Everspin's CEO resigns, company lowers 2020 guidance slightly

On December 15, Everspin Technologies announced that its CEO and President Kevin Conley has resigned. Conley served as CEO in 2017. The company's Chairman Darin Billerbeck will become interim CEO.

Everspin 1Gb STT-MRAM chip photo

Everspin also lowered its guidance for Q4 2020 slightly - from $10.1-$10.9 million to $10.1-$10.5 million. Investors were not pleased and yesterday the stock declined 16%.

Last month the company announced its Q3 2020 financial results - and that was the first quarter ever for Everspin to have a positive cash flow.

Posted: Dec 17,2020 by Ron Mertens