Check-Cap Appoints Idan Ben-Shitrit Interim CEO; Alex Ovadia to Depart April 17

TL;DR

**Check-Cap is getting a new interim CEO, Idan Ben-Shitrit, as current CEO Alex Ovadia exits by April 17, 2024.**

AI Summary

Check-Cap Ltd. announced a leadership change, with CEO Alex Ovadia's last day set for April 17, 2024. The Board of Directors appointed Mr. Idan Ben-Shitrit, a current board member since December 2023 and experienced financial advisor, as Interim Chief Executive Officer on January 22, 2024. This matters to investors because a change in leadership, especially an interim appointment, can signal uncertainty or a strategic shift, potentially impacting the company's future direction and stock performance.

Why It Matters

Leadership changes can introduce new strategies or signal underlying issues, directly influencing investor confidence and the company's operational stability.

Risk Assessment

Risk Level: medium — Interim CEO appointments often carry medium risk due to potential strategic shifts and the temporary nature of the role, which can create uncertainty.

Analyst Insight

Investors should monitor future filings for details on the permanent CEO search and any strategic shifts under the interim leadership, as this could impact the company's long-term direction.

Key Numbers

• January 18, 2024 — Board approval date for Alex Ovadia's departure (marks the official decision date regarding the CEO transition)
• April 17, 2024 — Alex Ovadia's last day as CEO (the effective date of the CEO's departure)
• January 22, 2024 — Board approval date for Idan Ben-Shitrit's appointment (the date the interim CEO was officially appointed)
• December 2023 — When Idan Ben-Shitrit joined the Board (shows his prior involvement with the company before becoming Interim CEO)
• 50 — Age of Mr. Ben-Shitrit (provides biographical context for the new Interim CEO)

Key Players & Entities

• Check-Cap Ltd. (company) — the company filing the 6-K
• Alex Ovadia (person) — outgoing CEO of Check-Cap Ltd.
• Idan Ben-Shitrit (person) — appointed Interim Chief Executive Officer and current board member
• Board of Directors (company) — approved the CEO changes
• Zim Group Ltd (company) — former employer of Mr. Ben-Shitrit
• Triton Capital (company) — hedge fund managed by Mr. Ben-Shitrit

Forward-Looking Statements

• Check-Cap Ltd. will likely announce a permanent CEO within the next 6-12 months. (Check-Cap Ltd.) — medium confidence, target: 2025-01-24
• Idan Ben-Shitrit's financial background may lead to a focus on financial restructuring or strategic partnerships. (Idan Ben-Shitrit) — low confidence, target: 2024-07-24

FAQ

Filing Documents

• ea192108-6k_checkcap.htm (6-K) — 20KB
• ea192108ex99-1_checkcap.htm (EX-99.1) — 3KB
• 0001213900-24-006182.txt ( ) — 23KB

From the Filing

OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of January 2024 (Report No. 3) Commission File Number: 001-36848 Check-Cap Ltd. Check-Cap Building Abba Hushi Avenue P.O Box 1271 Isfiya, 3009000, Mount Carmel, Israel (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F CONTENTS Appointment of Interim Chief Executive Officer On January 18, 2024, the Board of Directors (the “Board”) of Check-Cap Ltd. (the “Company”) approved that Mr. Alex Ovadia’s last day as CEO of the Company would be on April 17, 2024. Mr. Alex Ovadia has agreed to help the company through the transition. On January 22, 2024, the Board approved the appointment of Mr. Idan Ben-Shitrit as the Interim Chief Executive Officer (the “Interim CEO”) of the Company. The Board and the Compensation Committee approved the terms of Mr. Ben-Shitrit’s compensation as Interim CEO until the next meeting of shareholders of the Company, in accordance with the Israeli Companies Law 5759-1999 and The Companies Regulations (Relief of Transactions with Interested Parties). Mr. Ben-Shitrit has served as a member of the Board since December 2023 and he will remain a member of the Board following his appointment as Interim CEO. Set forth below is certain biographical information regarding the background and experience of Mr. Ben-Shitrit: Mr. Ben-Shitrit, 50, has served since 2018 as a board member at multiple privately held companies and as a financial and wealth advisor. From 2020 until 2022, Mr. Ben Shitrit served as a manager at Zim Group Ltd and from 2018 until 2020 Mr. Ben Shitrit managed a hedge fund named Triton Capital. From 2016 to 2018, Mr. Ben Shitrit worked as an independent investment banker. From 2009 to 2016, he served as a portfolio and securities manager at Expert Nostro Co., Meitav Nostro, and Altris Nostro. In 2007 and 2008, Mr. Ben Shitrit served as an investment manager at Africa Israel Investment Ltd. and from 2005 to 2007, he served as a Department Senior Manager at Michael Davis Group. Prior to 2005, Mr. Ben Shitrit served as a trader at Harel Investment Company. Mr. Ben Shitrit has a Bachelor of Arts’ degree in Mathematics and Economics from Tel-Aviv University and a Master of Business Administration degree from Herzliya Reichman University. In connection with Mr. Ben-Shitrit’s appointment as Interim CEO, the Company intends to enter into a consulting agreement. Except as otherwise disclosed herein or payments and awards made to Mr. Ben-Shitrit in his role as a member of the Board, Mr. Ben-Shitrit is not a party to any transactions that are disclosable under Item 404 of Regulation S-K. Changes to the Board of Directors On January 21, 2024, the Board appointed Mr. Paul Medeiros, 56, to serve as a director and as the Chairperson of the Board, to hold office until the next annual meeting of shareholders of the Company, or until earlier resignation of removal, to fill an existing vacancy of the Board, as set forth in the Article 42 of the Company’s Articles of Association. Set forth below is certain biographical information regarding the background and experience of Mr. Medeiros: Mr. Medeiros, 56, has served as a Managing Director of Consulting and Technical Services at NSF International from November 2015 until April 2022. Prior to, April 2022 he served as a Manager of Environmental Health at Wellington-Dufferin-Guelph Public Health in Ontario, Canada. Mr. Medeiros holds a master’s degree in food safety and quality assurance from the University of Guelph. Mr. Medeiros also has served on the Program Advisory Committees of Toronto Metropolitan University (Ryerson University) since 2014 and Conestoga College since 2016. 1 The Board concluded that Mr. Medeiros is qualified to serve as a director and is independent under the rules of the Nasdaq Stock Market LLC. Mr. Medeiros is not a party to any transactions that are disclosable under Item 404 of Regulation S-K. On January 21, 2024, the Board appointed Mr. Graham Schmidt, 38, to serve as a director of the Company, to hold office until the next annual meeting of shareholders of the Company, or until earlier resignation of removal, to fill an existing vacancy of the Board, as set forth in Article 42 of the Company’s Articles of Association. On January 22, 2024, Mr. Schmidt, notified the Company of his resignation from his position as a member of the Board. Mr. Schmidt resignation letter is attached as Exhibit 99.1 to this form 6-K. This Report of Foreign Private Issuer on Form 6-K (“Report”) is incorporated by reference into the Company’s Registration and

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