Assure Holdings appoints new CFO John Price

Assure Holdings Corp., a company specializing in surgical and medical instruments, announced today the appointment of John Price as its new Chief Financial Officer (CFO), effective immediately. This executive change comes after the resignation of Paul Webster, who served as the Interim CFO until October 1, 2024.

John Price, who has over 25 years of experience in accounting, financial planning, and analysis, rejoins Assure Holdings after a brief period serving as CFO for Coda Octopus Group from November 2023 to February 2024. Price's extensive background includes roles as chief accountant at National Beverage (NASDAQ:FIZZ), CFO and president at Alliance MMA, and CFO at MusclePharm, as well as positions in high-growth technology companies in Silicon Valley.

The company confirmed that there are no familial relationships between Price and any other board or executive team members, nor are there any relevant transactions or arrangements beyond his employment terms. Price's compensation package includes an annual salary of $255,000, eligibility for an annual discretionary bonus up to 60% of his salary, a phone allowance of $200 per month, and a car allowance of $800 per month.

Additionally, he will have the opportunity to participate in the company's equity incentive plans, subject to board discretion. In the event of termination without cause, Price is entitled to a severance package of six months' salary plus one additional month for each year of service.

The appointment is part of the company's ongoing adjustments to its executive team, aiming to leverage Price's expertise in financial operations and strategic planning. Assure Holdings Corp. operates under the trading symbol IONM on the OTC Capital Market. The information regarding these executive changes is based on a recent SEC filing by the company.

In other recent news, Assure Holdings Corp. has made significant strides in restructuring its financial obligations. The company has settled its outstanding $11 million debt with Centurion Financial Trust through asset assignments, equity issuance, and potentially a cash payment. This agreement is expected to fully satisfy Assure's obligations under the debenture, leading to the cancellation of the debt instrument and the release of associated security interests and guarantees.

Simultaneously, Assure Holdings has entered an equity purchase agreement to divest the equity interests of its subsidiaries to 0915223 B.C. Ltd. This move involves the buyer assuming approximately $2.6 million of the subsidiaries' debt and Assure issuing 450,000 shares of its common stock to the buyer.

In terms of analyst interactions, Assure Holdings faced a compliance issue with Nasdaq due to a delay in filing its quarterly report. However, the Nasdaq Listing Qualifications Panel granted the company an extension to regain compliance with continued listing requirements.

InvestingPro Insights

As Assure Holdings Corp. (IONM) welcomes John Price as its new CFO, investors may find additional context from recent financial data and market performance metrics. According to InvestingPro, IONM's market capitalization stands at a modest $0.52 million, reflecting its current position as a micro-cap company in the surgical and medical instruments sector.

The company's financial health presents some challenges, as indicated by InvestingPro Tips. One tip notes that IONM's short-term obligations exceed its liquid assets, which could pose cash flow concerns as the new CFO takes the helm. Additionally, the company was not profitable over the last twelve months, with analysts not anticipating profitability in the current year.

Despite these headwinds, there are signs of potential volatility that active investors might find interesting. An InvestingPro Tip highlights that IONM has seen a significant return over the last week, with data showing a 26.73% price total return for the same period. However, this short-term gain contrasts sharply with longer-term performance, as the stock price has fallen significantly over the last year, three months, and six months.

For those considering a deeper dive into IONM's financials and market position, InvestingPro offers 12 additional tips that could provide valuable insights for investment decision-making.

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