DeFi announces name change, warrant extension and new chief executive

DeFi Development Corp UK PLC on Monday said it intends to change its name to Cykel AI PLC, and that its chair, chief executive and chief financial officer are stepping down.

The stock had more than doubled to 28.50 pence per share as of Monday afternoon in London.

DeFi, the provider of an artificial intelligence platform that allows businesses to automate tasks, said the name change better reflects its strategic repositioning and renewed focus on AI.

Non-Executive Chair Hadley Stern, Chief Executive Officer Michael Chan, and Chief Financial Officer Nathalie Maggi are stepping down from their respective roles with effect from June 30.

Co-Founder & Chief AI Officer Ewan Collinge, however, will remain as a director to "[provide] continuity as the company pursues its renewed focus on artificial intelligence."

DeFi has appointed Gerald Tritt as its new CEO, effective immediately. He is currently the CEO of Jolt Health Inc and of Clara Technologies Corp, and is "co-founder, co-owner and CEO of restaurant concepts including Vera's Burger Shack."

"[Tritt] is a seasoned business leader with extensive experience in capital markets, corporate governance, and early-stage investing...As an investor in a diverse range of start-up ventures, [he] brings deep expertise in capital markets, corporate governance, and strategic growth," DeFi said.

Furthermore, DeFi and a group of strategic investors have agreed to extend its deadline to satisfy certain conditions regarding a recent subscription fundraise until June 29, 2028.

DeFi in late August, 2025 announced a £2.8 million gross fundraise through the investors' subscriptions for pre-paid warrants. They were also to receive cash warrants over new ordinary shares. However, the warrants cannot be exercised until the conditions are satisfied, for which the original deadline was November 31, although this has been extended twice this year.

"The board is confident that the extension will allow the company to progress its development in an orderly manner and is committed to updating shareholders as and when there are material developments," DeFi said.

Finally, DeFi announced the termination of its revolving credit facility agreement, announced on January 26, with DeFi Development Corp.

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