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Nixxy, Inc., a micro-cap technology company with a market value of $27.57 million specializing in computer programming services, announced on Monday the appointment of Ashissh Raichura to its Board of Directors. According to InvestingPro data, the company’s stock has declined over 71% year-to-date, highlighting the challenges facing the new board member. The appointment took effect on April 8, 2025, as part of the company’s ongoing efforts to strengthen its leadership team with experienced professionals.
Raichura, 53, brings a wealth of experience to Nixxy, Inc., with a career spanning over three decades in product development, healthcare innovation, and telecommunications. He is the Founder and CEO of Scanbo, a company that combines artificial intelligence and biosensors to provide real-time health diagnostics. His previous roles include Chief Technology Officer at HealthSaverz.com and various leadership positions at Temple Consulting Group Ltd., among others.
With a strong academic background, including a Ph.D. in Cloud Computing from Simon Fraser University and certification in Advanced IoT Solutions, Raichura’s expertise aligns with Nixxy’s commitment to innovation in technology. The appointment comes at a crucial time, as InvestingPro analysis shows the company faces financial challenges with an EBITDA of -$9.18 million in the last twelve months and a weak overall financial health score.
As part of his compensation package, Raichura received 50,000 shares of restricted common stock under the company’s 2024 Equity Incentive Plan. Additionally, he will receive either 50,000 shares of restricted common stock or 50,000 non-statutory options for each subsequent year he remains on the board. These options will come with a cashless exercise provision and a 36-month expiration from the date of his appointment. Raichura will also receive a quarterly payment of $7,500.
There are no reported family relationships between Raichura and any current officers or directors of Nixxy, Inc., nor are there any disclosed transactions involving Raichura that are subject to disclosure under SEC regulations. The company may offer additional compensation to Raichura in the future.
This strategic move aims to leverage Raichura’s experience and insights to further Nixxy, Inc.’s growth and innovation in the technology sector. The information regarding this appointment is based on a press release statement filed with the SEC. Investors following this development should note that Nixxy is scheduled to report earnings on April 17, 2025. InvestingPro subscribers have access to 12 additional key insights about Nixxy’s financial position and market performance, along with detailed analysis of its current valuation metrics.
In other recent news, Nixxy, Inc. reported approximately $1.2 million in switching and billing activity for its Auralink AI platform in March 2025, with projections of $2 million revenue by the end of April. The company has completed a significant asset acquisition from Aqua Software (ETR:SOWGn) Technologies valued at $3.8 million, paid in restricted common shares and cash, enhancing its AI and billing system capabilities. Nixxy also acquired two AI software platforms, CallAI and AQUA Health Coach (NYSE:TPR), for $3.9 million, aiming to bolster its telecom and healthcare offerings. In addition, the company appointed Ashissh Raichura, an AI expert, to its Board of Directors to support its growth in compliance-intensive industries. Analysts have not provided recent upgrades or downgrades, but Nixxy’s strategic moves indicate a focus on expanding its AI portfolio. The company continues to integrate its new acquisitions to enhance its service delivery and operational capabilities. Nixxy’s forward-looking statements emphasize potential growth, though they are subject to risks and uncertainties. Investors are advised to consider audited financial statements for accurate financial assessments.
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