Key Highlights

  • Net appointed Cesar Herrera to its Board, Audit Committee, and Compensation Committee.
  • The appointment follows Avi Liss's resignation from the Board, effective August 27, 2026.
  • Liss resigned due to allegations in an SEC civil action and did not wish to remain associated with the company.
  • Herrera's appointment was effective August 30, 2026, and he will serve until the next annual meeting.

Net appointed Cesar Herrera to its Board of Directors and to its Audit and Compensation Committees, effective August 30, 2026, following the resignation of director Avi Liss.

What Happened

Liss resigned from the Board effective August 27, 2026, due to allegations in an SEC civil action and stated he did not wish to remain associated with the company. He also resigned from all Board committees, including the Audit Committee. Herrera fills the vacancy created by Liss's resignation and will serve until the company's next annual meeting.

Market Reaction

Shares fell nearly 39% amid the disclosure, reflecting investor concern over the circumstances surrounding Liss's departure and its association with an SEC civil action.

Outlook

Herrera has served as a director and CEO of KRTL Holding Group Inc. since December 2021 and has held a California real estate broker license since 2006. The Board determined he qualifies as an independent director, though he was not designated as an audit committee financial expert.