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$AVAX One Technology, the Nasdaq-listed digital infrastructure company that mines bitcoin and holds a strategic Avalanche treasury, said Chief Executive Jolie Kahn resigned effective July 3, with Chief Operating Officer Pete Wylie stepping in as interim CEO, according to an 8-K filing with the Securities and Exchange Commission.
The company, which trades as AVX, said the departure came "by mutual agreement" and that there was no disagreement over the company's operations, policies or practices, per the filing. The board has retained ZRG Partners, a global executive search firm, to find a permanent successor.
Separation Terms
Kahn will receive a $160,000 lump-sum cash payment in lieu of remaining consulting fees, reimbursement for certain medical insurance costs, and a grant of unregistered common stock with a fair market value of $250,000, under a Separation and Release Agreement dated July 5, according to the 8-K filing. The agreement terminates Kahn's consulting agreement with the company, dated November 1, 2025, and keeps her bound to non-competition, non-solicitation and non-disparagement terms.
Wylie will receive total compensation of $40,000 a month in the expanded role while continuing as COO, the filing shows.
Leadership Transition
Board chairman Matt Zhang said in the announcement that Kahn "played an instrumental role in positioning $AVAX One for long-term success as we transformed into a digital infrastructure company," and that the board has "full confidence in Pete's ability to lead the Company through this transition."
Wylie previously served as CFO of Napster Holdings through its 2025 acquisition by Infinite Reality and as CFO/COO of consumer lender CommonBond, according to the press release. He also co-founded fintech company Gradible, which CommonBond acquired in 2016.
"I am honored and grateful for the opportunity to lead $AVAX One through this transition," Wylie said in the release, adding that he is "committed to keeping the team focused on execution and delivering long-term shareholder value" while the board runs its search.
Nasdaq Compliance Backdrop
The leadership change comes as $AVAX One works to clear a Nasdaq listing deficiency. The company received a notice for falling below Nasdaq's $1.00 minimum closing bid price requirement and faced a compliance deadline of July 6 — the same day its CEO transition became public — to show 10 consecutive trading days back above that threshold. Shareholders approved a 1-for-12 reverse stock split on May 29, which took effect June 15 and cut $AVAX One's share count from roughly 92.3 million to about 7.7 million, according to a company press release.
$AVAX One describes itself as a digital infrastructure company building modular data centers for AI and high-performance computing, while also mining bitcoin in Alberta and Ohio at roughly 300 PH/s of hashrate and holding a strategic $AVAX treasury that earns staking yield, according to the press release.
Avalanche Treasury Corp (AVAT), a separate Nasdaq-listed $AVAX treasury vehicle that The Defiant reported in July disclosed a going-concern warning to the SEC after its stock crashed 93% in a month.