MariaDB reported the progress of their business sales plan to investment firm K1 Investment after receiving an offer in February. They agreed to sell all shares to K1 and have already filed the necessary documents to delist the company from the New York Stock Exchange last week.
MariaDB entered the NYSE in 2022 via a SPAC, with a business valuation of $445 million at the time. However, the company’s stock price has steadily decreased to around $12 million by early 2024, prompting the NYSE to issue a warning. If a company’s business value falls below $50 million, their stocks may be delisted. This led K1 to propose a $37 million acquisition of the business.
As a result of the ownership change, Rohit de Souza has been appointed as the new CEO, with former CEO Paul O’Brien transitioning to a consulting role for the company moving forward.
(TLDR: MariaDB updates K1 Investment on business sales plan progress, delists from NYSE, receives $37 million acquisition offer from K1, appoints Rohit de Souza as new CEO)
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