- Graph Blockchain (GBLC) has cancelled an upcoming acquisition and altered its management team, after an unremarkable year-to-date
- The company previously announced the acquisition of AI developer Third Eye Corp early last month, in an all-share deal valued at C$2.4 million, but has abandoned the deal to focus on the strong-performing ecommerce sector
- Alongside voiding the upcoming purchase, CEO Christian Scovenna is stepping down from the company and its current Chairman Andrew Ryu will replace him as an interim capacity
- Further, Jamie Hyland has been appointed as Graph Blockchain’s Vice President of Operations
- Graph Blockchain (GBLC) remains unmoved and is currently trading at two cents per share
Graph Blockchain (GBLC) has cancelled an upcoming acquisition and has shook up its management team, after an unremarkable year-to-date.
The company previously announced the acquisition of AI developer Third Eye Corp early last month, in an all-share deal valued at C$2.4 million. The company terminated its non-binding letter of intent to acquire Third Eye to shift its focus to the ecommerce sector, which has performed exceedingly well following the onset of COVID-19.
This is the latest in a string of tepid news for the company, which recently delayed its upcoming blockchain supported e-commerce marketplace. The forestalling has dampened the company’s share price performance, which oscillated back-and-forth towards the beginning of the year, by has remained unmoved since July.
Alongside voiding the upcoming purchase, CEO Christian Scovenna is stepping down from the company and its current Chairman Andrew Ryu will replace him as an interim capacity. Further, Graph Blockchain has appointed Jamie Hyland as Vice President of Operations.
In his first public comment as Interim CEO, Andrew Ryu said he decided to take on the position to protect the interest of the existing shareholders and to create value.
“Unfortunately, the company had couple of management changes, yet was not able to build the company. I plan to focus on building the previously announced ecommerce market play and build revenue. I also thank Jamie’s decision to join the company to turn it around with me,” he said.
Meanwhile, Director Paul Haber said the two new appointments mark a positive leadership change, which he firmly believes will stabilize and steer Graph Blockchain in a right direction.
Graph Blockchain (GBLC) remains unmoved and is currently trading at two cents per share at 11:23pm EDT.
