UPDATE 2.30pm: Vmoto chairman Simon Farrell has resigned from the scooter maker's board with the company giving no explanation for his sudden departure.
Rumours of his resignation began circulating last week, sending shares in the company down one cent to 4.8 cents.
Mr Farrell joined the company as non-executive chairman in January last year.
Managing director Charles Chen thanked Mr Farrell for his contribution and input to the company.
"Simon leaves the business in a healthy state at a time when it is delivering on its strategy and growing strongly," he said.
"Vmoto will shortly commence a process to identify new non-executive directors with the appropriate qualifications and experience to further strengthen the board and support the company through its next phase of growth."
The company will hold its annual general meeting today in West Perth.
Vmoto shares continued to lose ground today on the news, closing down 0.2 cents, or 4 per cent, at 4.8 cents.