Avant Technologies Reports Material Agreement & Officer Changes
Ticker: AVAI · Form: 8-K · Filed: Jul 15, 2024 · CIK: 1740797
| Field | Detail |
|---|---|
| Company | Avant Technologies Inc. (AVAI) |
| Form Type | 8-K |
| Filed Date | Jul 15, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $720,000, $1,440,000, $180,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, corporate-governance, officer-changes
Related Tickers: AVNT
TL;DR
AVNT filed an 8-K for a material agreement and new execs/directors. Big changes coming?
AI Summary
Avant Technologies, Inc. (AVNT) filed an 8-K on July 15, 2024, reporting a material definitive agreement and changes in its board and officer composition. The company also disclosed financial statements and exhibits. The filing indicates a shift in corporate governance and potential strategic moves.
Why It Matters
This filing signals potential strategic shifts and changes in leadership at Avant Technologies, which could impact the company's future direction and investor outlook.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements and changes in officers/directors, which can introduce uncertainty and potential volatility.
Key Players & Entities
- AVANT TECHNOLOGIES, INC. (company) — Registrant
- TREND INNOVATIONS HOLDING INC. (company) — Former name of registrant
- July 10, 2024 (date) — Earliest event reported date
- July 15, 2024 (date) — Filing date
FAQ
What is the nature of the material definitive agreement reported by Avant Technologies?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not elaborated upon in the provided text.
What changes have occurred regarding Avant Technologies' directors or officers?
The filing reports the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with details on compensatory arrangements.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on July 10, 2024.
What was Avant Technologies' former name?
Avant Technologies, Inc. was formerly known as TREND INNOVATIONS HOLDING INC.
What are the key items disclosed in this 8-K filing?
The key items disclosed are the entry into a material definitive agreement, changes in directors and officers, and financial statements and exhibits.
Filing Stats: 1,152 words · 5 min read · ~4 pages · Grade level 10.5 · Accepted 2024-07-15 06:30:46
Key Financial Figures
- $720,000 — Waggoner will receive a base salary of $720,000 annually (the "Base Salary"), payable i
- $1,440,000 — retroactively, to the Effective Date to $1,440,000 upon the Shares being listed on a natio
- $180,000 — ers that will be determined by dividing $180,000 (which is the CEO`s Base Salary for 3 m
Filing Documents
- avai_8k.htm (8-K) — 29KB
- ex10_1.htm (EX-10.1) — 35KB
- image_001.gif (GRAPHIC) — 7KB
- 0001740797-24-000033.txt ( ) — 250KB
- avai-20240710.xsd (EX-101.SCH) — 3KB
- avai-20240710_lab.xml (EX-101.LAB) — 33KB
- avai-20240710_pre.xml (EX-101.PRE) — 22KB
- avai_8k_htm.xml (XML) — 3KB
01 Entry into a
Item 1.01 Entry into a Material Definitive Agreement. Appointment of CEO: On July 10, 2024 (the "Effective Date"), Avant Technologies, Inc. (the "Company" or "Avant") and Kenneth L. Waggoner entered into an Executive Compensation Agreement (the "Agreement") pursuant to which Mr. Waggoner was retained as Chief Executive Officer ("CEO"). Kenneth L. Waggoner is not a relative of any director or executive officer of the Company and does not own more than 5% of the Company's outstanding common stock. Mr. Waggoner will undertake the responsibilities of CEO, started July 10, 2024, without concurrent membership on the board but as a member of the Senior Management Team. Mr. Waggoner has 45 years of experience in management, business, operations, and law. Mr. Waggoner started his career as an attorney in private practice. From 1986 to 2003, he was senior partner with Brobeck, Phleger and Harrison. From 2003 to 2005, Mr. Waggoner served as the Vice President and General Counsel of Chevron's global downstream operations. Mr. Waggoner served as the Chief Executive Officer, President and General Counsel of PharmaCyte Biotech, Inc. between 2013 and 2022. During that time, he was also the Chairman of the Board. Mr. Waggoner received his Juris Doctorate with honors in 1973 from Loyola University School of Law in Los Angeles. In consideration for serving as CEO, Mr. Waggoner will receive a base salary of $720,000 annually (the "Base Salary"), payable in shares of common stock of the Company ("Shares"). The base salary shall be increased, retroactively, to the Effective Date to $1,440,000 upon the Shares being listed on a national stock exchange. The CEO`s base salary in effect, from time to time, exclusive of any other compensation under the Agreement. The Base Salary shall commence upon the Effective Date. The number of Shares shall be paid on a quarterly basis at the beginning of each quarter ("Payment Date"), prorated for partial quarters that will be determined by dividing
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1
Executive Compensation Agreement between Avant Technologies, Inc. and Kenneth L. Waggoner dated July 10, 2024
Executive Compensation Agreement between Avant Technologies, Inc. and Kenneth L. Waggoner dated July 10, 2024.
SIGNATURES
SIGNATURES In accordance with the requirements of the Securities Act of 1933, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: July 15, 2024 AVANT TECHNOLOGIES, INC. By: /s/ Vitalis Racius Name: Vitalis Racius Title: Chief Financial Officer, Director & Treasurer