SINGAPORE (June 14): Ayondo, the operator of social stock trading platforms, has seen the departure of another C-suite executive -- this time that of chief operating officer Edward Charles Drake.
In a Thursday night filing, Ayondo says Drake’s resignation would take effect from the day itself.
Drake was responsible for the group’s day-to-day management of Ayondo Markets’ operational hub in London, trading and market risk management, group operations and compliance. He is also responsible for data management, data evaluation and data monetisation.
Ayondo did not disclose Drake’s reason for leaving.
Drake’s resignation comes on the back of a string of resignations at Ayondo which has seen mounting losses since its IPO in March 2018.
These included CEO and founder Robert Lempka who has filed a claim against the company for unpaid money, as well as two other C-suite executives – CFO Richard Fulton and CMO Sarah Brylewski.
Trading in Ayondo shares has been suspended since Feb 1 amid questions about its financial viability and its compliance with UK capital requirements. It last traded at 4.8 cents.
SGX Regulation has also ordered an investigation into the company.
See: Ayondo pushes ahead with sale of unit; SGX RegCo launches probe
