Tough times for Intrusion Inc as CEO bailsShares of Intrusion Inc, which provides AI cybersecurity solutions, see their biggest single day drop ever on Tuesday to spend the day in TradingView’s top loser list, dropping 50% on the back of poorer than expected preliminary Q2 results and a CEO shock exit.
Intrusion Inc had a tumultuous Tuesday, reaching its lowest price ever at $5.09 after disappointing preliminary sales results. The AI-focused cyber security company completed its uplisting in October 2020, when it priced its shares at $8 each. Prices steadily increased following its SPAC on October 8, but have been plummeting since an investigation into possible securities fraud on behalf of its investors began in April. Things only continued to deteriorate after its Q1 earnings missed revenue expectations in early May and prices sank 28%.
Tuesday extended those losses by just under 50% after the company forecast its second quarter revenue to come in at $1.9 billion - significantly lower than the $4.3 million expected. Not only that, but CEO Jack B. Blount has just jumped ship, departing the company effective immediately. The former CEO isn’t the only one that’s worried, and Intrusion has also hired an investment bank to look at various funding options and strategic partner considerations. It’s not looking great, tbh.