The hiring of a new top level executive is almost always a major development for any company and it invariably has an effect on the stock. Yesterday, Castellum Inc (OTCMKTS:ONOV) came into the news cycle after it announced that it had hired a new Chief Financial Officer in the form of David T Bell.
Market Reaction
On Monday, ONOV stock moved down 5.57% to $0.20 with more than 57K shares, compared to its average volume of 23K shares. The stock moved within a range of $0.2000 – 0.2095 after opening trade at $0.2058.
Castellum, Inc. Hires David T. Bell as Chief Financial Officer
Bell is going to be reporting directly to the Chief Executive Officer of the company Mark Fuller and would be heading the financial accounting team at Castellum. That particular team is responsible for taking care of taxes, audits, financial disclosure for the public and other varied financial functions.
While it is true that the markets did not react well to the news and send the shares cratering by as much as 5% yesterday, it is necessary to note that Bell comes with impeccable credentials for his role. His career spans as long as 26 years in accounting firms like Arthur Andersen and Deloitte.
In addition to that, he had actually been an audit partner for as long as 14 years at Deloitte. Hence, it could prove to be a highly sound appointment and hence, it will be interesting to see if the Castellum shares bounce back soon.
Key Quote
Mark Fuller, Castellum, Inc.’s President and CEO, states, “David is a perfect fit for Castellum and our senior leadership team. He fills our need for someone with deep technical accounting expertise, seasoned leadership and management skills, and creativity as a business thinker. David’s knowledge of accounting and governance best practices will serve us well as we move to up-list Castellum to a stock exchange over the next few months and for years to come. We welcome him and look forward to working with him.”
Traders Review
ONOV stock is trading below the 20-Day and 50-Day Moving averages of $0.20 and $0.20 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.21.
