SAN ANTONIO, TX – AiAdvertising Inc., a company specializing in retail and miscellaneous retail services, announced the appointment of a new Chief Financial Officer, Douglas Beck, effective Friday.
The change comes as the former CFO, John Small, decided to step down from his position, with his resignation effective on the same day as Beck's appointment. The company clarified that Small's departure was not due to any disagreements related to operations, policies, or practices.
Douglas Beck brings a wealth of experience to AiAdvertising, having previously held the CFO position at ShiftPixy, Inc. (NASDAQ:PIXY), a human capital services enterprise, and Beyond Air, Inc. (NASDAQ:XAIR), a clinical stage medical device company. His background also includes a role as CFO for JLM Couture, Inc., a designer and manufacturer of high-end bridal wear and accessories.
Beck holds a Bachelor of Science degree in accounting from Fairleigh Dickinson University and is a certified public accountant in New York. He is also a member of the New York State Society of CPAs SEC and CFO committees.
Beck's annual salary at AiAdvertising will be $210,000. This executive shift was officially reported in a Form 8-K filed with the Securities and Exchange Commission on November 21, 2024, following the internal announcement on November 15, 2024.
The company, previously known under different names including CloudCommerce, Inc., Warp 9, Inc., and Roaming Messenger Inc., is incorporated in Nevada with its principal executive offices located in San Antonio, Texas.
The appointment of Beck is expected to continue the strategic financial oversight at AiAdvertising as the company progresses. The information is based solely on the latest SEC filing by AiAdvertising, Inc.
In other recent news, ShiftPixy has been active with significant developments. The company has cancelled its planned acquisition of assets from Turboscale LLC, as stated in a recent 8-K filing with the Securities and Exchange Commission.
Around the same time, ShiftPixy filed for Chapter 11 bankruptcy protection and announced the resignation of three directors. Furthermore, the company is currently undergoing restructuring efforts led by Jonathan Feldman, their Chief Restructuring Officer.
ShiftPixy also revealed an intention to acquire AI technology company TurboScale for $150 million, a move set to enhance its platform with advanced AI capabilities. However, the company has faced potential delisting from Nasdaq due to non-compliance with the exchange's listing requirements. In response, ShiftPixy's stockholders have approved proposals to amend the company's warrant agreement and increase its authorized shares.
Additionally, CEO Scott Absher has been granted a conditional option to acquire over 5 million shares of Preferred Class A Stock, contingent upon a reverse stock split. Lastly, ShiftPixy announced a securities offering facilitated by A.G.P./Alliance Global Partners (NYSE:GLP), which could potentially raise about $2.5 million. These are the recent developments within the company.
InvestingPro Insights
As Douglas Beck transitions from ShiftPixy (NASDAQ:PIXY) to his new role at AiAdvertising, it's worth noting some financial metrics from his former company. ShiftPixy's current Price to Book ratio stands at -0.06, indicating that the market values the company at less than its book value. This, coupled with a negative Return on Assets of -404.2% for the last twelve months as of Q3 2024, suggests that Beck is leaving a company facing significant financial challenges.
These metrics underscore the importance of strong financial leadership in turnaround situations, a skill set that Beck may bring to his new position at AiAdvertising. An InvestingPro Tip highlights that ShiftPixy's stock price is currently at only 2.86% of its 52-week high, further emphasizing the financial hurdles the company faces.
For investors interested in a deeper analysis, InvestingPro offers 13 additional tips for ShiftPixy, providing a more comprehensive view of the company's financial situation and potential future performance.
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