Facedrive Inc. (OTCMKTS:FDVRF) (TSXV:FD) Stock Flat After Announcing Management Change

Facedrive Inc. (OTCMKTS:FDVRF) (TSXV:FD) is moving in a range after announcing changes in its senior leadership team following the expected resignation of Nastassia Law as the company’s CFO from March 4, 2022.

Market Stats

On Monday, FDVRF stock fell 1.20% to $0.60 with 17K shares, compared to its average volume of 113K shares. The stock moved within a range of $0.6000 – 0.6254 after opening trading at $0.60.

Facedrive Announces Senior Management Transition

From now on, Jason Xie, CPA, MBA, AICPA and FCPA, will be the acting CFO with Ms Law assisting in during the transition for three weeks. Xie currently serves as the VP of Operations and Finances and has become an important figure in Facedrive’s financing reporting system, having joined the company last year. He has helped establish vital internal financial, accounting and regulatory controls at the same time offering important operational oversight with data-supported analysis to the Board and senior management.

The transition is part of the wider initiative by Facedrive to integrate its finance with operations to align its reporting systems and financial management with changing applications of normal accounting standards to gig-economy based tech platforms. So, in the coming weeks, investors should watch FDVRF.

Key Quote

“We are pleased to have Jason Xie assume the role of Chief Financial Officer at Facedrive. Mr. Xie has already been an indispensable member of the team, demonstrating the skill and dedication we need for this position. We are confident that he will successfully lead our finance team. I look forward to working with him in his new role,” said Suman Pushparajah, CEO of Facedrive.

Traders Corner

FDVRF stock is trading below the 20-Day and 50-Day Moving averages of $0.62 and $0.69 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.80.