Crypto Firm Eqonex Weighs Strategic Options, Replaces CEO

(Bloomberg) -- Eqonex Ltd., a digital-asset financial-services firm whose stock has plunged almost 90% this year, is weighing strategic options and has replaced its chief executive officer.

CEO Richard Byworth has resigned and is being replaced by Chief Operating Officer Andrew Eldon on an interim basis, Eqonex said in a statement Monday. Eldon, who joined the company from HSBC Holdings Plc, will also join the board. The board is engaged in strategic discussions with third parties, including evaluating merger or takeover options, the company said. 

“I’m proud of the company’s product set, and the phenomenal team that sits behind it,” Byworth said in a message. “My immediate focus now is to ensure a smooth leadership transition so that Eqonex can maintain its commitment to serving its customer base and delivering on its strategic business priorities.”

Crypto deal activity and fundraising has surged over the past year as digital-asset prices rose and areas like decentralized finance gained traction. 

Eqonex shares are down 88% this year and closed at $1.87 on Monday, a record low.

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