FREYR Battery, Inc. (NYSE:FREY), a company specializing in electronic components and accessories with a market capitalization of $232.51 million, announced today the departure of Lori A. Papp, the firm's Chief Accounting Officer.
The company has stated that the termination of Papp's employment will be effective following the completion of her garden leave, which is a period during which an employee stays away from the workplace while still remaining on the payroll.
According to InvestingPro analysis, FREY maintains strong liquidity with a current ratio of 6.36, though the company's overall financial health score stands at 1.57, indicating some challenges ahead.
Following this change, Evan Calio, who currently serves as FREYR Battery's Chief Financial Officer, will assume additional responsibilities as the Principal Accounting Officer. This adjustment in the executive team comes as a significant development in the company's management structure, particularly as InvestingPro data shows the company is currently trading at just 0.43 times its book value and is rapidly burning through cash reserves.
FREYR Battery's common stock and warrants are both listed on the New York Stock Exchange under the symbols "FREY" and "FREY WS," respectively. The company has not indicated that this executive change is part of a broader strategic shift or that it is expected to have any immediate impact on the company's operations or financial performance.
In other recent news, FREYR Battery has seen significant developments in its executive team and financial performance, along with changes in its strategic partnerships. The company appointed Daniel Barcelo as its new CEO, with an annual base salary of $800,000. This followed the termination of Michael Brose as Chief Operating Officer, and the subsequent appointment of David Gustafson to the role.
FREYR Battery also reported a net loss of $29 million in Q1 2024 and a narrower-than-expected loss of $27 million in Q2 2024, better than analysts' projections. Despite these losses, the company maintained a cash position of $253 million without any outstanding debt.
In a major strategic move, FREYR Battery terminated its licensing agreements with 24M Technologies, relinquishing all rights to approximately 6.98 million shares of 24M's Series G preferred stock. This development signifies a shift in the company's partnerships and technological direction.
On the funding front, FREYR Battery secured a €122 million grant from the European Union Innovation Fund for a joint venture Cathode Active Material manufacturing project in Finland, with the finalization expected in the first quarter of 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.