Namaste Technologies Inc. (TSXV:N) (OTCQB:NXTTF) has appointed Meni Morim as its permanent CEO, boosting Namaste stock over 16%.
Period of Significant Change
Mr. Morim has been serving as CEO on an interim basis since the dismissal of former CEO Sean Dollinger in February. Namaste stock has been on the slide since that dismissal, having lost almost 70% of its value in the year to date. However, today's appointment was well met by investors, who clearly feel Mr. Morim is an appropriate choice to assume the role on a permanent basis as reflected by this morning's gains.
"Meni has led Namaste through a period of significant change where difficult decisions were required while preserving the key attributes that make it an exciting company. After a thorough review process, the board has concluded that Meni is the right leader to execute on the company's strategy and to proliferate its online marketplace,” said Namaste's chairman Branden Spikes, former Chief Information Officer at Elon Musk's SpaceX, in today's statement.
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Positive Gains for Namaste Stock
Former CEO Sean Dollinger was fired in February as a result of an internal investigation following a report that he engaged in securities fraud. Namaste stock plunged 21% off the back of the scandal, and Namaste Technologies subsequently commenced legal action against Dollinger for “damages and disgorgement.” Mr. Morim assumed the role as CEO temporarily, having previously served as Namaste’s Chief Product Officer and Director of Artificial Intelligence.
"As interim CEO, I took the helm at a critical moment facing intense scrutiny and change but with the same passion and confidence that attracted me to Namaste when I joined in 2018," said Morim. While Namaste stock is enjoying positive gains today, its current valuation of $0.35 is still a far cry from last September's peak of $2.89, and Mr. Morim will be keen to ensure that these gains represent a period of sustainable growth, particularly with Legalization 2.0 coming in October.
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