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Scienture Holdings, Inc. (NASDAQ:SCNX), a micro-cap pharmaceutical company with a market capitalization of $10.85 million, announced the appointment of Eric Sherb as its new Chief Financial Officer, effective today. Sherb, who has been a consultant for the company since 2023, brings over 16 years of experience in accounting and finance, including expertise in financial reporting for public companies. According to InvestingPro data, the company faces significant financial challenges, with negative gross profit margins and no profitability over the last twelve months.
The appointment follows the resignation of Prashant Patel from the interim CFO role. Patel, who remains the company’s President and COO, stepped down from the financial position without any disputes or disagreements with the company’s practices or policies.
In connection with Sherb’s appointment, Scienture Holdings entered into an agreement with EMS Consulting Services, Inc., an entity Sherb controls. Under the agreement, Sherb will receive an annual cash fee of $100,000, stock worth $50,000, and a potential discretionary bonus, as determined by the company’s Board of Directors.
Additionally, Scienture Holdings held its 2024 Annual Meeting of Stockholders on Sunday. Stockholders elected five directors to the board and ratified CM3 Advisory as the independent registered public accounting firm for the fiscal year ending December 31, 2025. They also approved, on a non-binding advisory basis, the compensation of the company’s named executive officers and selected an annual frequency for future advisory votes on executive compensation.
The stockholders’ decisions at the annual meeting reflect their support for the company’s governance and oversight as Scienture Holdings continues to navigate the pharmaceutical preparations industry. This news is based on a press release statement.
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