🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

SES AI Corp announces board member resignation

EditorEmilio Ghigini
Published 06/11/2024, 08:58
SES
-

WOBURN, MA - SES AI Corporation (NYSE:SES), a company specializing in miscellaneous electrical machinery and equipment, has reported the immediate departure of Brian Krzanich from its Board of Directors. The announcement made on Monday (NASDAQ:MNDY) comes following Mr. Krzanich's recent appointment as Chief Executive Officer of Cerence Inc (NASDAQ:CRNC).

Krzanich, who has served on the SES AI board, stepped down citing the inability to allocate the necessary time and attention to SES AI due to his new CEO responsibilities at Cerence Inc. The company filed the update with the Securities and Exchange Commission on Tuesday, November 5, 2024, marking the effective date of his resignation as November 1, 2024.

The departure of Krzanich from the board is a significant change for SES AI Corp (NYSE:SES), as he has been an influential figure during his tenure. The company has not yet announced a successor or detailed any changes to the board's structure following Krzanich's exit.

SES AI Corp, formerly known as Ivanhoe Capital Acquisition Corp., is headquartered in Woburn, Massachusetts. The company's securities, including Class A common stock and warrants, are listed on the New York Stock Exchange under the symbols "SES" and "SES WS," respectively.

Investors and stakeholders of SES AI Corp will be watching closely to see how this transition affects the company's governance and strategic direction. The company's management and remaining board members will be tasked with ensuring a smooth transition and continued oversight.

This news is based on a press release statement and the latest 8-K filing by SES AI Corp with the SEC, which provides a formal record of the company's corporate changes.

In other recent news, SES AI, an innovative player in the technology sector, has reported significant progress in its lithium metal battery technology and AI solutions. The company's recent earnings call highlighted the successful completion of key safety tests for its 100 mPOWER lithium metal B-sample cells and the establishment of lucrative supply agreements, including one with SoftBank (TYO:9984). These developments are expected to generate substantial revenue from AI-accelerated battery material discovery.

SES AI also reported a strong financial standing, ending the third quarter with $274 million in liquidity, which ensures a robust balance sheet through 2028. Operating expenses for the quarter were $34.2 million, with cash usage for 2024 forecasted between $80-$95 million.

The company is focusing on expanding its customer base across various sectors, including automotive and electronics, and is integrating AI into manufacturing and safety operations. In addition to these developments, SES AI plans to introduce a new electrolyte every six months to further its material discovery capability. The company's advancements in AI-accelerated material discovery are expected to significantly enhance battery cycle life, positioning it well for future growth.

InvestingPro Insights

As SES AI Corporation navigates this transition in its board composition, InvestingPro data offers additional context for investors. The company's market capitalization stands at $162.15 million, reflecting its current valuation in the market. Notably, SES is trading at a low Price / Book multiple of 0.51, suggesting the stock may be undervalued relative to its book value.

InvestingPro Tips highlight that SES holds more cash than debt on its balance sheet, which could provide financial flexibility during this period of change. However, the company is also quickly burning through cash, a factor that may become increasingly important as the board adapts to Krzanich's departure.

The stock's recent performance has been challenging, with a significant 19.97% decline in the past week alone. This volatility aligns with another InvestingPro Tip indicating that SES stock generally trades with high price volatility, which investors should consider in light of the recent board changes.

For a more comprehensive analysis, InvestingPro offers 20 additional tips for SES, providing deeper insights into the company's financial health and market position during this transitional period.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.