Shares of the Everbridge, Inc. (EVBG) stock suffered a huge decline in the current market trading session today on December 10, 2021. EVBG stock price saw a downtrend of 42.49% to drop at $66.62 a share at the time of this writing. The stock was also red in the previous trade and went low by 4.42% at closing. Let’s dig in to explore the reason for this fall.
What’s Happening?
Everbridge stock significantly declined after a piece of news appeared that David Meredith announced the resignation from his role as Chief Executive Officer and board member of the company. Everbridge stock has confirmed the news and accepted the resignation of David Meredith. EVBG stock is now searching for a new CEO and will consider both internal as well as external candidates for this position. For now, the company’s long tenure executives Patrick Brickley and Vernon Irvin will partner as Co-CEOs to handle the operations of the company. Patrick Brickley is serving the EVBG stock as Executive Vice President and Chief Financial Officer and Vernon Irvin is the Executive Vice President and Chief Revenue Officer of the company.
Previous News of the EVBG stock:
At the start of December, EVBG stock announced that it had won Platinum Homeland Security Award for its JARVISS software solution. JARVISS is the Enterprise System of the U.S army that is intended for threat visibility. The U.S army has extended the contract with the EVBG stock. Everbridge stock will now administer the antiterrorism and force protection program of the U.S army for the safety of military personnel and facilities.
For those who do not know what really the JARVISS is, it is the global threat information sharing system. It helps the army in the identification and assessment of incidents and threats. Its main focus is on antiterrorism and those security threats that impact Department of Defense operations.
New Digital Operations Platform by EVBG stock:
On November 30, 2021, EVBG stock did announce the launch of its new Digital Operations Platform. The new Digital Operations platform saves time and money for the organizations along with continuous service uptime. The new platform provides various benefits to the enterprise customers across teams and toolsets.
Wrap Up:
The resignation announcement of David Meredith has added great pain to the per-share price of the EVBG stock. In the last 12 months, the stock lost 13.12%.
