The Bubs Australia Ltd (ASX: BUB) share price closed in the red on Wednesday.
Bubs shares fell 2.63% to 18.5 cents apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) dropped 1.64% today.
So what was going on with the Bubs share price today?
Image source: Getty Images
What's going on?
Bubs founder and former CEO Kristy Carr has been hitting media headlines today.
In a statement on LinkedIn, Carr advised an "alliance" of "long-term concerned" Bubs shareholders have launched a campaign to "Save our Bubs".
In a proposed board spill, the Save Our Bubs Group nominated Peter Nathan as the proposed new CEO and managing director and James Jackson as the independent non-executive chair. Rupert Soar was proposed as the non-executive director.
Commenting in a social media post, Carr said:
As the Founder and Bubs 4th largest shareholder, and an expert in the infant formula industry in Australia, USA and China, I have no confidence the current Board has the relevant experience to oversee the management and strategic direction of this great Company.
Bubs released a short update to the market on Wednesday of non-executive resignations. The brief statement said:
Bubs Australia announces the resignations of Mr Dennis Wuei-Chang Lin and Mrs Kristy-Lee Newland Carr as Non-Executive Directors of the Company effective 30 May 2023.
This follows the cessation of their executive roles announced earlier this month.
Carr was terminated by the company with "immediate effect" in early May, as my Foolish colleague Sebastian reported at the time.
Meanwhile, a drop in the milk price guidance also weighed on the market today. A2 Milk Company Limited (ASX: A2M) shares closed 0.56% lower today.
This follows news that Synlait Milk Ltd (ASX: SM1) dropped its predicted base milk price for FY23 to $7.60 per kilogram of milk solids. This is 1.2% less than previous guidance.
Share price snapshot
The Bubs share price has descended nearly 70% in a year.
Bubs has a market capitalisation of about $139 million based on the latest share price.
