Menomonee Falls-based EnSync Inc. has named the managing partner of restructuring advisory firm Novo Advisors as interim chief executive officer after Bradley Hansen resigned last week.
Operating as EnSync Energy Systems, the company makes distributed energy systems and controls for residential and commercial use. It is currently facing delisting from the New York Stock Exchange
if it does not complete a reverse stock split or show continuous price improvement by July 7.
The company, previously known as ZBB Energy, has not traded above 50 cents per share since the fall of 2017 and has not been above $1 per share since 2016.
EnSync has narrowed its losses with a shift to a power purchase agreement-based sales model. In its most recent earnings report, the company showed a nearly 16 percent increase in revenues and a 12 percent drop in expenses. EnSync also said it would need to raise additional capital to fund its business plan.
Hansen had been president and CEO of EnSync since July 2015 and was also chief operating officer from May 2014 until being promoted to CEO. He also led the company’s Chinese joint venture starting in 2011. He resigned from his position and the company’s board last week Wednesday, according to securities filings.
The same day, EnSync retained Novo Advisors to provide restructuring advisory and consulting services. Sandeep Gupta, co-founder and managing partner of Novo Advisors, has been named interim CEO and chief restructuring officer of EnSync. Gupta was also appointed to the company’s board of directors.
Gupta’s expertise focuses on “the development of short-term liquidity forecasts, break-even analyses, and performance/profit improvement studies to mergers and acquisitions and liquidation analyses for healthy and distressed businesses across a wide array of industries,” according to EnSync’s securities filing.