DOWNERS GROVE, IL - ATI Physical Therapy, Inc. (OTC Pink: ATIP), a provider of outpatient rehabilitation services with annual revenues of $728 million, announced the appointment of Scott Rundell as interim Chief Financial Officer (CFO), effective Monday, following the resignation of former CFO Joseph Jordan. The transition comes after Jordan stepped down from his role on January 10, 2025, amid challenging financial conditions reflected in the company's market capitalization of just $11.92 million.
Rundell, 39, has been with ATI since March 2018, previously holding positions as Senior Director Analytics and Operations Finance, and Director of Finance and Operations before becoming Vice President of Finance in October 2021. His appointment as interim CFO does not involve any immediate changes to his compensation arrangement, except for eligibility to receive a monthly bonus of $18,125 for up to four months from the date of his appointment. According to InvestingPro data, the company faces significant financial challenges with a negative return on assets of -5.49%.
The company has not disclosed any transactions involving Rundell that would require reporting under SEC regulations, and there are no known family relationships between him and any company directors or executive officers. Additionally, there is no arrangement or understanding between Rundell and any other persons related to his selection as interim CFO.
ATI Physical Therapy, previously listed under the name Fortress Value Acquisition Corp (NYSE:MP). II, has undergone significant changes since its delisting from the New York Stock Exchange on December 3, 2024, and is set to deregister its common stock on March 4, 2025. The stock has experienced substantial volatility, trading between $0.41 and $7.74 over the past 52 weeks, with a current price of $2.69.
InvestingPro subscribers can access detailed analysis of the company's financial health and future prospects. The company's common stock and warrants currently trade on the OTC Pink Sheets under the tickers "ATIP" and "ATIPW," respectively, with the next earnings report scheduled for February 25, 2025.
This announcement is based on a press release statement filed with the Securities and Exchange Commission on January 14, 2025. The company, headquartered in Downers Grove, Illinois, operates within the nursing and personal care facilities industry under the organization name 08 Industrial Applications and Services.
In other recent news, ATI Physical Therapy, Inc. announced the impending resignation of its Chief Financial Officer, Joseph Jordan. The company confirmed that Jordan's departure is not due to any internal disputes or concerns about the company's financial health. The resignation will be effective at the end of business on January 10, 2025, as Jordan seeks other opportunities.
ATI Physical Therapy has expressed gratitude towards Mr. Jordan for his service and has initiated the search for a new CFO. These are recent developments following a period of transition for the company, which saw its Common Stock delisted from the New York Stock Exchange and begin trading on the OTC Pink Sheets.
The company, with annual revenues of $728 million and a market capitalization of $10.8 million, has not yet announced a successor for the CFO role. However, the search is ongoing to ensure a smooth transition in its executive team. The company's EBITDA stands at $28.8 million with a gross profit margin of 44%.
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