NOVATO, Calif., August 29, 2025 — QT Imaging Holdings, Inc. (“QT Imaging” or the “Company”) (OTCQB: QTIH), a medical device company engaged in research, development, and commercialization of innovative body imaging systems, is pleased to announce the appointment of Jay Jennings as its new Chief Financial Officer, with overall responsibility for operational finance, financial reporting, budgeting and strategic planning, and treasury management. Upon his appointment becoming effective on September 2, 2025, Mr. Jennings will succeed the Company’s current CFO, Anastas (Stas) Budagov, who is stepping down to pursue other finance and accounting opportunities.
“We are delighted to have attracted a financial executive of Jay’s caliber to this key position,” said QTI’s CEO, Dr. Raluca Dinu. “His experience building and managing financial departments for publicly traded companies, as well as leading system implementations focused on driving automation, improved analytics, and cost-savings, will be particularly important as we continue to evolve from a scanner company into a scalable imaging platform, and pursue our planned uplisting to Nasdaq.”
Mr. Jennings has an accomplished history of financial, operational, and strategic leadership success within the digital healthcare and high technology industries. In an executive management career that spans close to 30 years, he has led two go-public transactions, completed various private and public financings, built and managed finance teams ranging up to 100 employees, and been integrally involved in 12 business acquisitions. Mr. Jennings most recently served as Acting Chief Executive Officer and Chief Financial Officer for UpHealth, Inc., a global digital health company. His earlier experience includes executive financial roles at eHealth, Inc., a NASDAQ-listed consumer online marketplace, and MetaCreation Corporation, a NASDAQ-listed developer of visual computing and graphics software and technologies. Prior to launching his corporate career in 1996, Mr. Jennings was an Audit Manager at Ernst & Young, LLP. Mr. Jennings earned a Bachelor of Arts in Economics and Accounting from Claremont McKenna College in 1989.