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Top Amazon aggregator Thrasio delays SPAC deal as top executives exit.
Thrasio, the top U.S. aggregator of Amazon third-party sellers, was preparing their public placement through SPAC deal to fuel its rapid expansion. But the company has delayed its plan to go public through a SPAC amid complications with its financial audits and C-suite exits.
Chief Financial Officer Bill Wafford, a former J.C. Penney CFO, left Thrasio in July, just three months after joining the company. Thrasio said it appointed Brian Cooper, chairman of marketing company Networx, as its interim CFO.
And last month, co-founder Josh Silberstein resigned from his role as co-CEO, leaving fellow co-founder Carlos Cashman to serve as the company’s sole CEO.
Bloomberg reported in June that Thrasio was in talks to go public through a merger with a SPAC led by former Citigroup executive Michael Klein at a valuation that could top as much as $10 billion. The auditing process proved more difficult than for a typical e-commerce or tech company, because Thrasio now oversees more than 200 Amazon brands, creating a complex balance sheet, the source said.
Top Amazon aggregator Thrasio delays SPAC deal as top executives exit.
Thrasio, the top U.S. aggregator of Amazon third-party sellers, was preparing their public placement through SPAC deal to fuel its rapid expansion. But the company has delayed its plan to go public through a SPAC amid complications with its financial audits and C-suite exits.
Chief Financial Officer Bill Wafford, a former J.C. Penney CFO, left Thrasio in July, just three months after joining the company. Thrasio said it appointed Brian Cooper, chairman of marketing company Networx, as its interim CFO.
And last month, co-founder Josh Silberstein resigned from his role as co-CEO, leaving fellow co-founder Carlos Cashman to serve as the company’s sole CEO.
Bloomberg reported in June that Thrasio was in talks to go public through a merger with a SPAC led by former Citigroup executive Michael Klein at a valuation that could top as much as $10 billion. The auditing process proved more difficult than for a typical e-commerce or tech company, because Thrasio now oversees more than 200 Amazon brands, creating a complex balance sheet, the source said.