WANdisco has revealed that interim CEO Stephen Kelly and interim CFO Ijoma Maluza will become permanent if the $30 million equity fundraise is successfully completed as the company undertakes a major turnaround plan. Additionally, interim nonexecutive Chair, Ken Lever, will engage in a process to become permanent Chair upon completion of the fundraise.
As part of the company’s plans to turn itself around, WANdisco has announced that it expects the annualised costs base for 2024 to be within the range of $22 million to $23 million, down from its previous target of $25 million. The company added that visibility towards cash flow breakeven is improving.
The equity issue will be a key step in lifting the current temporary suspension of shares which began on March 9th at the request of the company, after irregularities were discovered regarding purchase orders, related revenue and bookings.
“I am pleased with the progress we continue to make across key parts of our turnaround plan. Our ability to further control costs, cleanse our pipeline and restore the faith, trust and engagement of our customers and partners are significant achievements and should enhance shareholder confidence in the company’s future,” said Lever.
