A reverse takeover of the former owner of fashion brand In The Style is being eyed after a winding-up petition against the company was dismissed.
As a result of the ruling by the Business and Property Courts of England and Wales, non-executive chairman James Sharp and executive director Richard Monaghan have resigned from Itsarm's board and the company.
At the same time, David Craven and Jean-Paul Rohan have been appointed to the board as non-executive chairman and non-executive director respectively.
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As reported by BusinessLive earlier this week, the new directors intend to complete a reverse takeover of the company.
In a statement issued to the London Stock Exchange, Itsarm said: "At this time there is no certainty as to the exact structure, identity or timing of such a transaction(s) or as to whether or not such a transaction(s) will happen at all, but the new directors are assessing a number of potential opportunities."
The company has been a cash shell since the disposal of its trading business in March.
If the business is unable to enter into a transaction by September 27, the company's ordinary shares will be suspended from trading on AIM.
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Admission to trading on AIM would then be cancelled six months from the date of suspension.
Mr Craven is the chief executive of Allwyn and recently led the company in its successful bid to operate the 海角视频 National Lottery and the subsequent buyout of incumbent operator Camelot.
He was also a co-founder of broadband and interactive TV media group UPC Chello which was floated in 1999 at a valuation of c.$1bn.
Mr Rohan was a founder of a number of businesses including NetChannel, the first company in the 海角视频 to deliver internet access and interactive services to TV sets via set top boxes, and UPC Chello, a broadband and interactive TV media group.
Since the possibility of a reverse takeover was revealed earlier this week, Itsarm's shares jumped from 0.2p to 2.5p each.