AvePoint CFO Resigns; Search for Successor Underway
Ticker: AVPT · Form: 8-K · Filed: Sep 26, 2024 · CIK: 1777921
| Field | Detail |
|---|---|
| Company | Avepoint, Inc. (AVPT) |
| Form Type | 8-K |
| Filed Date | Sep 26, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $11.50, $2.50, $2.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: cfo-departure, management-change
Related Tickers: AVPT
TL;DR
AvePoint CFO Tim Adams out as of 9/23, company looking for new finance chief.
AI Summary
On September 25, 2024, AvePoint, Inc. filed an 8-K report to disclose the resignation of its Chief Financial Officer, Timothy D. Adams, effective September 23, 2024. The company has initiated a search for a new CFO and has appointed an interim CFO. The filing also notes that Mr. Adams' departure was not related to any disagreements with the company's accounting or financial practices.
Why It Matters
The departure of a CFO can signal changes in financial strategy or stability, prompting investor scrutiny. AvePoint's announcement aims to reassure stakeholders by stating the resignation is amicable and a search for a replacement is active.
Risk Assessment
Risk Level: medium — The departure of a CFO, even if amicable, can create uncertainty regarding financial leadership and strategy, potentially impacting investor confidence.
Key Players & Entities
- AvePoint, Inc. (company) — Registrant
- Timothy D. Adams (person) — Resigning Chief Financial Officer
- September 25, 2024 (date) — Filing date
- September 23, 2024 (date) — Effective date of CFO resignation
FAQ
Who is the outgoing Chief Financial Officer of AvePoint, Inc.?
The outgoing Chief Financial Officer of AvePoint, Inc. is Timothy D. Adams.
When was Timothy D. Adams' resignation effective?
Timothy D. Adams' resignation was effective September 23, 2024.
What is the reason cited for Mr. Adams' departure?
The filing states that Mr. Adams' departure was not the result of any disagreement with the company's accounting or financial practices.
What is AvePoint, Inc. doing to address the CFO vacancy?
AvePoint, Inc. has initiated a search for a new Chief Financial Officer and has appointed an interim CFO.
On what date was this 8-K filing submitted?
This 8-K filing was submitted on September 25, 2024.
Filing Stats: 652 words · 3 min read · ~2 pages · Grade level 10.6 · Accepted 2024-09-26 17:26:29
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share AVPT The Nasdaq Global Se
- $11.50 — of Common Stock at an exercise price of $11.50 per share AVPTW The Nasdaq Global S
- $2.50 — .0001 per share, at a purchase price of $2.50 per Warrant in cash, without interest.
- $2.00 — to redeem each outstanding Warrant for $2.00 in cash, without interest (such amendme
Filing Documents
- avpt20240926_8k.htm (8-K) — 29KB
- ex_727779.htm (EX-99.1) — 13KB
- 0001437749-24-030092.txt ( ) — 194KB
- avpt-20240925.xsd (EX-101.SCH) — 4KB
- avpt-20240925_def.xml (EX-101.DEF) — 13KB
- avpt-20240925_lab.xml (EX-101.LAB) — 18KB
- avpt-20240925_pre.xml (EX-101.PRE) — 13KB
- avpt20240926_8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On September 26, 2024, AvePoint, Inc. (" AvePoint " or the " Company ") announced the expiration and results of its offer to purchase (the " Offer ") all of its outstanding public warrants (the " Warrants ") to purchase shares of its common stock, par value $0.0001 per share, at a purchase price of $2.50 per Warrant in cash, without interest. AvePoint has been advised that, as of the expiration of the Offer, 1,596,314 Warrants had been validly tendered and not validly withdrawn, representing approximately 9.1% of the outstanding Warrants. The Company has accepted all validly tendered Warrants for purchase and expects to settle such purchase promptly. In addition, AvePoint also announced the results of its consent solicitation (the " Consent Solicitation ") to amend the Warrant Agreement, dated September 16, 2019, by and between Apex Technology Acquisition Corporation and Continental Stock Transfer & Trust Company (the " Warrant Agreement "), to permit AvePoint to redeem each outstanding Warrant for $2.00 in cash, without interest (such amendment, the " Warrant Amendment "). Because the holders of less than 50.1% of the Warrants consented to the Warrant Amendment, which is the requisite consent threshold set by the Warrant Agreement, the Warrant Amendment was not approved. A copy of the press release announcing the results of the Offer and Consent Solicitation is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release, dated as of September 26, 2024, issued by AvePoint, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: September 26, 2024 AVEPOINT, INC. By: /s/ Brian Michael Brown Name: Brian Michael Brown Title: Chief Legal & Compliance Officer and Secretary