Prior to delisting itself from the NASDAQ exchange over ongoing compliance issues, Ominto had a six-team Board of Directors.

On May 18th, three days after the NASDAQ delisting was announced, five of Ominto’s Board of Directors resigned.

Why Mitch Hill, Gregory Newell, Jaye Connolly-LaBelle, Peter Harris and Gary Baughman resigned hasn’t been made public.

An Ominto press-release states only that the resignations were “without disagreement”.

Considering
Ominto’s NASDAQ compliance issues
and Dubli’s continued operational losses, the timing of the resignations certainly appears ominous.

Ominto’s remaining Board Member, CEO Michael Hansen, appears confident the company will continue to operate.

The search has already commenced for new members of our Board.

In particular, we are pursuing leaders who have considerable experience in the e-commerce sector and who understand the unique requirements of a global company.

We are identifying and engaging with innovators and pioneers in online commerce.

Not really convinced. Guess we’ll continue to observe how this plays out.

🤖 Quick Answer

What triggered the resignation of five Ominto board members in May?
Five of Ominto's six board members resigned three days after the company announced its NASDAQ delisting due to ongoing compliance issues. The company stated the resignations occurred "without disagreement," but specific reasons were not publicly disclosed. The timing coincided with the exchange delisting announcement.

Who remained on Ominto's board following the mass resignation?
Michael Hansen, serving as Chief Executive Officer, remained as the sole board member following the resignations of Mitch Hill, Gregory Newell, Jaye Connolly-LaBelle, Peter Harris, and Gary Baughman. Hansen expressed confidence in the company's continued operations.

What actions did Ominto take after the board resignations?
Following the five resignations, Ominto initiated a search for new board members to restore the board's composition. The company commenced recruitment procedures to

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