Sernova’s Rigby Fully takes the Reins of the Company

August 13, 2024

0Points

This morning, the Board of Directors of Sernova Corp. (TSXV-SVA; OTCQB-SEOVF) announced that Executive Chairman Jonathan Rigby–recently brought into that role as I discussed a month ago–has now been given the full reins of the company.

He will be the new C.E.O. as well.

Referring back to my July 15 email:

“Spending a good chunk of yesterday morning with Sernova’s new Executive Chairman Jonathan Rigby, I am VERY encouraged that the time for this overall turnaround is finally at hand.

“Having been recruited to Sernova’s board only in late May (CLICK HERE for that announcement, which recounts Rigby’s impressive resume) it quickly became apparent that he was the right man for the job to lead as an executive; thus the ANNOUNCEMENT this morning.

“A big part of both our interests in Sernova’s leading platform to come up with a functional cure for Type one diabetes is that Jonathan–like three of my children, one of whom died from the disease 4 1/2 years ago–himself has T1D. Further, in determining that Sernova is where he intends to next leave his mark, he understands the company’s edge not only in being in the lead of any companies in human trials in this space but more so due to its Cell Pouch System™…”

I anticipate that THIS MORNING’S ANNOUNCEMENT will be warmly greeted by the markets generally and–importantly–as well by certain institutions who have been waiting to engage/re-engage with the company once its lingering management shortcomings and attrition were finally settled.

As you see above (and happily recall if you’ve followed my guidance on Sernova from the outset) we’ve already logged several times our money in this recommendation. But when I gave the advice to sell a part of our holdings back in the spring of 2022, I NEVER expected us to be all the way back down here with our remainder!

Looking at Sernova anew, it’s most important to understand why this has happened.

As I have detailed again just recently, the company’s science and clinical work has continued to make great strides: on the Type one diabetes front chiefly, but also as the pieces appear to be falling into place for advancement of the Thyroid disease indication toward human trials by 2025.

The regrettable issue for a while now has instead, simply, been a long-needed change in day-to-day management that has been painfully slow to evolve over more than a year’s time. With Rigby being named the new C.E.O., it’s finally time for this slow, dull ache to end; and for the share price to begin again to reflect the science and substance of the company.

More to come soon!