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IN BRIEF: Insig AI chair takes over as CEO departs immediately

30th May 2024 14:45

Insig AI PLC - London-based data science and machine learning - Richard Bernstein moves to chief executive officer from executive chair, as CEO Colm McVeigh leaves the company immediately "to pursue other opportunities". Insig AI says Bernstein will spend more time "engaging with asset managers, prospective customers and commercialising Insig's product offering". Warren Pearson will step down as chief technical officer but remain a company employee focused on product development. To replace Bernstein as chair, Insig AI hires John Wilson to be independent non-executive chair, starting immediately. Wilson is the CEO of Bulgin Ltd, a maker of sealed connectors and components, and is a non-executive director of Volex PLC.

Additionally, Bernstein subscribes for 500,000 new Insig AI shares at the premium price 20 pence each, raising GBP100,000 for the company. He now has 21.7 million shares, a 19.5% stake.

Insig AI also buys a 5.5% stake in ImpactScope OU, an Estonia-based AI and blockchain company. Insig AI issues 900,000 shares at 13.75p in consideration. As part of the arrangement, ImpactScope appoints Insig AI as the exclusive global sales agent to asset managers and international regulators of ImpactScope's Greenwashing Identifier product.

Current stock price: 12.75p, up 19% in London on Thursday afternoon

12-month change: down 39%

By Tom Waite, Alliance News editor

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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