Rimini Street adds Jay Snyder to Audit Committee

LAS VEGAS— Rimini Street , Inc. (NASDAQ:RMNI), a global provider of enterprise software products and services with a market capitalization of $318 million, announced today the appointment of Jay Snyder to its Audit Committee, effective as of last Monday. The company’s stock has shown remarkable momentum, surging nearly 99% over the past six months, according to InvestingPro data. This move brings the company back into compliance with Nasdaq’s audit committee requirements following a period of noncompliance due to a resignation in 2024.

Snyder, who has been a member of Rimini Street’s Board of Directors since June 2020, will join the Audit Committee with the necessary experience and qualifications as outlined by Nasdaq Listing Rule 5605(c)(2)(A). His background is expected to contribute significantly to the committee’s functions.

The appointment fills the vacancy left by a former Board member’s resignation, which had resulted in the committee having only two qualified directors. The Nasdaq had provided Rimini Street with a cure period to regain compliance, which was set to expire on the earlier of the company’s next annual stockholders’ meeting or August 2, 2025. With Snyder’s appointment, the audit committee now meets the Nasdaq requirement of having at least three members.

Rimini Street received a notice from Nasdaq on September 5, 2024, regarding its noncompliance. The company’s swift action to address the issue underscores its commitment to governance standards and regulatory adherence.

The company’s next annual meeting of stockholders is planned for early June 2025, where it will likely confirm its return to full compliance with Nasdaq’s listing rules.

This announcement is based on a press release statement and the company’s recent SEC filing. No additional details about Snyder’s appointment or its implications for Rimini Street’s operations were disclosed. With the company’s next earnings report expected on April 30, 2025, and analysts maintaining a positive outlook with price targets ranging from $3.50 to $7.00, investors seeking deeper insights can access comprehensive governance and financial analysis through InvestingPro’s detailed research reports, which cover over 1,400 US stocks including Rimini Street.

In other recent news, Rimini Street Inc. reported its fourth-quarter 2024 earnings, revealing revenue of $114.2 million, which surpassed analyst forecasts of $102.51 million. The company’s earnings per share aligned with expectations at $0.07. Despite the revenue beat, Rimini Street’s full-year revenue saw a slight decline of 0.6%, totaling $428.8 million. In another development, Alliance Global Partners (NYSE:GLP) upgraded Rimini Street’s stock from Neutral to Buy, significantly raising the price target to $6.50 from $2.25. The upgrade reflects optimism about Rimini Street’s financial outlook, particularly with the anticipated recovery of $58 million in cash from Oracle (NYSE:ORCL). Rimini Street also implemented a new sales model and achieved notable cost reductions, aiming to drive future growth through strategic partnerships, including one with ServiceNow (NYSE:NOW). The company is focused on reacceleration, with plans to provide guidance in 2025, emphasizing partnerships and federal sector investments as key growth drivers.

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