Innovative Designs Inc. Reports Board Changes
Ticker: IVDN · Form: 8-K · Filed: Sep 27, 2024 · CIK: 1190370
Sentiment: neutral
Topics: board-change, governance
TL;DR
Board shakeup at Innovative Designs Inc. - new director in, one out.
AI Summary
Innovative Designs, Inc. announced on September 26, 2024, a change in its board of directors. Specifically, the company reported the departure of a director and the election of a new director. The filing also touches upon compensatory arrangements for certain officers.
Why It Matters
Changes in a company's board of directors can signal shifts in strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes without any immediate financial implications.
Key Players & Entities
- Innovative Designs, Inc. (company) — Registrant
- September 26, 2024 (date) — Date of earliest event reported
FAQ
Who departed from the board of directors?
The filing indicates the departure of a director, but the specific name is not provided in this excerpt.
Who was elected to the board of directors?
The filing states that a new director was elected, but the specific name is not provided in this excerpt.
What is the principal executive office address of Innovative Designs, Inc.?
The principal executive offices are located at 124 Cherry Street, Pittsburgh, PA 15223.
What is the telephone number for Innovative Designs, Inc.?
The telephone number is 412-799-0305.
What is the fiscal year end for Innovative Designs, Inc.?
The fiscal year end is October 31.
Filing Stats: 546 words · 2 min read · ~2 pages · Grade level 9.9 · Accepted 2024-09-27 13:42:14
Key Financial Figures
- $2,000 — -month period. His compensation will be $2,000 per week. He will also receive a warran
Filing Documents
- e5991_8-k.htm (8-K) — 26KB
- 0001731122-24-001507.txt ( ) — 190KB
- ivdn-20240926.xsd (EX-101.SCH) — 3KB
- ivdn-20240926_lab.xml (EX-101.LAB) — 33KB
- ivdn-20240926_pre.xml (EX-101.PRE) — 24KB
- e5991_8-k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers: Election of Directors;
Item 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On September 26. 2024, the Board of Directors of the registrant terminated Mr. Joseph Riccelli as the registrant's Chief Executive Officer and Chief Financial Officer effective immediately. On the same date the Board of Directors appointed John L. Thomas, Esq as the registrant's Chief Executor Officer, Chief Financial Officer and corporate counsel. Mr. Thomas has served as the registrant's securities counsel for over fifteen years. Mr. Thomas has been a practicing lawyer for over forty years. He is a former Senior Attorney at the U.S. Securities and Exchange Commission, Division of Corporation Finance. He received his law degree from Franklin Piere Laws Center and a master's in business administration from New Hampshire College. He will serve on a part-time basis. for a six-month period. His compensation will be $2,000 per week. He will also receive a warrant to purchase 100,000 shares of common stock with an exercise price of $.12 per share for a term of three years. The warrants have a cashless exercise feature. On the same date, the Borad of Directors appointed Mr. Robert K. Adams as Chairman of the Board of Directors. 2
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. DATE: September 27, 2024 Innovative Designs, Inc. /s/ John Thomas By: John Thomas, Chief Executive Officer 3