Vancouver-based Thinkific Labs Inc. (TSX:THNK) announced a shake-up in its board of directors after markets closed this afternoon.
The company may be best known for shooting out of the gate with a $1.25-billion market capitalization after its April 2021 initial public offering, and then having a share price that has floundered since, as well as job cuts in different tranches.
Start-up ventures that quickly surpass valuations of $1 billion are often referred to as unicorns, because the accomplishment is so rare.
Thinkific’s business is a platform that enables entrepreneurs and businesses to create and run online courses.
The company said it is adding Russ Mann, Lori Ell, and Paula Boggs to its board. Leaving the board are Steve Krenzer and Katie May.
Mann is senior operating partner at Diversis Capital, a private equity firm focused on business-to-business, software-as-a-service companies.
Ell is founder and president at Growing Ideas, a business consulting practice in Calgary.
Boggs is founder and owner of Boggs Media, LLC, which manages her musical, public speaking, and other creative business endeavors.
“Their extensive experience and unique perspectives will be invaluable as we begin a new chapter of growth and innovation," said Thinkific’s chairman Fraser Hall.
Thinkific shares rose 4.23 per cent to close at $2.96 today, which would be a $239.14-million valuation.
Thinkific Labs Inc. (TSX: THNC) posted its first profitable quarter since going public in the fourth quarter of 2023. It then swung to a net loss before returning to profitability in the quarter that ended June 30 and was announced in August.
