Bullish indicating open at $55-$60, IPO prices at $37
EASTON, PA - Eightco Holdings Inc. (NASDAQ: OCTO), a company focused on e-commerce technology solutions, announced today the appointment of Nicola Caiano to its Board of Directors. Mr. Caiano, who currently serves as the CFO at Cytometric Therapeutics, brings over 30 years of financial expertise to the table, enhancing Eightco’s strategic planning and growth potential. The appointment comes at a crucial time for the micro-cap company, currently valued at $3.53 million, as it faces significant financial challenges with a debt-to-equity ratio of 2.67 and a concerning current ratio of 0.42.
Caiano’s extensive background includes leading capital formation strategies at Cytometric Therapeutics, advising at Olea Management LLC, and managing portfolios at Pinyon Asset Management. His previous experience also spans senior roles at renowned financial institutions such as Paulson & Co. Inc., J.P. Morgan Chase, and Bear, Stearns & Co. Inc.
Paul Vassilakos, CEO and Chairman of Eightco, expressed confidence in Caiano’s capabilities to contribute to the company’s strategic goals, particularly in driving sustainable growth and shareholder value. Vassilakos also took the opportunity to thank Mary Ann Halford for her service on the board since October 2021, acknowledging her significant contributions as she steps down.
Eightco Holdings, committed to the growth of its subsidiary Forever 8 Fund, LLC, is actively exploring new acquisitions to bolster its portfolio of technology solutions catering to e-commerce sellers. The company aims to leverage innovative strategies to deliver growth and value to its stockholders.
The press release also contains forward-looking statements, cautioning that actual future results may vary due to various factors, including challenges in maintaining Nasdaq listing requirements, funding limitations, and potential inability to innovate and attract users.
This appointment comes as part of Eightco’s ongoing efforts to expand its leadership team with industry experts who can support its ambitions in the technology and inventory funding sectors. The information provided is based on a press release statement from Eightco Holdings Inc.
In other recent news, Eightco Holdings Inc. has completed the sale of its subsidiary, Ferguson Containers, Inc., to Reichard Corrugated Products, LLC. This strategic move is part of Eightco’s plan to focus on its core business, Forever 8 Fund, LLC, which specializes in inventory and cash flow management solutions. The divestiture is seen as a milestone by Paul Vassilakos, CEO of Eightco, who expressed satisfaction with the transaction and congratulated the new owners. The details of the sale were disclosed in Eightco’s Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission. This transaction underscores Eightco’s commitment to prioritizing its core business amidst growing demand in the e-commerce sector. The company also continues to explore opportunities for strategic acquisitions to enhance its portfolio of technology solutions. These developments highlight Eightco’s efforts to create value and growth for its stockholders.
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