Ubiquity Inc. Chairman Chris Carmichael has added duties as interim chief executive, a June 20 filing with the Securities and Exchange Commission said.
Carmichael was president and chief executive of Ubiquity from 2009 to 2016; a press release said some of the media firm’s largest shareholders asked him to return to help restructure Ubiquity, resolve debt, strengthen its management and restore timely financial reporting.
He replaces Nicholas Mitsakos, who resigned in August after being arrested on non-Ubiquity matters. Mitsakos was charged with civil fraud violations by the SEC and criminal fraud violations by the Justice Department, and recently pleaded guilty to conspiring to defraud investors, admitting to one count of conspiracy to commit securities fraud and wire fraud in Manhattan federal court.
Ubiquity has come under increasing pressure from the delinquent financial filings and Mitsakos' resignation. Shares are down 80% since the June 20 filing, trading recently at a $3 million market cap.
The Irvine-based company has been transitioning from traditional media and toward augmented and virtual reality work. It began in 2007 as a film and video production, post production, and graphics company, with its own studios.