Mag Magna Corp. (OTCID: MGNC) announced on February 24, 2026 that Jamal Khurshid will become its new chief executive officer. Khurshid, a fintech veteran with experience at major financial institutions and in digital asset ventures, will take over from the outgoing CEO on January 27, 2026.
The announcement also revealed that the board of directors will be expanded to 12 members, adding Gonca Demir, Daniel Marcus, and Nicholas Gregory. Demir, a former executive at a leading cryptocurrency exchange, Marcus, a former investment banker, and Gregory, a seasoned legal counsel, were appointed to the board on February 9, 2026, and all four new directors were formally added to the board on February 24, 2026.
The leadership changes come after Wang Gang acquired a 77.20% stake in Mag Magna in June 2025, and they signal a shift in strategy. The company has moved away from its original focus on poultry‑farming technology and agricultural solutions and is now pursuing the acquisition and development of rare‑earth mineral properties. This pivot is intended to create new revenue streams and address the company’s ongoing capital challenges.
Mag Magna’s financials underscore the urgency of the transition. For the six months ended October 31, 2025, the company reported no revenue, compared with $21,334 in the same period a year earlier, and a net loss of $97,714, widening its accumulated deficit. The company’s cash position was zero as of July 31, 2025, and operating cash use was funded by related‑party advances. The recent acquisition of mineral rights for $10.3 million, paid in cash and stock, further illustrates the capital intensity of the new strategy.
Management’s focus on the rare‑earth initiative reflects a broader industry trend toward securing critical minerals for technology and defense applications. By bringing in directors with expertise in finance, law, and cryptocurrency markets, Mag Magna aims to strengthen its capital‑raising capabilities and navigate the regulatory landscape associated with mineral exploration and extraction.
The board expansion and CEO appointment are expected to provide the governance and strategic direction needed to execute the pivot, address liquidity constraints, and position the company for long‑term growth in a high‑demand sector.
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