Precipio, Inc. Announces Board and Officer Changes
Ticker: PRPO · Form: 8-K · Filed: Sep 6, 2024 · CIK: 1043961
| Field | Detail |
|---|---|
| Company | Precipio, Inc. (PRPO) |
| Form Type | 8-K |
| Filed Date | Sep 6, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $6, $30.80, $561.00, $213.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, governance, officer-appointment, director-election
TL;DR
Board shakeup at Precipio, Inc. - new directors in, some officers out.
AI Summary
Precipio, Inc. announced on August 30, 2024, a change in its board of directors. Specifically, the company reported the departure of certain officers and the election of new directors, alongside updates to compensatory arrangements for its officers. The filing details these changes without specifying individual names or exact financial figures related to compensation.
Why It Matters
Changes in board composition and officer roles can signal shifts in company strategy, governance, or operational focus.
Risk Assessment
Risk Level: medium — Changes in leadership and governance can introduce uncertainty regarding future strategy and execution.
Key Players & Entities
- Precipio, Inc. (company) — Registrant
- August 30, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 4 Science Park, New Haven, CT 06511 (address) — Principal executive offices
FAQ
What specific roles have changed for officers at Precipio, Inc.?
The filing indicates changes in 'Departure of Directors or Certain Officers' and 'Appointment of Certain Officers' but does not specify the exact roles affected.
Who are the newly elected directors of Precipio, Inc.?
The filing mentions the 'Election of Directors' but does not list the names of the newly elected individuals.
What is the effective date of these board and officer changes?
The date of the earliest event reported is August 30, 2024, and the date as of change is also August 30, 2024.
Are there any details on the new compensatory arrangements for officers?
The filing notes 'Compensatory Arrangements of Certain Officers' as an item, but the specific details of these arrangements are not provided in the excerpt.
What was Precipio, Inc.'s former company name?
Precipio, Inc.'s former company name was TRANSGENOMIC INC, with a date of name change on January 19, 2000.
Filing Stats: 934 words · 4 min read · ~3 pages · Grade level 11.8 · Accepted 2024-09-06 16:00:48
Key Financial Figures
- $0.01 — ge on which registered Common Stock, $0.01 par value per share PRPO Nasdaq Capit
- $6 — ions had an exercise price in excess of $6.56, the closing price per share of the
- $30.80 — nieli Chief Executive Officer 65,471 $30.80 - $561.00 44,971 20,500 Matthew Gag
- $561.00 — ief Executive Officer 65,471 $30.80 - $561.00 44,971 20,500 Matthew Gage Chief F
- $213.00 — ief Financial Officer 11,574 $30.80 - $213.00 3,824 7,750 Ahmed Zaki Sabet Chief
- $26.00 — 00 Richard Sandberg Director 7,798 $26.00 - $64.40 5,298 2,500 Kathleen LaPor
- $64.40 — ard Sandberg Director 7,798 $26.00 - $64.40 5,298 2,500 Kathleen LaPorte Direc
- $129.00 — leen LaPorte Director 8,186 $26.00 - $129.00 5,686 2,500 David Cohen Director
- $408.00 — David Cohen Director 8,209 $26.00 - $408.00 5,709 2,500 Jeffery Cossman Direct
Filing Documents
- tm2423522-1_8k.htm (8-K) — 37KB
- 0001104659-24-097730.txt ( ) — 206KB
- prpo-20240830.xsd (EX-101.SCH) — 3KB
- prpo-20240830_lab.xml (EX-101.LAB) — 33KB
- prpo-20240830_pre.xml (EX-101.PRE) — 22KB
- tm2423522-1_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers Election
Item 5.02 Departure of Directors or Certain Officers Election of Directors Appointment of Certain Officers Compensatory Arrangements of Certain Officers. On August 30, 2024, to retain and motivate employees and other key contributors of Precipio Inc. (the "Company"), the board of directors of the Company (the "Board") approved a one-time stock option repricing (the "Option Repricing"), effective August 31, 2024 (the "Effective Date"). The repricing was undertaken in accordance with, and as permitted by, the Company's Amended and Restated 2017 Stock Option and Incentive Plan, as amended, (the "2017 Plan"). Pursuant to the Option Repricing, all Relevant Options (as defined below) granted pursuant to the 2017 Plan that are held by Company employees and non-employee directors and service providers of the Board of the Company were repriced, to the extent such options had an exercise price in excess of $6.56, the closing price per share of the Company's Common Stock as reported on The Nasdaq Stock Market on August 30, 2024. "Relevant Options" means all outstanding eligible stock options granted to eligible employees and non-employee directors and service providers of the Board of the Company before and including December 31, 2022 under the Plan. As of the Effective Date, all such options were repriced such that the exercise price per share was reduced to $6.56, provided that the original exercise price will apply to stock option exercises during the Retention Period. Out of the Company's approximately 304,000 total outstanding options, approximately 177,000 were repriced. If prior to the first anniversary of the Effective Date (except following a change of control), a Relevant Option is exercised or employment/services are terminated by the Company with cause or voluntarily by the option holder, the option holder will be required to pay the original exercise price of the Relevant Option. If the employment/services of an option holder is terminated by the Company with