CDT Equity Inc. (NASDAQ:CDT) shares fell 20.95% in after-hours trading Tuesday after the company disclosed two Form 8-K filings covering a recent share issuance, Nasdaq listing status and changes to its executive leadership.

The stock closed Tuesday’s regular session down 11.90% at $1.48. It then fell 20.95% to $1.17 in after-hours trading.

CDT Equity is a company focused on acquiring and operating businesses across different industries.

CDT Equity Issued 12.13M Shares

CDT Equity said investors exercised pre-funded warrants on a cashless basis, resulting in the issuance of 12.13 million shares.

After the issuance and other recent share issuances, the company had 13.69 million shares outstanding as of Aug. 31.

The company also said it had no outstanding deficiencies with Nasdaq. Stockholders had approved the warrant-related share issuance at the Aug. 28 annual meeting.

Stockholders also approved amendments allowing the company to carry out one or more reverse stock splits, with the aggregate ratio capped at 1-for-500.

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James Bligh Takes Over As CEO

Separately, CDT Equity appointed James Bligh as Chief Executive Officer effective Aug. 31. Bligh will continue as Chief Financial Officer and a board member until a successor is named.

Former CEO and director Andrew Regan resigned from both positions effective the same day. The company said his resignation was not related to any disagreement over its operations, policies or practices.

Regan will receive $50,000 per month for six months under the separation arrangement. Bligh’s employment agreement provides for a $600,000 annual salary and a target annual cash bonus of 50% of base salary.

Trading Metrics

CDT Equity has a market capitalization of approximately $1.16M.

The stock has a 52-week high of $2,719.40 and a 52-week low of $1.40.

CDT shares are down 99.94% over the past year.

Benzinga’s Edge Stock Rankings show a negative price trend across all time frames.

Disclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.

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