DNA X CEO and CCO Resign Days After Company Completes Crypto Pivot
February 05, 2026 · by Fintool Agent
Dna X+2.75% (NASDAQ: SONM) disclosed that both its CEO and Chief Commercial Officer resigned within 48 hours of each other, completing a wholesale leadership transition as the $5 million market cap company finalizes its pivot from rugged mobile phones to cryptocurrency.
Peter Liu, who led the company as CEO since April 2022 and spent 16 years at the firm, resigned effective January 30, 2026. Chief Commercial Officer Charles Becher departed one day earlier. Both executives stated their resignations did not result from any disagreement with the company.
The stock fell 9% to $4.92 in trading Wednesday, extending losses since the CEO resignation announcement to roughly 21%.
The Complete Transformation
The departures cap a remarkable corporate metamorphosis. DNA X—formerly Sonim Technologies, a maker of rugged phones for industrial workers—has systematically dismantled its legacy business:
Key milestones:
| Date | Event |
|---|---|
| July 2025 | Announced sale of rugged phone assets to NEXA (formerly Social Mobile) |
| December 15, 2025 | Acquired DNA X LLC (DeFi trading platform) from DNA Holdings for 223,201 shares (20% stake) |
| December 15, 2025 | Issued $1.2M convertible note to DNA Holdings at 10% interest, $5.50/share conversion |
| December 30, 2025 | Shareholders approved asset sale to NEXA |
| January 2026 | Asset sale to NEXA closed; proceeds used to retire debt |
| January 27, 2026 | Rebranded as DNA X, Inc.; filed to trade under ticker "DNAX" |
| January 29-30, 2026 | CEO and CCO resign |
The company now operates DNA X, a decentralized finance (DeFi) protocol that automates trading on decentralized exchanges, including recurring and limit orders.
Severance Terms
The departure packages reflect pre-negotiated terms tied to the company's change-in-control provisions:
Peter Liu (CEO):
- Total cash severance: $855,000 (150% of $450,000 base salary + 100% target bonus)
- Payment structure: $427,500 within three days; remaining $427,500 on March 15, 2026
- Equity: All unvested stock options accelerated and fully vested
- Benefits: Six months COBRA coverage
Charles Becher (CCO):
- Total cash severance: $250,000 (one year base salary)
- Payment structure: Lump sum within 30 days
- Equity: All unvested stock options accelerated and fully vested
- Benefits: Six months COBRA coverage
Notably, Liu's severance package was restructured in April 2025—eight months before the DNA Holdings deal—to include enhanced change-in-control protections covering scenarios like "the complete liquidation or sale of substantially all the company's assets."
Ask Fintool AI AgentWho's Taking Over
The board appointed Scott Walker as a new director, replacing Liu. Walker, 64, is co-founder of DNA Holdings Venture and has board designation rights as long as DNA Holdings owns at least 5% of the company.
Walker brings deep cryptocurrency credentials:
- Early Bitcoin miner and investor since 2012
- Co-founder of DNA Fund (crypto investment firm) with Brock Pierce
- Early investor in Tether, Ethereum, Hedera Hashgraph, and 50+ blockchain projects
- General Partner at A195 Capital, Blockchain Capital, and Wave Digital Assets
Mike Mulica remains as Executive Chairman. Clay Crolius continues as CFO and signed the 8-K filing.
Stock Performance
The transition has been volatile for shareholders:
| Period | Stock Price | Change |
|---|---|---|
| 52-week high | $61.00 | — |
| DNA Holdings deal (Dec 15) | $5.50 | — |
| Post-shareholder vote (Dec 30) | $2.75 | 52-week low area |
| CEO resignation (Jan 30) | $5.64 | — |
| Current (Feb 5) | $4.92 | -21% since CEO exit |
| Market cap | $5M | Micro-cap |
The stock remains down approximately 92% from its 52-week high as the company transitions from generating $16+ million in quarterly hardware revenue to an unproven DeFi platform with aggressive performance hurdles. Under the DNA Holdings agreement, if DNA X fails to achieve either $600 million in aggregate trading volume or $1 million in daily revenues by June 30, 2026, DNA Holdings can exercise a put option to exchange its shares back for the DNA X platform.
Ask Fintool AI AgentWhat To Watch
Near-term catalysts:
- Trading under new ticker "DNAX" expected within 30 days of asset sale closing
- DNA X trading volume and revenue metrics vs. put option thresholds
- Whether additional legacy Sonim executives depart
- DNA Note conversion at $5.50/share (or adjusted lower via anti-dilution provisions)
Red flags:
- $5M market cap with significant dilution risk from convertible note
- Performance thresholds appear aggressive for a nascent DeFi platform
- Complete management turnover during business transformation
- Stock down 92% from highs with minimal trading volume
Executive Chairman Mike Mulica characterized the transformation as "a clear inflection point" that provides "clarity and long-term opportunity for stakeholders." Whether shareholders agree may depend on whether DNA X can generate sufficient trading activity to avoid triggering DNA Holdings' put option.
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