LAS VEGAS - JanOne Inc. (NASDAQ: JAN), a company specializing in healthcare and fintech, announced today the appointment of Vay Tham as its Chief Revenue Officer and President of ALT5 Sigma, Inc., its wholly-owned subsidiary. Tham, who has over 25 years of experience in capital markets, especially within technology sectors, is tasked with leading ALT5 Sigma's go-to-market strategy and expanding its market share.
Tham's appointment comes as JanOne aims to enhance its digital financial ecosystem. His background includes a degree in Electrical Engineering and a history of founding and selling a fund with assets exceeding $300 million. In his new role, Tham will leverage his expertise to educate customers on the ALT5 portfolio and drive revenue growth.
Tony Issac, CEO of JanOne, expressed confidence in Tham's ability to contribute to the company's growth, citing his extensive financial market experience and technological acumen. Tham himself looks forward to establishing new partnerships and expanding ALT5's customer base.
In conjunction with his appointment, Tham received an inducement grant of 400,000 restricted stock units (RSUs) from JanOne's Board of Directors and Compensation Committee on June 25, 2024. These RSUs will vest over two years and are subject to the terms of JanOne's 2023 Plan.
ALT5 Sigma, launched in 2018, is a fintech firm that delivers blockchain-powered technologies for the financial industry. It processed over $1.2 billion in cryptocurrency transactions in 2023. Its offerings include ALT5 Pay, a payment gateway for crypto transactions, and ALT5 Prime, an over-the-counter trading platform for digital assets.
As JanOne continues its work in the healthcare sector to address the opioid crisis, the addition of Tham is seen as a strategic move to strengthen its fintech subsidiary, ALT5 Sigma. This announcement is based on a press release statement from JanOne Inc.
In other recent news, JanOne Inc. made headlines with its acquisition of ALT 5 Sigma, a blockchain financial technology provider. The acquisition saw JanOne issue approximately 19.9% of its outstanding common stock to former ALT 5 Sigma shareholders. ALT 5 Sigma, now a wholly-owned entity of JanOne, offers key services including "ALT 5 Pay," a cryptocurrency payment gateway, and "ALT 5 Prime," an over-the-counter trading platform.
In addition, JanOne's subsidiary, ALT5 Sigma, introduced the "ALT5 Settlement Platform," a cryptocurrency-based payment system for digital content creators. The platform, which started as a pilot project in September 2023, has seen its settlement volume grow to over $7 million per month for a limited customer base.
JanOne also joined the Russell Microcap® Index, a development expected to increase its visibility among investment managers and institutional investors. These are the most recent developments for JanOne, a company that has continued to expand its fintech offerings while maintaining its focus on healthcare initiatives.
InvestingPro Insights
In light of JanOne Inc.'s (NASDAQ: JAN) recent strategic appointment and its focus on expanding its fintech and healthcare services, several metrics and tips from InvestingPro provide a deeper understanding of the company's financial health and stock performance.
InvestingPro Data indicates that JanOne's market capitalization stands at a modest $25.56M, reflecting its position in the market. The company's Price/Earnings (P/E) Ratio is currently at -0.54, suggesting that investors are anticipating future earnings growth despite the company not being profitable over the last twelve months. In line with this, the Adjusted P/E Ratio for the last twelve months as of Q1 2024 is -4.96. Moreover, the company has experienced a significant 6 Month Price Total Return of 252.85%, highlighting a large price uptick during this period.
InvestingPro Tips highlight that the stock has fared poorly over the last month, with a 1 Month Price Total Return of -31.97%. This volatility is something potential investors should consider, especially given that JanOne's stock price movements are quite volatile. The company does not pay a dividend to shareholders, which could be a factor for income-focused investors.
For readers interested in a comprehensive analysis of JanOne Inc., there are additional InvestingPro Tips available that could provide further insights into the company's performance and potential. Subscribers to InvestingPro can access these tips and make more informed investment decisions. To enrich your investment strategy with these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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