AVAX One CEO Jolie Kahn Steps Down July 3, Interim Leader Named

Nasdaq-listed AVAX One Technology (AVX) announced Monday that CEO Jolie Kahn, who led the company's transformation into an Avalanche-focused digital asset treasury company, stepped down effective July 3. The departure was by mutual agreement according to an 8-K filing with the SEC. COO Pete Wylie Jr. has been appointed interim CEO while the board searches for a permanent successor. Kahn oversaw AVAX One's major overhaul announced last September, when the company rebranded from AgriFORCE and unveiled plans to raise approximately $550 million and accumulate more than $700 million worth of AVAX tokens, backed by SkyBridge Capital founder Anthony Scaramucci.

Kahn Receives $410,000 in Separation Agreement Signed July 5

Under a separation agreement signed July 5, Kahn will receive a $160,000 lump-sum cash payment in place of remaining consulting fees under her contract, reimbursement for certain medical insurance costs, and $250,000 worth of unregistered common shares. The company disclosed these terms in an 8-K filing with the SEC.

Company Rebranded from AgriFORCE Last September with $550M Raise

AVAX One announced its transformation from AgriFORCE last September, unveiling plans to raise approximately $550 million and accumulate more than $700 million worth of AVAX tokens. The transition, backed by SkyBridge Capital founder Anthony Scaramucci, was among the first wave of publicly traded companies adopting digital asset treasury strategies beyond bitcoin.

AVAX One Shares Down 1.5% in Monday Trading

Shares of AVAX One were down about 1.5% in early Monday trading. The AVAX cryptocurrency was trading at $6.90, approximately 30% higher than when the token launched in September 2020 according to The Block's crypto price page. Rival company Avalanche Treasury Co. (AVAT), which went public on Nasdaq on June 11, has fallen over 71% in its first month as the value of its AVAX holdings declined.

FAQ

When did Jolie Kahn step down as CEO of AVAX One? Jolie Kahn stepped down as CEO of AVAX One effective July 3, as announced in a Monday release. The company stated in an 8-K filing with the SEC that her departure was by mutual agreement.

What compensation did Jolie Kahn receive in her separation agreement? Under a separation agreement signed July 5, Kahn received a $160,000 lump-sum cash payment in place of remaining consulting fees, reimbursement for certain medical insurance costs, and $250,000 worth of unregistered common shares.

When did AVAX One rebrand from AgriFORCE? AVAX One announced its rebranding from AgriFORCE last September, when the company unveiled plans to raise approximately $550 million and accumulate more than $700 million worth of AVAX tokens.