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Berto Acquisition Corp. (NASDAQ:TACO), a special purpose acquisition company with a market capitalization of $386 million, announced today significant changes in its executive team. The company’s stock, currently trading at $10.66, sits near its 52-week low of $10.10, though InvestingPro data suggests the stock is in overbought territory. Harry L. You has resigned as Interim Chief Financial Officer, effective immediately. The resignation was not due to disagreements with the company’s operations, policies, or practices. You will continue to serve as Executive Chairman of the company.
Following You’s departure, the Board, on the recommendation of the audit and compensation committees, appointed Vikas Mittal as the new Chief Financial Officer. Mittal, 45, brings extensive experience in investment management and special purpose acquisition companies to the role. He faces immediate challenges, as InvestingPro analysis shows the company’s current ratio at 0.03 and negative earnings per share of -$0.24. He has been the Managing Member and Chief Investment Officer of Meteora Capital, LLC since January 2022 and has served as Chief Executive Officer and Chief Financial Officer of Investcorp Europe Acquisition Corp. I since December 2024.
Mittal’s qualifications for the CFO role include financial and accounting expertise, a strong professional investment background, and significant experience with special purpose acquisition companies. He holds a B.S. in Finance from the University of Florida and an MBA from NYU Stern (AS:PBHP) School of Business, and is a CFA charterholder.
Concurrent with Mittal’s appointment, Berto Acquisition Corp. entered into a Chief Financial Officer Services Agreement with Meteora Capital, LLC, which stipulates a quarterly fee of $37,500 for Mittal’s services. Additionally, Mittal and the company have entered into an Indemnity Agreement and an Omnibus Joinder to the Letter Agreement and Registration Rights Agreement, aligning with the agreements made by the company’s directors and officers at the time of the initial public offering. According to InvestingPro analysis, the company’s short-term obligations currently exceed its liquid assets, highlighting the importance of strong financial leadership. Subscribers can access 4 additional ProTips and comprehensive financial metrics for deeper insights into TACO’s financial health.
The announcement of these executive changes is based on a press release statement and the details are sourced from the company’s recent SEC filing.
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