Currenc Group Inc. (NASDAQ:CURR), a business services company with a market capitalization of $83 million, announced the resignation of Mr. Kanagaraj Lorenz from its board of directors, effective as of the close of business on November 26, 2024. The announcement comes as the company's stock has declined over 84% in the past six months, according to InvestingPro data.
Mr. Lorenz, who also served on the company's Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, did not cite any disagreements with the company's operations, policies, or practices as reasons for his departure.
The announcement, disclosed in a Form 8-K filing with the Securities and Exchange Commission today, marks a change in the leadership structure of Currenc Group Inc., which is incorporated in the Cayman Islands and headquartered in Singapore.
The company has not yet named a successor to Mr. Lorenz. InvestingPro analysis indicates the company's overall financial health score is weak, with high price volatility being a notable concern. Subscribers can access 6 additional ProTips and comprehensive financial metrics.
Currenc Group, previously known as InFinT Acquisition Corp, has undergone significant changes since its name change in May 2021. The company's ordinary shares are listed on the Nasdaq Stock Market under the ticker symbol CURR.
The SEC filing did not provide details on the rationale behind Mr. Lorenz's decision to resign or on how the company plans to fill the vacancy created by his departure. The company's business address is listed as 410 North Bridge Road, SPACES City Hall, Singapore, and its former address was 32 Broadway, Suite 401, New York, New York.
Currenc Group Inc., as an emerging growth company, has not indicated whether it will be using the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
This news is based on a press release statement and the company has not provided any additional comments on the matter. Investors should note that Currenc Group is scheduled to report its next earnings on December 6, 2024, which could provide more clarity on the company's direction and strategic plans.
In other recent news, Currenc Group Inc. has undergone significant changes in its auditing structure. The company's Audit Committee recently dismissed Marcum LLP, their previous independent registered public accounting firm, and has now appointed MRI Moores Rowland LLP (MRI) as the new auditor.
This change follows Marcum LLP's reports on Currenc Group's consolidated financial statements for the fiscal years ending December 31, 2023, and 2022, which did not contain any adverse opinions or disclaimers.
It should be noted that there were no disagreements on accounting principles, practices, financial statement disclosure, or auditing scope during Marcum's tenure. MRI has now been engaged as the new auditor for the fiscal year ending December 31, 2024.
The company assures that there were no consultations with MRI that would have influenced their financial reporting decisions during the fiscal years of 2023 and 2022 up to the date of engagement. These are among the recent developments within the company.
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