Focus Universal Inc. Reports Board Changes and Officer Appointments
Ticker: FCUV · Form: 8-K · Filed: Apr 16, 2024 · CIK: 1590418
Sentiment: neutral
Topics: board-changes, officer-appointments, regulation-fd
TL;DR
Focus Universal Inc. shook up its board and exec team on 4/12.
AI Summary
Focus Universal Inc. announced on April 12, 2024, a change in its board of directors, including the election of new directors and the appointment of certain officers. The company also disclosed compensatory arrangements for its officers and provided a regulation FD disclosure. Financial statements and exhibits were filed as part of this report.
Why It Matters
Changes in board composition and officer appointments can signal shifts in company strategy, leadership, and future direction.
Risk Assessment
Risk Level: medium — Board and officer changes can introduce uncertainty about future strategy and execution.
Key Players & Entities
- FOCUS UNIVERSAL INC. (company) — Registrant
- Nevada (jurisdiction) — State of Incorporation
- April 12, 2024 (date) — Date of Earliest Event Reported
FAQ
What specific changes were made to the board of directors?
The filing indicates the election of directors and departure of directors, but does not specify names or exact changes in this section.
Were any new officers appointed?
Yes, the filing mentions the appointment of certain officers.
What is the primary business of Focus Universal Inc.?
Focus Universal Inc. is in the business of Industrial Instruments for Measurement, Display, and Control (SIC code 3823).
When was the report filed?
The report was filed on April 16, 2024.
What is the principal executive office address?
The principal executive offices are located at 2311 East Locust Street, Ontario, California 91761.
Filing Stats: 754 words · 3 min read · ~3 pages · Grade level 10 · Accepted 2024-04-16 09:59:48
Key Financial Figures
- $0.001 — nge on which registered Common stock, $0.001 par value per share FCUV The Nasdaq S
- $10,000 — Mr. Wang will receive a base salary of $10,000 a month. Mr. Wang brings over 20 years
Filing Documents
- focus_8k.htm (8-K) — 30KB
- focus_ex1001.htm (EX-10.1) — 12KB
- focus_ex9901.htm (EX-99.1) — 6KB
- image_001.jpg (GRAPHIC) — 9KB
- 0001683168-24-002429.txt ( ) — 236KB
- fcuv-20240412.xsd (EX-101.SCH) — 3KB
- fcuv-20240412_lab.xml (EX-101.LAB) — 33KB
- fcuv-20240412_pre.xml (EX-101.PRE) — 22KB
- focus_8k_htm.xml (XML) — 3KB
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 5, 2024, Focus Universal Inc. (the "Company") hired Warren Wang as its Vice President and Chief Strategy Officer. As Vice President and Chief Strategy Officer Mr. Wang will oversee the Company's capital market transactions. In connection with the onboarding of Mr. Wang as the Company's Vice President and Chief Strategy Officer, the Company and Mr. Wang executed an employment agreement on April 5, 2024 (the "Employment Agreement"). The initial term of the Employment Agreement is two years (the "Initial Term"). The Initial Term will automatically renew for an additional one year at the end of the Initial Term upon the mutual agreement of the parties. Mr. Wang's employment is "at will" and, pursuant to the terms of the Employment Agreement, Mr. Wang will receive a base salary of $10,000 a month. Mr. Wang brings over 20 years of experience in financing, listing, and capital operations. He previously served as a board member and chief executive officer of PX SPAC Capital Inc. since February 2022, and as a board member and chief executive officer of PX Capital USA Inc. since March 2019. From March 2019 to January 2022, Mr. Wang served as the chairman and chief executive officer of Hudson Capital Inc, a Nasdaq-listed company. Prior to that role, from July 2018 to March 2019, Mr. Wang also held the positions of chairman and chief executive officer at SSLJ.com Inc., listed on Nasdaq. Mr. Wang obtained an Executive Master of Business Administration degree from Peking University in 2006. The foregoing description of the Employment Agreement is a summary and is qualified in its entirety by reference to the Employment Agreement, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein. A copy of the press release issued by the Company announcing the new Vice President and Chief Stategy O
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Item 7.01 Regulation FD Disclosure A press release issued on April 8, 2024 announcing the appointment. A copy of that press release is attached hereto as Exhibit 99.1.
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Employment Agreement dated April 5, 2024 99.1 Press Release dated April 8, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 16, 2024 FOCUS UNIVERSAL, INC. By: /s/ Desheng Wang Name: Desheng Wang Title: Chief Executive Officer 3