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DIH Holding US , Inc. (NASDAQ:DHAI) has reported the departure of Dr. Patrick Bruno from its Board of Directors and from executive roles within its subsidiaries, effective February 25, 2025. The company, which operates in the medical instruments and apparatus sector with annual revenues of $69.57 million, disclosed the resignation in a recent SEC filing. According to InvestingPro data, DHAI’s stock has experienced significant volatility, declining 75.44% over the past six months.
Dr. Bruno resigned from his position on the Board of Directors of DIH Holding and from his roles as Chief Market Officer of Hocoma Medical (TASE:BLWV) GmbH and Director at Hocoma AG, a significant related party to DIH Holding. Following his departure, the Board will not seek an immediate replacement and will instead reduce its size to five members.
The separation was formalized through a Termination Agreement between Hocoma Medical GmbH and Dr. Bruno, which included provisions for mutual releases arising from Dr. Bruno’s policy violations. The agreement, which supersedes the existing Employment Agreement dated May 12, 2017, also contains confidentiality and non-disparagement clauses.
Under the terms of the Termination Agreement, Dr. Bruno will receive his salary up to the resignation date but will not be eligible for any bonus payments for the current or previous fiscal year, nor will he receive severance pay.
The company has provided a copy of the Termination Agreement as part of the SEC filing, which serves as the source for this information. The financial implications of this corporate governance change for DIH Holding and its stakeholders remain within the confines of the agreement, with no further details on the potential impact disclosed at this time. InvestingPro analysis suggests the stock is currently undervalued, with a Fair Value assessment based on multiple financial metrics. The company maintains a FAIR financial health score despite showing negative EBITDA of -$2.07 million in the last twelve months.
The market response to this announcement will be observed as investors and industry watchers consider the effects of this executive change on DIH Holding’s strategic direction and operations. For deeper insights into DHAI’s valuation and 8 additional key financial metrics, explore InvestingPro, which offers exclusive analysis and real-time financial data.
In other recent news, DIH Holding US, Inc. completed a public offering, raising approximately $3.9 million after fees and expenses. The offering included 5,937,100 common units priced at $0.7832 each, with each unit comprising one share of Class A common stock and one Class A warrant. The proceeds are intended for capital expenditures, working capital, and general corporate purposes. Additionally, DIH Holding expanded its strategic partnership with Zahrawi Group to include Saudi Arabia, enhancing the distribution of its rehabilitation solutions in the region. This partnership builds on a collaboration that began in 2019 and now covers four countries in the Gulf Cooperation Council. In another development, Cathryn Chen resigned from DIH Holding’s Board of Directors due to her commitments outside the company. Her departure leaves a vacancy that the company has yet to address. These recent developments highlight DIH Holding’s ongoing efforts to navigate the competitive landscape and expand its market presence.
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