LAS VEGAS - ALT5 Sigma Corporation (NASDAQ:ALTS), a fintech company specializing in blockchain technology for digital assets, announced today the appointment of Ron Pitters to its Board of Directors. Pitters, currently the CAO of Axos Clearing LLC and President of Axos Business Center Corp., brings extensive experience in finance and technology to the NASDAQ-listed company.
Ron Pitters has a 20-year background in global fintech and financial services, with leadership roles that span technology and business. His experience includes time spent managing businesses across Asia, the Middle East, Europe, and the USA, aligning with ALT5's international customer base.
ALT5 Sigma's CEO, Peter Tassiopoulos, expressed enthusiasm for the appointment, highlighting Pitters' blend of expertise in traditional finance and blockchain technology. Pitters also shared his eagerness to contribute to the company's growth in the crypto ecosystem.
ALT5 Sigma, part of the Russell Microcap Index since June 28, 2024, operates through its subsidiary ALT5 Sigma Inc., which has processed over $1.2 billion in cryptocurrency transactions in 2023. The company offers two main platforms: ALT5 Pay, a cryptocurrency payment gateway, and ALT5 Prime, an electronic over-the-counter trading platform for digital assets.
In addition to its fintech endeavors, ALT5 Sigma is involved in biotech activities aimed at addressing the opioid crisis, developing non-addictive pain management solutions currently in clinical trials.
The press release also contains forward-looking statements regarding the company's profitability and growth prospects, as well as potential risks related to international currency, third-party credit, liability claims, and technological advancements.
This news article is based on a press release statement from ALT5 Sigma Corporation.
In other recent news, ALT5 Sigma Corporation reported record-breaking transaction volumes, with September 2024 surpassing $240 million, a 151% year-over-year growth. These figures contribute to an impressive year-to-date total of roughly $1.5 billion, with the third quarter alone accounting for over $600 million. Furthermore, ALT5 Sigma disclosed plans to split into two separate entities, spinning off its Biotech business into Alyea Therapeutics Corporation, which will focus on non-addictive pain management therapies.
ALT5 Sigma also announced a significant 114% year-over-year increase in its transaction volume for July 2024, exceeding $179 million. This surge contributes to a year-to-date transaction volume of $1.05 billion, marking a 101% increase compared to the same period last year.
In addition, Alyea Therapeutics, the newly formed company, plans to initiate a large-scale multicenter clinical trial for its lead candidate, JAN123, a non-addictive pain management therapy. Dr. Amol Soin has been appointed as CEO of Alyea Therapeutics, with Tony Giordano serving as Chief Science Officer. These are among the recent developments in the company.
InvestingPro Insights
ALT5 Sigma Corporation's recent appointment of Ron Pitters to its Board of Directors comes at a time of significant market volatility for the company. According to InvestingPro data, ALT5 has experienced a remarkable 635.25% price total return over the past year, with a year-to-date return of 310.81%. This explosive growth aligns with the company's expanding presence in the cryptocurrency and blockchain space, as highlighted by the $1.2 billion in cryptocurrency transactions processed in 2023.
However, investors should note that despite the impressive stock performance, ALT5 Sigma's financials present a mixed picture. The company's revenue for the last twelve months as of Q2 2024 stands at $2.17 million, with a gross profit of $1.1 million and a healthy gross profit margin of 50.62%. Yet, the operating income is negative at -$7.31 million, indicating that the company is still in a growth phase and investing heavily in its operations.
An InvestingPro Tip suggests that ALT5 Sigma's stock price is volatile, which is evident from the recent price movements. This volatility could present both opportunities and risks for investors interested in the company's potential in the fintech and blockchain sectors.
Another InvestingPro Tip points out that analysts do not expect the company to be profitable this year. This aligns with the negative operating income and the company's focus on growth and market expansion rather than immediate profitability.
For those seeking a deeper understanding of ALT5 Sigma's financial health and market position, InvestingPro offers additional tips and insights. In fact, there are 8 more InvestingPro Tips available for ALT5 Sigma, providing a comprehensive analysis for investors considering this dynamic fintech player.
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