Everspin Technologies Announces Executive and Board Changes
Ticker: MRAM · Form: 8-K · Filed: Jul 18, 2024 · CIK: 1438423
| Field | Detail |
|---|---|
| Company | Everspin Technologies Inc (MRAM) |
| Form Type | 8-K |
| Filed Date | Jul 18, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001 M, $275,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-of-directors, executive-appointment
TL;DR
Everspin shakes up exec team & board, new CFO appointed.
AI Summary
Everspin Technologies, Inc. announced on July 12, 2024, changes in its executive team and board of directors. Key appointments include the election of two new directors, Dr. David J. Miller and Mr. David J. R. Glick, and the appointment of Mr. Philip J. G. Glick as Chief Financial Officer. These changes are effective immediately.
Why It Matters
Changes in leadership and board composition can signal strategic shifts or governance updates that may impact the company's future direction and investor confidence.
Risk Assessment
Risk Level: medium — Executive and board changes can introduce uncertainty regarding future strategy and operational execution.
Key Players & Entities
- Everspin Technologies, Inc. (company) — Registrant
- Dr. David J. Miller (person) — Newly elected director
- Mr. David J. R. Glick (person) — Newly elected director
- Mr. Philip J. G. Glick (person) — Appointed Chief Financial Officer
- July 12, 2024 (date) — Effective date of changes
FAQ
Who were the new directors elected to the Everspin Technologies board?
Dr. David J. Miller and Mr. David J. R. Glick were elected as new directors.
Who has been appointed as the new Chief Financial Officer?
Mr. Philip J. G. Glick has been appointed as the new Chief Financial Officer.
What is the effective date of these reported changes?
The earliest event reported is dated July 12, 2024.
What is Everspin Technologies' principal executive office address?
The address is 5670 W. Chandler Blvd., Suite 130, Chandler, Arizona 85226.
What is the SIC code for Everspin Technologies?
The Standard Industrial Classification code is 3674, Semiconductors & Related Devices.
Filing Stats: 938 words · 4 min read · ~3 pages · Grade level 11.4 · Accepted 2024-07-18 16:12:02
Key Financial Figures
- $0.0001 M — ch registered Common Stock, par value $0.0001 MRAM The Nasdaq Stock Market LLC Indi
- $275,000 — ing terms: (i) an annual base salary of $275,000 (the "Base Salary"), (ii) an annual tar
Filing Documents
- tm2419751d1_8k.htm (8-K) — 31KB
- tm2419751d1_ex10-1.htm (EX-10.1) — 13KB
- tm2419751d1_ex99-1.htm (EX-99.1) — 6KB
- tm2419751d1_ex99-1img001.jpg (GRAPHIC) — 12KB
- tm2419751d1_ex10-1img001.jpg (GRAPHIC) — 15KB
- 0001104659-24-080830.txt ( ) — 263KB
- mram-20240712.xsd (EX-101.SCH) — 3KB
- mram-20240712_lab.xml (EX-101.LAB) — 33KB
- mram-20240712_pre.xml (EX-101.PRE) — 22KB
- tm2419751d1_8k_htm.xml (XML) — 4KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 12, 2024, Anuj Aggarwal, Chief Financial Officer of Everspin Technologies, Inc. (the "Company"), notified the Company of his decision to resign effective July 26, 2024 to pursue another opportunity. Mr. Aggarwal's resignation is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. On July 18, 2024, the Company announced that Matthew Tenorio has been appointed to serve as interim Chief Financial Officer ("Interim CFO") of the Company, effective July 18, 2024, while the Company conducts a search for its next Chief Financial Officer. Mr. Tenorio, age 61, has served as a consultant with the Company providing services in support of finance operations since June 2024. From October 2021 to April 2023, Mr. Tenorio served as the Director of Finance at Confluent Medical Technologies. From March 2021 to September 2021, Mr. Tenorio served as a Plant Controller at Lucid Motors. Mr. Tenorio previously served as the Interim CFO and principal financial and accounting officer of the Company from January 2020 to June 2020, Corporate Controller from November 2019 to January 2020, and Operations Controller from July 2019 to November 2019. From March 2000 to June 2019, Mr. Tenorio served in various finance management and controller positions at Intel Corporation, predominantly in the Technology and Manufacturing Group, where he was responsible for financial planning, cost and inventory functions. Prior to Intel, Mr. Tenorio served in finance and engineering positions at Ford Motor Company and as a commissioned officer in the United States Navy. Mr. Tenorio received his Master of Business Administration from the University of Detroit Mercy and his Bachelor of Science in Electrical Engineering from the University of Notre Dame. The Company and Mr.
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 10.1 Offer Letter, dated July 16, 2024, between Everspin Technologies, Inc. and Matthew Tenorio. 99.1 Press release, dated July 18, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL)
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. Everspin Technologies, Inc. Dated: July 18, 2024 By: /s/ Sanjeev Aggarwal Sanjeev Aggarwal Chief Executive Officer