LOS ANGELES, CA – ChromaDex Corp. (NASDAQ:CDXC), a company specializing in medicinal chemicals and botanical products, announced today the appointment of James Lee as its Interim Chief Financial Officer and Interim Principal Accounting Officer, effective last Friday.
The decision comes following the resignation of Brianna Gerber from her roles as Chief Financial Officer and Principal Accounting Officer, which became effective on July 12, 2024. Gerber will remain available to consult on financial and accounting matters until August 12, 2024, as per her agreements with the company.
James Lee, 49, has been with ChromaDex since January 2009, serving as Assistant Controller and Controller. His prior experience includes a managerial position in accounting at Samsung (LON:0593xq) Electronics (KS:005930) Co. Ltd. Lee holds a Bachelor of Arts in Architecture from the University of California, Berkeley, and an MBA from the University of Illinois Urbana-Champaign.
In his new role, Lee will be covered by the standard indemnification agreement for directors and executive officers of ChromaDex. The company has clarified that there are no familial ties between Lee and any directors or executive officers of ChromaDex, and he has no material interest in any transaction that would necessitate disclosure under SEC Regulation S-K Item 404(a).
This leadership change has been filed with the Securities and Exchange Commission and was disclosed in a press release statement by ChromaDex. The company, formerly known as Cody Resources, Inc., is incorporated in Delaware and is headquartered in Los Angeles, California.
ChromaDex's CEO, Robert Fried, signed off on the SEC filing, ensuring the company's compliance with the requirements of the Securities Exchange Act of 1934. The appointment of Lee is part of the company's ongoing management restructuring. ChromaDex shares are traded on The Nasdaq Capital Market under the ticker symbol CDXC.
InvestingPro Insights
As ChromaDex Corp. (NASDAQ:CDXC) navigates through its executive transition, investors and stakeholders are keenly observing the company's financial health and market position. According to InvestingPro data, ChromaDex currently holds a market capitalization of 232.8 million USD, with a notably high Price / Book ratio of 7.79 as of the last twelve months leading up to Q1 2024. Despite the company's revenue growth of 7.52% during the same period, analysts have raised concerns as the company is not expected to be profitable this year, and its stock price has experienced significant volatility.
InvestingPro Tips highlight that while ChromaDex has more cash than debt on its balance sheet and liquid assets that exceed short-term obligations, the company does not pay a dividend to shareholders. Additionally, the stock has had a large price uptick over the last six months, with a 95.07% return, and a year-to-date price total return of 93.71%. These metrics suggest a high level of investor interest and a potentially attractive entry point for those willing to assume the associated risks.
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