Asset Entities Inc. Reports Board and Executive Changes
Ticker: SATA · Form: 8-K · Filed: May 16, 2024 · CIK: 1920406
| Field | Detail |
|---|---|
| Company | Asset Entities Inc. (SATA) |
| Form Type | 8-K |
| Filed Date | May 16, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $40,000, $9,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, corporate-governance
TL;DR
Asset Entities Inc. shakes up its board and exec team, filing an 8-K on May 13th.
AI Summary
Asset Entities Inc. announced on May 13, 2024, changes in its board and executive team, including the election of new directors and the appointment of officers. The company also disclosed details regarding the compensatory arrangements for its key executives. This filing is a current report under the Securities Exchange Act of 1934.
Why It Matters
Changes in a company's board and executive leadership can signal shifts in strategy or operational focus, potentially impacting future performance and investor confidence.
Risk Assessment
Risk Level: medium — Changes in board and executive personnel can introduce uncertainty about future strategy and execution.
Key Players & Entities
- Asset Entities Inc. (company) — Registrant
- May 13, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
- 001-41612 (filing_id) — Commission File Number
- 88-1293236 (tax_id) — IRS Employer Identification No.
- 100 Crescent Ct, 7th Floor, Dallas, TX 75201 (address) — Principal executive offices
- 214-459-3117 (phone_number) — Registrant's telephone number
FAQ
What specific items are being reported in this 8-K filing?
This 8-K filing reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
When was the earliest event reported in this filing?
The earliest event reported in this filing was on May 13, 2024.
In which state is Asset Entities Inc. incorporated?
Asset Entities Inc. is incorporated in Nevada.
What is the principal executive office address for Asset Entities Inc.?
The principal executive office address is 100 Crescent Ct, 7th Floor, Dallas, TX 75201.
What is the telephone number for Asset Entities Inc.?
The telephone number for Asset Entities Inc. is (214) 459-3117.
Filing Stats: 1,012 words · 4 min read · ~3 pages · Grade level 12.3 · Accepted 2024-05-16 06:12:29
Key Financial Figures
- $0.0001 — hich registered Class B Common Stock, $0.0001 par value per share ASST The NASDAQ
- $40,000 — ds will be entitled to an annual fee of $40,000, plus $9,000 per year in cash for as lo
- $9,000 — itled to an annual fee of $40,000, plus $9,000 per year in cash for as long as Mr. Rey
Filing Documents
- ea0206340-8k_asset.htm (8-K) — 31KB
- ea020634001ex10-1_asset.htm (EX-10.1) — 38KB
- ea020634001ex10-2_asset.htm (EX-10.2) — 74KB
- 0001213900-24-043939.txt ( ) — 346KB
- asst-20240513.xsd (EX-101.SCH) — 3KB
- asst-20240513_lab.xml (EX-101.LAB) — 33KB
- asst-20240513_pre.xml (EX-101.PRE) — 22KB
- ea0206340-8k_asset_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. As previously reported in its Current Report on Form 8-K filed on November 6, 2023 (the "Previous Report"), Brian Regli gave written notice of his resignation (the "Resignation Letter") from the board of directors (the "Board") of the Company, and from the Audit Committee and Compensation Committee of the Board, effective May 16, 2024. On May 13, 2024, the Board elected David Reynolds as a director of the Company, effective as of May 16, 2024. Mr. Reynolds will not serve on any committees of the Board at this time. Mr. Reynolds will serve as a director until his successor has been duly elected and qualified or his earlier death, resignation, disqualification, or removal. There is no arrangement or understanding between Mr. Reynolds and any person pursuant to which he was selected as director. There are and have been no transactions in which Mr. Reynolds has an interest requiring disclosure under Item 404(a) of Regulation S-K. Under an independent director agreement between the Company and Mr. Reynolds, dated as of May 16, 2024 (the "Independent Director Agreement"), Mr. Reynolds will be entitled to an annual fee of $40,000, plus $9,000 per year in cash for as long as Mr. Reynolds serves as a chairman of a committee of the Board, to be paid to Mr. Reynolds in four equal installments in a mutually agreed manner. In addition, the Company will grant of 9,000 shares of restricted Class B Common Stock, par value $0.0001 per share, of the Company (the "Class B Common Stock") under the Asset Entities Inc. 2022 Equity Incentive Plan (the "Plan"), to Mr. Reynolds, subject to the approval of the Board or the Compensation Committee, as applicable. The Company will also reimburse Mr. Reynolds for pre-approved reasonable business expenses incurred in good faith in connection with the performance of his duties for the
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Independent Director Agreement between Asset Entities Inc. and David Reynolds, dated as of May 16, 2024 10.2 Form of Indemnification Agreement between Asset Entities Inc. and each officer or director 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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. Date: May 16, 2024 ASSET ENTITIES INC. /s/ Arshia Sarkhani Name: Arshia Sarkhani Title: Chief Executive Officer and President 2