Nixxy, Inc. announces board member resignation

In a recent filing with the Securities and Exchange Commission, Nixxy, Inc. (NASDAQ:NIXX), a company specializing in computer programming services with a market capitalization of $41 million, disclosed the departure of Christopher Mann from its Board of Directors. Mann’s resignation took effect on Monday, January 28, 2025, just four days after his appointment on January 24, 2025. According to InvestingPro data, the company’s stock has experienced significant volatility, dropping nearly 20% in the past week alone.

The company, headquartered in Bristol, Connecticut, stated that Mann’s decision to step down was due to increasing professional and personal commitments in the Los Angeles, California metropolitan area, which prevented him from fulfilling his board responsibilities. Nixxy, Inc. clarified that his resignation was not due to any disagreements with the company’s operations, policies, practices, or financial reporting.

Mann, who was not assigned to any board committees during his brief tenure, will not receive any compensation for his service on the board. The filing did not indicate any immediate plans for a replacement or changes to the board’s current composition following his departure.

This announcement comes amidst no reported material transactions involving Mann that would require additional disclosure under SEC regulations. The company, formerly known as Recruiter.com Group, Inc., and with previous names including TRULI TECHNOLOGIES, INC. and Truli Media Group, Inc., has undergone several rebrandings since 2012.

Investors and market watchers may take note of this development as part of the company’s ongoing governance and leadership adjustments. Nixxy, Inc. remains active on the NASDAQ Capital Market with both common stock and common stock purchase warrants listed.

This report is based solely on the facts presented in the company’s SEC filing and does not include any speculative content regarding the reasons behind Mann’s departure or its potential impact on Nixxy, Inc.’s future.

In other recent news, Nixxy Inc. has initiated a private offering of zero-coupon convertible notes totaling up to $50 million, reflecting an innovative approach to financing. The company has also seen significant changes with the resignation of CEO Granger Whitelaw from his roles as a board member and Chief Executive Officer, leaving the company in search of a successor. Furthermore, Nixxy has announced the withdrawal of the previously scheduled record date for the spin-off of its subsidiary, Atlantic Energy Solutions, into a new entity, CognoGroup.

The technology-focused holding company also plans to acquire JustGot2HaveIt, Inc., a wholesale gifts business, with projected revenue for 2024 exceeding $10 million. In addition, Nixxy Inc. has secured a global exclusive licensing agreement with GoLogiq, Inc. for the use of the Radix AI platform.

These recent developments are part of Nixxy’s broader strategy to target an enterprise value of over $1 billion within the next 36 months. The company’s growth strategy emphasizes the acquisition of businesses with revenues between $10 million and $100 million and high gross profit margins. Investors should note that these are recent developments, and further details and timelines will be provided in future announcements.

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