SAN DIEGO, CA – Cibus, Inc., a company specializing in agriculture chemicals, announced today the formal appointment of Cornelis (Carlo) Broos as Interim Chief Financial Officer, effective immediately. This follows a previous announcement on August 21, 2024, regarding the planned transition in the wake of Wade King's departure from the CFO role.
Mr. Broos, 53, brings extensive experience in finance, accounting, and audit to his new position. Having joined Cibus in 2011, he has served as Senior Vice President of Finance since 2024. Before his tenure with Cibus, Broos held various finance leadership roles at Syngenta, including Head of Finance (Services) for Syngenta Europe Africa Middle East and CFO for Syngenta in the Netherlands and Belgium. His earlier career included a role as Group Controller for Advanta and Audit Manager at Deloitte (Netherlands).
Broos is a well-educated professional with a Master of Science in Business Administration from Radboud University and a post-master's in accountancy from Tilburg University, Netherlands. He is also a Registered Accountant in the Netherlands, a credential equivalent to a Certified Public Accountant (CPA) in the United States.
According to the press release, there are no material interests or transactions involving Mr. Broos that would require disclosure under the SEC's Regulation S-K, nor are there any family relationships between him and any director or executive officer of the company.
Cibus has disclosed that no new compensatory arrangements will be made for Mr. Broos in his interim role. Meanwhile, Mr. King will continue his employment with the company in a non-executive capacity during his leave of absence.
This corporate update is based on the latest 8-K filing by Cibus, Inc. with the Securities and Exchange Commission. The company, previously known as Calyxt (NASDAQ:CLXT), Inc., is incorporated in Delaware and has its shares traded on The Nasdaq Stock Market LLC under the ticker NASDAQ:CBUS.
In other recent news, Cibus Inc. has experienced significant developments. The company announced a public offering of 3,000,000 shares, with Roth Capital Partners and A.G.P./Alliance Global Partners (NYSE:GLP) partially exercising an option to purchase an additional 289,953 shares. This move brought in extra capital for Cibus following the public offering.
In response to these developments, Canaccord Genuity adjusted its price target for Cibus to $20, down from $21, while maintaining a Buy rating. These are recent developments and investors are advised to base their decisions on their own research and the advice of their financial advisors.
InvestingPro Insights
As Cibus, Inc. (NASDAQ:CBUS) navigates this leadership transition, InvestingPro data provides additional context for investors. The company's market capitalization stands at $93.75 million, reflecting its current position in the agriculture chemicals sector. Despite a significant revenue growth of 816.72% over the last twelve months, Cibus is facing financial challenges. The company's operating income margin is deeply negative at -2503.38%, indicating substantial operational costs relative to revenue.
InvestingPro Tips highlight that Cibus is "quickly burning through cash" and is "not profitable over the last twelve months." These factors may explain the recent appointment of an experienced CFO like Carlo Broos, who brings a strong background in finance and accounting to address these challenges.
The stock's performance has been concerning, with InvestingPro data showing a 51.85% decline in the past month and an 82.11% drop over the last year. This aligns with the InvestingPro Tip that the stock is "trading near 52-week low."
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Cibus, providing a deeper understanding of the company's financial position and market performance.
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