Bleichroeder Acquisition Corp. I (NASDAQ:BACQ), a $347.37 million market cap company trading at $10.59 per share, announced a series of executive and board changes effective Thursday, according to a press release statement based on a recent SEC filing.
Andrew Gundlach resigned as President and Chief Executive Officer and was appointed as Executive Chairman of the Board. Marcello Padula resigned as Chief Financial Officer.
The company appointed Michael Blitzer as President and Chief Executive Officer, Robert Folino as Chief Financial Officer, and Kevin Shannon as Chief Operating Officer. Blitzer was also named to the Board of Directors. Both Blitzer and Shannon are affiliates of Inflection Point Fund I LP, a member of Bleichroeder Sponsor 1 LLC, the company's sponsor. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.14, indicating solid financial positioning for the new management team.
Blitzer has held leadership roles at Inflection Point Acquisition Corp. III since October 2024 and previously served as CEO and director of IPXX and co-CEO and director of IPAX. He also sits on the boards of Intuitive Machines, Inc. (NASDAQ:LUNR) and USA Rare Earth, Inc. (NASDAQ:USAR), and is the founder and co-CEO of Kingstown Capital Management.
Folino joined Bleichroeder in 2018 and became Chief Operating Officer and Head of Trading in 2019. He previously worked at First Eagle Investment Management for 22 years.
Shannon has served as COO of Inflection Point Acquisition Corp. III since November 2024 and held staff roles at IPXX and IPAX. He is also a founder and partner of Inflection Point Asset Management.
There are no arrangements or understandings between Blitzer, Folino, or Shannon and any other persons regarding their selection as officers. The company stated there are no family relationships or material interests in transactions requiring disclosure.
Nazim Cetin and Pierre Weinstein resigned from the Board and the Audit Committee. The Board appointed Joseph Samuels and Antoine Theysset, both incumbent directors, to the Audit Committee.
Bleichroeder Acquisition Corp. I is listed on the Nasdaq Stock Market under the symbols BACQ, BACQU, and BACQR. The stock is currently trading near its 52-week high of $10.92, showing positive momentum with a 6.06% return over the past year. InvestingPro subscribers have access to additional insights, including 7 more key tips about the company's financial health and market position. This information is based on a press release statement and the company's SEC filing.