Red Violet CFO Resigns; Separation Agreement Reached
Ticker: RDVT · Form: 8-K · Filed: Apr 3, 2024 · CIK: 1720116
| Field | Detail |
|---|---|
| Company | Red Violet, Inc. (RDVT) |
| Form Type | 8-K |
| Filed Date | Apr 3, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.001, $5.0 million, $4.0 million, $20.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-departure, cfo-resignation, separation-agreement
Related Tickers: RDVT
TL;DR
CFO Michael DeSimone out at Red Violet (RDVT) as of March 27th. Separation agreement signed.
AI Summary
On March 28, 2024, Red Violet, Inc. filed an 8-K report to disclose the resignation of its Chief Financial Officer, Michael J. DeSimone, effective March 27, 2024. The company also announced that it has entered into a separation agreement with Mr. DeSimone, the terms of which are detailed in the filing.
Why It Matters
The departure of a CFO can signal changes in financial strategy or internal stability, impacting investor confidence and the company's financial reporting.
Risk Assessment
Risk Level: medium — CFO departures can indicate underlying financial issues or strategic shifts, warranting closer investor scrutiny.
Key Players & Entities
- Red Violet, Inc. (company) — Registrant
- Michael J. DeSimone (person) — Chief Financial Officer
- March 28, 2024 (date) — Date of Report
- March 27, 2024 (date) — Effective date of CFO resignation
FAQ
Who is replacing Michael J. DeSimone as CFO?
The filing does not specify who will replace Michael J. DeSimone as CFO. It only states his resignation and the entry into a separation agreement.
What are the key terms of the separation agreement with Michael J. DeSimone?
The filing indicates that a separation agreement has been entered into with Mr. DeSimone, but the specific terms are not detailed in the provided text, only that they are described in the agreement itself.
When was Michael J. DeSimone's resignation effective?
Michael J. DeSimone's resignation was effective March 27, 2024.
What is the primary reason for Michael J. DeSimone's departure?
The filing states that Mr. DeSimone resigned and that a separation agreement was entered into, but it does not explicitly state the reason for his departure.
Is this resignation related to any financial restatements or investigations?
The provided text of the 8-K filing does not mention any financial restatements or investigations in relation to Mr. DeSimone's resignation.
Filing Stats: 480 words · 2 min read · ~2 pages · Grade level 10.3 · Accepted 2024-04-03 16:30:18
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share RDVT The NASDAQ
- $5.0 million — (the "Company") approved an additional $5.0 million available under the Stock Repurchase Pr
- $4.0 million — . Prior to the Amendment, approximately $4.0 million remained available under the Stock Repu
- $20.50 — uired 200,000 shares of common stock at $20.50 per share under the Stock Repurchase Pr
Filing Documents
- rdvt-20240328.htm (8-K) — 42KB
- 0000950170-24-041118.txt ( ) — 159KB
- rdvt-20240328.xsd (EX-101.SCH) — 30KB
- rdvt-20240328_htm.xml (XML) — 5KB
01. Other Events
Item 8.01. Other Events. On March 28, 2024, the Board of Directors of Red Violet, Inc. (the "Company") approved an additional $5.0 million available under the Stock Repurchase Program (the "Amendment"). Prior to the Amendment, approximately $4.0 million remained available under the Stock Repurchase Program. On March 29, 2024, the Company acquired 200,000 shares of common stock at $20.50 per share under the Stock Repurchase Program from the Greater Miami Jewish Federation, Inc. (the "Repurchase"). Following the Repurchase, the Greater Miami Jewish Federation, Inc. is no longer a beneficial holder of any securities of the Company.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. 104 Cover page Interactive Data File (embedded within the inline XBRL file).
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. Red Violet, Inc. Date: April 3, 2024 By: /s/ Derek Dubner Derek Dubner Chief Executive Officer (Principal Executive Officer)