Papaya Growth Opportunity Corp. I appoints new CFO

Papaya Growth Opportunity (SO:FTCE11B) Corp. I (OTC:PPYA), a special purpose acquisition company with a market capitalization of $104.79 million, announced a change in its executive team with the departure of its Chief Financial Officer (CFO) Daniel Rogers and the appointment of Leonardo Fernandes as the new CFO. The transition took place on Thursday, with Rogers’ resignation and Fernandes’ appointment both effective immediately. The company’s stock currently trades near its 52-week low of $10.42, with a P/E ratio of 13.59.

Rogers, who served as the CFO, stepped down from his role, and the company clarified that his resignation was not due to any disagreements on operational, policy, or practice matters. The following day, the board appointed Leonardo Fernandes as the new CFO. Fernandes’ experience includes advisory services with LGF CFO Services and executive roles at Spectaire Holdings Inc. and Legacy Spectaire. He also co-founded Lorem LLC and Pronto Housing, Inc., and has held positions at Megalith Capital Management LLC, RBR Asset Management, Equity International LLC, and BR Properties S.A. According to InvestingPro, the company currently maintains a FAIR financial health score, though analysis shows short-term obligations exceed liquid assets.

Fernandes’ educational background includes a B.A. in Economics and Business Administration from Michigan State University and an MBA from the Kellogg School of Management at Northwestern (NASDAQ:NWE) University.

As part of his compensation package, Fernandes will receive a monthly fee of $10,000 and is set to receive 15,000 shares of the company’s common stock upon the completion of a de-SPAC transaction.

This corporate update is based on a recent SEC filing by Papaya Growth Opportunity Corp. I. The company, which operates under the blank check classification, is incorporated in Delaware and headquartered in Oakland, California. The company’s securities, including units, Class A common stock, and warrants, are traded on the OTC market under the symbols PPYAU, PPYA, and PPYAW, respectively. InvestingPro data reveals the stock has shown resilience with a low beta of -0.03, indicating movement contrary to broader market trends. Subscribers can access 6 additional ProTips and comprehensive financial metrics for deeper analysis.

In other recent news, Papaya Growth Opportunity Corp. I has announced significant amendments to its corporate charter and investment management trust agreement, extending its deadline to complete a business combination from January 19, 2025, to December 19, 2025. This extension, approved by stockholders, provides the company more time to finalize a merger or acquisition in the real estate and construction sector. Despite this extension, Papaya Growth Opportunity received a notice from Nasdaq regarding the delisting of its securities due to not completing a business combination by the previous deadline. Trading of the company’s securities will be suspended on January 23, 2025, and will move to the Pink Open Market, though trading is expected to continue under the same symbols. The company has expressed its intention to seek re-listing on Nasdaq following a successful merger or acquisition. Additionally, stockholders approved an amendment allowing the liquidation of the trust account, with 620,479 public shares being redeemed, totaling approximately $7.0 million. This leaves 90,050 public shares outstanding. These developments were reported based on a press release and an SEC filing.

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