Plurilock Security (PLUR.V) appoints new executive chair and begins business transformation

Plurilock Security Inc (PLUR.V) is a Canadian identity-centric AI cybersecurity solutions company. The cybersecurity company provides multi-factor authentication (MFA) solutions using behavioral-biometric, environmental, and contextual technologies.

Today, Plurilock Security announced it has appointed Ali Hakimzadeh to the board of directors and as executive chairman of the board. Mr. Hakimzadeh has an extensive background in capital markets and mergers and acquisitions. Mr. Hakimzadeh also brings over 25 years of investment banking, merchant banking, and capital market advisory experience. Most recently, Mr. Hakimzadeh was Executive Chairman of the Board of HS Govtech Solutions Inc., a company that sold software to state, municipal, and local governments in North America with a premium of over 150%.

“We are very excited for Mr. Hakimzadeh to join our team, particularly with his capital markets experience, and look forward to what we can accomplish together,” says Ian L. Paterson, CEO of Plurilock.

To optimize capital structure to attract financing, Plurilock has approved a share consolidation of one post consolidated share for every ten pre-consolidated shares. The Share Consolidation is anticipated to be completed in the immediate future. Immediately following the Share Consolidation, the issued capital of the Company will be reduced to 10,294,845 shares outstanding.

There is also a financing in connection with the share consolidation to raise approximately $3,000,000.

Capital raised through this transaction will be used to support the company’s increasing focus on its profit centers, including use for:

Providing working capital in the VAR to fuel growth
Hire additional sales and sales support staff

“Our focus over the course of 2024 will be on profitable growth and to improve Plurilock’s balance sheet,” says Paterson. “We will invest in the growth centers of the business, with the strong aim to continue to achieve positive margin growth throughout the year.”

Plurilock is also proposing to settle $500,000 of payables through the issuance of shares.

The stock is down 33% on this news at time of writing.

Plurilock is printing new all time record lows. The stock was showing signs of selling exhaustion with a range at $0.04 but this is why waiting for the break confirmation is key. Right now it would be like catching a falling knife. Bottom pickers should watch for signs of selling exhaustion. A range is a good sign for this.