Innovative Designs Inc. Reports Officer and Director Changes
Ticker: IVDN · Form: 8-K · Filed: Oct 9, 2024 · CIK: 1190370
Sentiment: neutral
Topics: management-change, corporate-governance, officer-appointment
TL;DR
Innovative Designs Inc. (INOD) filed an 8-K detailing board and officer changes, plus executive pay. Watch for new strategic direction.
AI Summary
Innovative Designs, Inc. filed an 8-K on October 9, 2024, reporting changes related to its board of directors and officers, including elections and appointments. The filing also covers compensatory arrangements for certain officers. The company is incorporated in Delaware and headquartered in Pittsburgh, Pennsylvania.
Why It Matters
Changes in a company's leadership and executive compensation can signal shifts in strategy or governance, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in directors and officers, especially when coupled with compensatory arrangements, can indicate internal shifts that may affect the company's future direction and stability.
Key Numbers
- 000-51791 — Commission File Number (Identifies the company's SEC filing history.)
- 03-0465528 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Innovative Designs, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of Incorporation
- Pittsburgh, Pennsylvania (location) — Principal Executive Offices
FAQ
What specific changes were made to the board of directors or officer positions?
The filing indicates changes related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers,' but the specific details of these changes are not provided in the excerpt.
What are the details of the compensatory arrangements for certain officers?
The filing mentions 'Compensatory Arrangements of Certain Officers' as an item of disclosure, but the specific terms and amounts are not detailed in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on October 9, 2024.
What is the principal business address of Innovative Designs, Inc.?
The principal executive offices are located at 124 Cherry Street, Suite 1, Pittsburgh, Pennsylvania 15223.
What is the SIC code for Innovative Designs, Inc.?
The Standard Industrial Classification code for Innovative Designs, Inc. is 2390, which corresponds to Miscellaneous Fabricated Textile Products.
Filing Stats: 728 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2024-10-09 13:12:33
Key Financial Figures
- $2,000 — seph A. Riccelli's compensation will be $2,000 per week. He will also receive a warran
- $0.12 — common stock with an exercise price of $0.12 per share for a term of three years. I
Filing Documents
- e6018_8k.htm (8-K) — 29KB
- 0001731122-24-001570.txt ( ) — 193KB
- ivdn-20241009.xsd (EX-101.SCH) — 3KB
- ivdn-20241009_lab.xml (EX-101.LAB) — 33KB
- ivdn-20241009_pre.xml (EX-101.PRE) — 24KB
- e6018_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On October 3, 2024, the Board of Directors of the registrant (the "Board") held a special meeting for the purpose of formally invalidating a meeting of the Board purportedly held on September 26, 2024, due to the fact that proper notice of a meeting of the Board on September 26, 2024 was not given as set forth in Section 2.4 of the of the registrant's bylaws. Accordingly, the actions described as having been taken by the Board on September 26, 2024 in the registrant's Current Report on Form 8-K filed on September 27, 2024 have been voided ab initio. Also on October 3, 2024, the Board accepted the resignation of Joseph Riccelli, Sr. as the registrant's Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, effective immediately. The Board also appointed Joseph A. Riccelli to serve as the registrant's Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer, effective immediately. Joseph A. Riccelli has served as the registrant's Vice President of Operations for over fifteen years and was with the registrant at its inception. He will serve in these capacities on an interim basis while the board interviews candidates for the positions. Joseph A. Riccelli's compensation will be $2,000 per week. He will also receive a warrant to purchase 100,000 shares of the registrant's common stock with an exercise price of $0.12 per share for a term of three years. In addition, on October 3, 2024, the Board of Directors determined that Joseph Riccelli, Sr. will continue to serve as Chairman of the Board of Directors. It is expected that the registrant will retain Joseph Riccelli, Sr. as a consultant to facilitate a smooth transition and for his vast knowledge of the production and products, and the relationships with the registrant's most important vendors. There are no arr
(a) of Regulation S-K
Item 404(a) of Regulation S-K. 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. Innovative Designs, Inc. (Registrant) Date: October 9, 2024 /s/ Joseph A. Riccelli Joseph A. Riccelli Interim Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer