Pineapple Financial Inc. (NYSE American: PAPL) reported the immediate resignation of board member Christa Mitchell on September 5, 2024. According to the company's recent SEC filing, Mitchell's departure is not related to any disagreements with company operations, policies, or practices. She will maintain her role as Chief Strategy Officer within the finance services firm. This information is based on a press release statement.
In other recent news, Pineapple Financial Inc. has converted a part of its debt into equity, issuing 64,922 new common shares to an investor, Brown Stone Capital Ltd.
This conversion is a result of an agreement dated May 10, 2024, under which Pineapple Financial sold a note with a principal amount of $300,000 to Brown Stone Capital Ltd. This action has increased Pineapple Financial's total issued and outstanding common shares to 7,883,859.
In addition to this financial maneuver, Pineapple Financial has received a positive outlook from EF Hutton. The firm initiated coverage with a Buy rating, noting Pineapple Financial's strategic expansion into non-mortgage insurance products and the formation of an internal sales team to generate leads.
Further, Pineapple Financial has expanded its affiliate network in Ontario, adding six new mortgage brokerages. This move is part of the company's growth strategy and is expected to enhance both revenue and volume.
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