Matternet Makes CEO Andreas Raptopoulos Its CFO Too, Effective September 29, 2026: What the Filing Says

Matternet, Inc. (OTCQB: MTTN), a drone delivery company based in Mountain View, California, has made its chief executive, Andreas Raptopoulos, its chief financial officer as well. According to the company's Form 8-K, the board made the appointment on 25 September 2026, effective 29 September 2026. He keeps the CEO job and takes over from Jason Secore, whose employment ended the same day.

This post sticks to what the filings say. They give no reason for the combined role, so none is offered here.

What did Matternet announce?

Matternet disclosed that its board appointed Raptopoulos to the position of Chief Financial Officer, serving as principal financial and accounting officer "in addition to his duties as our principal executive officer". The board acted on 25 September 2026 and the change took effect on 29 September 2026.

The disclosure is an Item 5.02 report on a Form 8-K, filed on 28 September 2026 and reproduced in a prospectus supplement the same day. The 8-K points readers to the company's earlier filing of 29 May 2026 for Raptopoulos' biography. For how to read that item type yourself, see our guide to reading an 8-K Item 5.02.

Who is Andreas Raptopoulos?

Raptopoulos is Matternet's founder. The company's May 2026 8-K says he has served as CEO and a member of the board since 2011.

Nothing in that biography describes prior experience as a chief financial officer. The filing does not address the point either way.

What happens to Jason Secore?

Secore's employment ended on 29 September 2026, the same day Raptopoulos took the CFO title. Matternet's filing says his departure "is not related to any disagreement" with the company over operations, policies or practices.

Secore had been CFO since February 2023, according to the May 2026 8-K. Matternet's later 8-K signed on 7 October 2026 discloses a separation agreement dated 1 October 2026:

• A cash payment of $156,146.
• An extension of the post-termination exercise period for his equity awards until 18 months after the company's stock is first listed on Nasdaq, the NYSE or NYSE American.
• An agreement that he will be available for periodic consultations with the CEO during that period.

Separately, Surf Air Mobility's 8-K says Secore was appointed its CFO effective 30 September 2026, replacing Oliver Reeves. Matternet's own filings do not mention his next role, and neither company's filing states a link between the two events.

What is the timeline of the CFO change?

The transition ran from a June announcement to the October separation agreement. Each date below comes from a Matternet or Surf Air filing.

Can one person be both CEO and CFO of a public company?

Yes. SEC staff guidance says that if the same individual is both principal executive officer and principal financial officer, he or she may provide one certification with both titles under the signature.

That matches how Matternet has signed since the change. The 7 October filing carries both titles under Raptopoulos' name. Earlier, his signature line read only "Chief Executive Officer", as in the 8-K dated 30 July 2026 that reported a new director.

The guidance covers the certification mechanics. It does not say whether the arrangement is wise for any particular company. That is a governance judgment the filings do not make.

What does the combined role signal?

On the evidence in the filings, the combined role signals only what the company has stated: Matternet has no separate CFO as of the 7 October 2026 filing, and its CEO holds the principal financial and accounting officer role. The filings offer no explanation, so any reading of motive would be inference.

Here is what the 8-K does and does not say:

Some context from company filings helps frame the situation without predicting anything. Matternet, Inc. was formerly Los Altos Ventures Corp., and a reverse merger closed on 22 May 2026. It describes itself in the prospectus supplement as an "emerging growth company" and a "smaller reporting company", and its stock trades on the OTCQB Venture Market.

Our guide to checking a CFO change in SEC filings explains what each filing type should contain, and the piece on planned versus abrupt succession 8-Ks covers how to read the language around a departure.

What's still unclear?

Several points are open, and the filings do not resolve them.

• Duration. The filing does not say whether Raptopoulos will hold both roles for a set period or indefinitely.
• The search. The company said on 28 September 2026 that it had commenced a search for Secore's successor. The 7 October filing repeats that history but gives no update, so it is unclear whether the search is continuing.
• Pay. The filing describes no compensation change for the CFO duties.
• Reason for the transition. The June 2026 filing described a mutual agreement to begin a transition. No filing explains what prompted it.
• Weakest point of any "signal" argument. A company can combine the roles for many reasons, and the filing states none. Reading a message into the change goes beyond the document.
• Concentration of roles. Raptopoulos is also a director and, per the May 2026 ownership table, holds 16.1% of the shares. Whether the board has put any additional oversight in place for financial reporting is not stated.

The primary documents to watch are Matternet's next 8-K and its next periodic report, which will show who signs the financial statements and certifications.

Last checked: 15 October 2026.