Prior to delisting itself from the NASDAQ exchange over ongoing compliance issues, Ominto had a six-team Board of Directors.
On May 18th, three days after the NASDAQ delisting was announced, five of Ominto’s Board of Directors resigned.
Why Mitch Hill, Gregory Newell, Jaye Connolly-LaBelle, Peter Harris and Gary Baughman resigned hasn’t been made public.
An Ominto press-release states only that the resignations were “without disagreement”.
Considering Ominto’s NASDAQ compliance issues and Dubli’s continued operational losses, the timing of the resignations certainly appears ominous.
Ominto’s remaining Board Member, CEO Michael Hansen, appears confident the company will continue to operate.
The search has already commenced for new members of our Board.
In particular, we are pursuing leaders who have considerable experience in the e-commerce sector and who understand the unique requirements of a global company.
We are identifying and engaging with innovators and pioneers in online commerce.
Not really convinced. Guess we’ll continue to observe how this plays out.