Cineverse Appoints Rey Puentenegra as Vice President, Corporate Controller

Rhea-AI Summary

Cineverse (NASDAQ: CNVS) has appointed Rey Puentenegra as Vice President, Corporate Controller, effective immediately. With over 20 years of experience across Industry, Audit and Regulatory Sectors, Puentenegra will oversee all financial and accounting functions, reporting to CFO Mark Lindsey. His responsibilities include managing accounting operations, regulatory reporting, audit preparation, and internal control policies. Previously Controller at YOUNGLA, Puentenegra has held positions at major firms including KPMG, PwC, and PCAOB. As part of his appointment, he received 85,000 stock appreciation rights with a ten-year term, exercise price of $2.74, vesting over three years from 2025 to 2027.

Positive

• Appointment of experienced financial executive with over 20 years in industry, audit, and regulatory sectors
• Stock-based compensation structure aligns with long-term company interests through 3-year vesting period

Negative

• None.

LOS ANGELES, Nov. 5, 2024 /PRNewswire/ -- Cineverse (NASDAQ: CNVS), an innovative streaming entertainment and technology company, today announced that it has hired Rey Puentenegra as Vice President, Corporate Controller. Leveraging over 20 years of combined experience across the Industry, Audit and Regulatory Sectors, Puentenegra will oversee all financial and accounting functions across Cineverse's entire business. He will manage day-to-day operations of the accounting department while taking ownership of corporate accounting, regulatory and financial reporting, audit preparation, and the continual development of internal control policies and procedures. Puentenegra's appointment is effective immediately, and he will report directly to Mark Lindsey, Chief Financial Officer of Cineverse.

For more than two decades, Puentenegra has been responsible for financial and accounting management, SEC reporting and technical accounting, IPO and SPAC consulting, and process systems implementation and optimization across public and private companies, Big 4 accounting firms, and the Public Company Accounting Oversight Board (PCAOB). Prior to joining Cineverse, Puentenegra served as Controller at YOUNGLA, a fitness and lifestyle apparel e-commerce company, where he oversaw the finance and accounting team as well as managed an outside accounting firm and the company's primary banking relationship. He was responsible for developing and implementing the initial finance operations structure in addition to the company's Enterprise Resource Planning. Throughout his career, Puentenegra has served in finance and accounting roles for KPMG, PricewaterhouseCoopers (PwC), Reading International, Global Eagle Entertainment, Corporate Finance Group, XOS, and Spatial Genomics. As Inspections Specialist at PCAOB, he inspected the audits of the Big 4 and mid-tier firms in both the U.S. and foreign jurisdictions.

In connection with his joining the Company, Puentenegra received stock appreciation rights (the "SARs") for 85,000 shares of Cineverse's Class A Common Stock (the "Common Stock"), having a ten-year term and an exercise price equal to $2.74, and vesting 1/3 on November 4 of each of 2025, 2026 and 2027. The grant of SARs is an inducement grant pursuant to NASDAQ listing Rule 5635(c)(4).

ABOUT CINEVERSE

On a mission to uplift storytellers and entertain fans with the power of technology, Cineverse  (NASDAQ: CNVS) distributes over 71,000 premium films, series, and podcasts. Engaging over 150 million unique monthly users, Cineverse delivers more than one billion minutes of curated content each month – connecting fans with stories that resonate.

With properties like the box office sensation, Terrifier 3, iconic horror destination, Bloody Disgusting, the Bob Ross Channel, women's entertainment channel Dove, and a leading podcast network, Cineverse is the first stop for audiences seeking authentic and experiential content. From a vibrant lineup of titles and fandom channels, to next-gen advertising offerings and streaming solutions, Cineverse is setting the stage for a new era of entertainment.

Contacts:

For Media
The Lippin Group for Cineverse, cineverse@lippingroup.com

For Investors
Julie Milstead, investorrelations@cineverse.com

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SOURCE Cineverse Corp.

FAQ

Who is the new Vice President, Corporate Controller at Cineverse (CNVS)?

Rey Puentenegra has been appointed as Vice President, Corporate Controller at Cineverse, bringing over 20 years of experience in financial and accounting management.

What compensation package did Cineverse (CNVS) offer to Rey Puentenegra?

Rey Puentenegra received 85,000 stock appreciation rights with a $2.74 exercise price, vesting one-third annually from 2025 to 2027, with a ten-year term.

What are Rey Puentenegra's main responsibilities at Cineverse (CNVS)?

Puentenegra will oversee all financial and accounting functions, manage day-to-day accounting operations, handle regulatory reporting, audit preparation, and develop internal control policies.