- Gemini is parting ways with its COO, CFO, and CLO effective Tuesday, according to an SEC filing.
- The company projected up to $602 million in net losses and up to $267 million in adjusted EBITDA losses for 2025.
- Gemini shares are down roughly 86% since their IPO peak.
Gemini Space Station Inc. (GEMI) stock tanked on Tuesday as the firm parted ways with its Chief Operating Officer, Chief Financial Officer, and Chief Legal Officer.
Earlier, Bloomberg reported that Marshall Beard (COO), Dan Chen (CFO), and Tyler Meade (CLO) resigned from their respective roles. The departures were later disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
According to the filing, the executives stopped serving in their roles effective Tuesday. Beard also stepped down from Gemini’s board of directors. The company stated in the filing that his resignation was not due to any disagreement with the company.
Gemini said it did not intend to appoint a successor COO immediately. Many of Beard’s responsibilities, including revenue-generating duties, are to be assumed by President Cameron Winklevoss.
The board had appointed Danijela Stojanovic as the company’s interim CFO in May last year. Kate Freedman, currently associate general counsel and corporate secretary, was appointed as the interim general counsel on Tuesday.
Shares of Gemini (GEMI) tumbled over 15% in the afternoon. On Stockwits, the retail sentiment around GEMI improved from ‘neutral’ to 'bullish' territory, as chatter levels improved from ‘normal’ to ‘high’ over the past day.
Financial Outlook And Post-IPO Pressure
The leadership changes followed cost-cutting measures announced earlier this month. Gemini said it planned to reduce its workforce by up to 25% and wind down operations in the United Kingdom, the European Union, and Australia.
Gemini has also moved to expand beyond its core crypto trading business. The company recently obtained a U.S. license that will allow it to offer prediction markets domestically.
The exchange went public in mid-September last year, with shares rising to a record high of $45.89 a day after its debut. Since then, the stock has declined sharply, hitting an intraday low of $6.47 last week. Gemini shares are down roughly 86% since the IPO peak.
Gemini is expected to report its fourth-quarter earnings on March 2.
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