Source: BikeExchange
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  • BikeExchange (BEX) has released a string of announcements today including a senior management reshuffle, a capital raise, and court complaint against its subsidiary
  • Shares in the company are currently in a trading halt until Monday or until more details of the capital raise are announced to the market
  • The company will be reshuffling senior management after Global CEO Mark Watkin resigned
  • Its Kitzuma subsidiary received a complaint in United States Court for allegedly using Tribike Transport’s confidential and propriety information
  • Shares in BikeExchange last traded at 4 cents each on Wednesday, May 18

BikeExchange (BEX) has released a string of announcements today including a senior management reshuffle, a capital raise, and court complaint against its subsidiary.

Shares in the company are currently in a trading halt until Monday or until more details of the capital raise are announced to the market.

It is unknown how much is being raised or where the funds will be directed.

The company will be reshuffling some senior management figures after Global CEO Mark Watkin resigned.

The search will now begin for a permanent CEO, with Co-Founder and Board member Sam Salter filling in as acting CEO.

Meanwhile, Ryan McMillan has been promoted to Chief Operating Officer, while Taylor Essick, Co-Founder and CEO of Kitzuma, will extend his role across the North American region to the combined BikeExchange and Kitzuma businesses.

Its Kitzuma subsidiary received a complaint in United States Court for allegedly using Tribike Transport’s confidential and propriety information. 

Tribike Transport is seeking unspecified monetary damages and prevention from further alleged infringement.

BikeExchange said it is seeking legal advice to defend the claims and the business remains unaffected.

Shares in BikeExchange last traded at 4 cents each on Wednesday, May 18.

BEX by the numbers
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