AgEagle Aerial Systems Inc. (NYSE American: UAVS), an aircraft manufacturing company, has appointed Adrienne Anderson as its new Interim Chief Financial Officer and Interim Principal Accounting Officer, effective immediately following the resignation of previous CFO Mark DiSiena on November 15, 2024.
Anderson, 46, brings a wealth of experience to the role, having been the principal and founder of Anderson Accounting and Consulting, LLC since June 2023 and serving as CFO of 374Water Inc. (Nasdaq: SCWO) since January 2024.
Anderson's background includes an audit partnership at a West Palm Beach-based certified public accounting firm and a role as Audit Committee Chair for a Nasdaq-listed company. She holds a Bachelor of Science in Accounting from Eastern Illinois University and is a certified public accountant in Florida and Illinois.
Under the terms of the consulting agreement with her firm, Anderson will receive compensation of $400 per hour with a minimum commitment of five hours per week. Additionally, she will receive a grant of 25,000 restricted stock units, vesting upon the filing of the company's third-quarter Form 10-Q, the annual Form 10-K, and the appointment of a new CFO.
In parallel, the company announced the appointment of Brent Pope as Chief Operating Officer, effective November 14, 2024. Pope, 54, who has been with AgEagle since January 2024 as Executive Vice President of Operations, has a nearly 30-year track record in manufacturing, sales, and engineering leadership. His previous roles include Vice President and General Manager of Rockwell American, a division of DexKo Global, and positions at General Dynamics (NYSE:GD)' AxleTech division, Ebasco, and the Jacobs Group.
Pope's educational background includes a bachelor's degree in Mechanical Engineering from General Motors (NYSE:GM) Institute and an MBA from Southern Methodist University.
AgEagle Aerial Systems, headquartered in Wichita, Kansas, has not disclosed any family relationships or related party transactions involving Anderson or Pope that would require disclosure under SEC regulations. This news is based on the company's recent SEC filing.
In other recent news, AgEagle executed a 50:1 reverse stock split to meet NYSE American's per-share price requirements and secured its two largest orders, totaling $5.5 million, from the French Army and UAE security forces. The company launched a public offering expected to generate about $6.5 million and issued new preferred shares and warrants to Alpha Capital Anstalt, valued at $500,000, as part of its capital-raising efforts.
The company has made strides in technology development, participating in the NATO-co-hosted REPMUS 2024 Exercise and a Defense UAS integration test. In governance, all five director nominees were elected to the board at AgEagle's 2024 Annual Meeting of Shareholders, and WithumSmith+Brown, PC was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024. These are among the recent developments at AgEagle Aerial Systems.
InvestingPro Insights
As AgEagle Aerial Systems Inc. (NYSE American: UAVS) navigates through leadership changes, InvestingPro data provides additional context to the company's financial situation. With a market capitalization of just $3.38 million, UAVS is currently operating in a challenging environment. The company's revenue for the last twelve months as of Q2 2024 stands at $13.69 million, with a concerning revenue decline of 20.85% over the same period.
InvestingPro Tips highlight that UAVS is operating with a significant debt burden and may have trouble making interest payments. This financial strain is particularly relevant given the recent appointment of Adrienne Anderson as Interim CFO, who will need to address these challenges. The company's stock price has also experienced significant volatility, with a 52.63% return over the last week, contrasting sharply with a 97.83% decline over the past year.
These insights underscore the importance of the new leadership appointments and the tasks ahead for Anderson and Pope in stabilizing the company's financial position and operational efficiency. Investors considering UAVS should note that InvestingPro offers 16 additional tips for a more comprehensive analysis of the company's prospects.
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