Carbon Revolution, the manufacturer of carbon fiber car wheels, experienced a significant surge in its stock prices following the appointment of former General Motors vice chairman Bob Lutz to its board of directors.
Stock Price Increase
The stock witnessed a remarkable increase of 10.4% to $12.75 during Wednesday afternoon trading. However, despite this recent uptick, shares are still down by more than 44% year to date.
New Chairman, Bob Lutz
With the appointment of Bob Lutz as the chairman of the board, Carbon Revolution aims to leverage his extensive background in the automotive industry. Lutz, who has been serving as a director since November 2023 when the company was listed on the Nasdaq, brings valuable experience from his executive roles at automotive giants like Ford Motor and Chrysler.
Board Representation
Lutz joins three other prominent U.S.-based automotive executives on the board: Jacqueline A. Dedo, Burt Jordan, and Matti Masanovich. Notably, Lutz will be succeeding James Douglas, who is stepping down as chair and retiring from the board after contributing 12 years to the company. In addition, Lucia Cade and Mark Bernhard will also be retiring.
Incoming Board Members
In line with the company’s structured equity facility with Orion Infrastructure Capital, Chris Leary and Jonathan Magaziner are set to be appointed to the board shortly.
Strong Second-Quarter Performance
In its recently released preliminary second-quarter results, Carbon Revolution showcased impressive growth with a 177% year-over-year increase in revenue, totaling $14.8 million.
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