DroneShield shares tumble on US CEO exit
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More news: DroneShield shares tumbled after announcing that its US chief executive Matt McCrann had resigned, effective immediately.
Its shares had plunged 8.16% to $2.25 by 10:05am AEDT but over the past 12 months its shares have rocketed 181.25%.
DroneShield US CEO resigns
The news: DroneShield has announced that its US chief executive Matt McCrann has resigned from the business, effective immediately.
The context: McCrann joined the business in 2019 and was appointed as US CEO in 2022.
DroneShield says it has been “scaling up” its US presence, including running a process to set up a product assembly operation. The business has 35 employees out of about 440 globally.
Last week, the company's shares plunged 31% after its chief executive Oleg Vornik sold $49.5 million, its chair Peter James sold $12.4 million and director Jethro Marks sold $4.9 million worth of shares.
Cyan Investment Management co-founder and portfolio manager Dean Fergie said the sales were a "terrible, terrible look" and that it was "the icing on the turd cake".
What they said: “DroneShield thanks Matt for his contribution to the business and wishes Matt well for his next steps,” Vornik said.
“...The US represents a very important market for DroneShield, that is anticipated to grow across both military and civilian domains, as drones continue to pose an increasing threat.”
The source: ASX
