Figma Shares Indicated To Open $105/$110
Mawson Infrastructure Group Inc. (NASDAQ:MIGI), a $8.08 million market cap company specializing in finance services with annual revenues of $59.27 million, announced a shift in its board composition this week. According to InvestingPro analysis, the company's stock has declined 54% year-to-date, though current metrics suggest it may be undervalued. On Wednesday, the company disclosed the resignation of Mr. Michael Hughes from the Board of Directors, effective April 3, 2025. According to the statement, Hughes's departure is not due to any disagreement with the company's operations or practices.
Simultaneously, the company appointed Mr. Steven Soles as a new board member, effective April 4, 2025. Soles will serve on the Board until the 2025 annual meeting of stockholders, where he will stand for election. The appointment comes as the company maintains a FAIR financial health rating according to InvestingPro metrics, with investors noting its high volatility (Beta 4.36). The Board has also designated Soles to serve on several committees, including the Nominating and Corporate Governance Committee, Compensation Committee, and Audit Committee. With a background in legal, energy, and financial services, Soles brings a wealth of experience to the role. He currently holds the position of Chief Operating Officer and General Counsel at Elmagin Capital LLC.
Soles, 51, has been with Elmagin Capital since November 2014, where he manages operational, legal, and regulatory functions. He holds a bachelor's degree from West Chester University and a Juris Doctor degree from Villanova University.
The Board has determined that Soles meets the independence criteria defined by the NASDAQ listing requirements. There are no reported transactions between Soles and the company that would require disclosure under SEC regulations.
In terms of compensation, Soles will receive an annual sum of $225,000 for his contributions to the Board and his committee roles. Half of this amount will be paid in restricted stock units as per the company's 2024 Omnibus Equity Incentive Plan.
The details of Soles's appointment were outlined in a Director Appointment Letter dated April 3, 2025, which is referenced in the company's recent SEC filing. This appointment comes as part of Mawson Infrastructure's ongoing governance and leadership structure.
The information regarding these changes to the Board of Directors is based on a press release statement filed with the SEC. Looking ahead, investors should note that Mawson's next earnings report is scheduled for May 15, 2025. InvestingPro subscribers can access dozens more key metrics and exclusive insights about Mawson's financial health and valuation outlook.
In other recent news, Mawson Infrastructure Group Inc. has received notifications from Nasdaq regarding non-compliance with two separate listing requirements. The company has been warned for not meeting the minimum bid price requirement, as its stock price remained below $1.00 for 30 consecutive business days. Mawson has until August 5, 2025, to resolve this issue by achieving a closing bid price of at least $1.00 for ten consecutive business days. Additionally, Mawson has been informed of its failure to meet the minimum Market Value of Listed Securities (MVLS) requirement, having fallen below the $35.0 million threshold for 33 consecutive business days. The company has until July 23, 2025, to regain compliance by maintaining an MVLS above $35.0 million for ten consecutive business days.
In separate developments, Mawson and its subsidiaries are involved in arbitration proceedings with Celsius Network Ltd. over breach of contract claims. A Partial Final Award was issued in favor of Celsius, with monetary damages of $8,144,000 awarded against Luna Squares, a subsidiary of Mawson. Mawson continues to pursue its counterclaims in the arbitration. The company has acknowledged the risks and uncertainties surrounding its efforts to regain Nasdaq compliance and the arbitration outcome. These updates are based on Mawson's recent press release and SEC filing.
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