p.
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