Ominto loses five board members after delisting from Nasdaq

Ominto Inc (NASDAQ:OMNT) announced the resignation of five members from its board of directors, including its chief financial officer.

The company behind Dubli.com, a cash-back e-commerce site, lost more than half of its value earlier this week after delisting from the Nasdaq.

The marketing group received a noncompliance warning letter from the exchange after failing to file its quarterly earnings reports for the fiscal year ending on September 30, 2017, and the quarter closing on December 31, 2017.

The five members exiting the board include CFO Mitch Hill as well as Gregory Newell, Jaye Connolly-LaBelle, Peter Harris and Gary Baughman.

READ: Ominto loses half its value with Nasdaq delisting announcement

“The search has already commenced for new members of our Board. In particular, we are pursuing leaders who have considerable experience in the e-commerce sector and who understand the unique requirements of a global company. We are identifying and engaging with innovators and pioneers in online commerce,” said CEO Michael Hansen.

Shares of the Florida-based company were up nearly 16% to US$1.19 by the Thursday closing bell and flat in Friday pre-market trading.

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