INTRUSION Inc. CEO Resigns, CFO Takes Interim Role

TL;DR

Intrusion Inc. CEO Michael Gallagher out, CFO Robert Gentry steps in as interim. Settlement reached.

AI Summary

On March 11, 2024, INTRUSION Inc. announced the resignation of its Chief Executive Officer, Michael L. Gallagher, and the appointment of its Chief Financial Officer, Robert L. Gentry, as interim CEO. The company also disclosed that it has entered into a settlement agreement with Mr. Gallagher regarding his separation, the terms of which are not fully detailed but involve a release of claims. The company's principal executive offices are located at 101 East Park Blvd, Suite 1200, Plano, Texas.

Why It Matters

The sudden departure of a CEO and the appointment of an interim successor can signal strategic shifts or internal challenges within a company, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — CEO departures, especially when accompanied by settlements, can introduce uncertainty regarding leadership stability and future strategy.

Key Players & Entities

• INTRUSION INC. (company) — Registrant
• Michael L. Gallagher (person) — Resigning CEO
• Robert L. Gentry (person) — Interim CEO and CFO
• March 11, 2024 (date) — Date of earliest event reported
• 101 East Park Blvd, Suite 1200, Plano, Texas 75074 (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share INTZ NASDAQ Capit
• $0.20 — arrants, at a reduced exercise price of $0.20 per share (the " Exercise Price "), dur

Filing Documents

• intrusion_8k.htm (8-K) — 26KB
• 0001683168-24-001648.txt ( ) — 194KB
• intz-20240311.xsd (EX-101.SCH) — 3KB
• intz-20240311_lab.xml (EX-101.LAB) — 33KB
• intz-20240311_pre.xml (EX-101.PRE) — 22KB
• intrusion_8k_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events As previously disclosed, on or about November 8, 2023, Intrusion Inc. (the "Company") issued certain common stock purchase warrants to purchase up to 8,718,748 shares of common stock (collectively, the "November 2023 Warrants"). On March 11, 2024, the Company's Board of Directors approved entry into an inducement letter (the "Inducement Letter") to lower the exercise price of the November 2023 Warrants. Pursuant to the terms of the Inducement Letter and subject to Nasdaq approval, the Company informed holders of the November 2023 Warrants about the opportunity to exercise the November 2023 Warrants, in accordance with the terms of the November 2023 Warrants, at a reduced exercise price of $0.20 per share (the " Exercise Price "), during the period beginning on March 11, 2024 and continuing through March 29, 2024. The Exercise Price represented the current Minimum Price or the Consolidated Closing Bid Price for insider participation as of March 11, 2024. On March 21, 2024, the Company received Nasdaq approval of the Exercise Price based on a change of circumstances since the issuance of the November 2023 Warrants. 2 SIGNATURE 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. Intrusion, Inc. Dated: March 22, 2024 By: /s/ Kimberly Pinson Kimberly Pinson Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR