Nano Magic Inc. (OTC Markets:NMGX), a Delaware-based company specializing in coating, engraving, and allied services, announced the resignation of Raymond (NS:RYMD) Gunn from its board of directors. The resignation, effective December 10, was attributed to personal reasons and a lack of time to serve effectively. Gunn also served as the chair of the audit committee. The micro-cap company, valued at $10.49 million, has been facing financial challenges with an EBITDA of -$3.69 million in the last twelve months. According to InvestingPro, the company's overall financial health score is weak at 1.15.
The company, headquartered in Madison Heights, Michigan, filed the notice with the Securities and Exchange Commission on Thursday, December 12, 2024. The brief statement from Nano Magic did not detail any immediate plans for a replacement or the impact Gunn's departure may have on the company's governance structure.
Raymond Gunn's exit comes at a time when the company is navigating the complexities of the market. Nano Magic, with its history of name changes from Nano Magic Holdings Inc. and PEN INC., has been known for its niche in the manufacturing sector under the SIC code 3470.
The company's stock, which is traded on the OTC Markets under the symbol NMGX, may be watched by investors for any potential impact this board change might have. Trading at $0.73, the stock has shown significant volatility, currently sitting between its 52-week range of $0.30 to $2.00.
InvestingPro analysis reveals several key risks, including rapid cash burn and weak gross profit margins of just 2.01%. Subscribers can access 5 additional ProTips to better understand the company's prospects. The company's filing did not include any further information regarding changes to its financial strategies or operations following Gunn's departure.
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