Spire’s CFO to Resign in September
Spire Global’s CFO Thomas Krywe plans to step down from the company in September, Spire disclosed in a Securities and Exchange Commission (SEC) filing on Wednesday.
The announcement comes as Spire is at risk of being delisted over its share price, and pursuing a reverse stock split to increase the price.
“Mr. Krywe indicated a desire to return to working with private companies. Mr. Krywe’s decision was not because of any disagreement relating to the company’s operations, policies, practices, financial reporting or controls,” the filing said.
Krywe’s resignation is effective Sept. 30, 2023, and the board has initiated a search for a new CFO.
According to Krywe’s LinkedIn, he has been working with Spire since 2017 and served as co-CFO before becoming the company’s sole CFO in October 2020, before the company announced plans to go public.
Spire is rapidly growing revenue, which was up 85% year-over-year in 2022 and then 34% year-over-year in the first quarter of 2023, but its share price is trading below $1.
Krywe said on a recent call with investors that the reverse stock split to increase the share price is up for a vote at the annual shareholder meeting set for June 13. Spire has outlined it would split the stock anywhere between 1-for-2 and 1-for-50. “It’s a range in there because the price is changing at different times,” Krywe commented.