AVAX One CEO Jolie Kahn resigns, COO takes over as interim CEO amid Nasdaq compliance pressure

According to the 8-K filing submitted to the SEC, Jolie Kahn, CEO of the Nasdaq-listed digital infrastructure company AVAX One Technology (AVX), resigned on July 3, and COO Pete Wylie has been appointed as interim CEO. The company stated that the departure was "mutually agreed upon" and did not involve any operational, policy, or practical disagreements. Under the separation agreement, Kahn will receive a one-time cash compensation of $160,000 and common stock valued at $250,000. The board has hired global executive search firm ZRG Partners to find a permanent successor.

This leadership change comes as AVAX One faces compliance pressure from Nasdaq, as the company previously received a notice for its stock price falling below the minimum requirement of $1. Shareholders approved a 1:12 reverse stock split on May 29, which took effect on June 15. AVAX One's main business includes mining Bitcoin in Alberta and Ohio with approximately 300 PH/s of computing power, holding a strategic treasury of AVAX and earning staking rewards, as well as building modular data centers aimed at AI and high-performance computing.