AYRO, Inc. Appoints New CFO, Thomas J. Putnam
Ticker: SBLX · Form: 8-K · Filed: Mar 7, 2024 · CIK: 1086745
| Field | Detail |
|---|---|
| Company | Ayro, Inc. (SBLX) |
| Form Type | 8-K |
| Filed Date | Mar 7, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $225,000, $280,000, $47.9 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo-appointment, compensation
TL;DR
AYRO names new CFO, Thomas Putnam, starting March 4th with $325k salary + stock.
AI Summary
AYRO, Inc. announced on March 1, 2024, the appointment of Thomas J. Putnam as Chief Financial Officer, effective March 4, 2024. Mr. Putnam will receive an annual base salary of $325,000 and will be eligible for an annual bonus. He will also be granted 150,000 restricted stock units (RSUs) vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $325,000 — CFO Annual Base Salary (Starting salary for Thomas J. Putnam)
- 150,000 — RSUs Granted to CFO (Vesting over three years for Thomas J. Putnam)
Key Players & Entities
- AYRO, Inc. (company) — Registrant
- Thomas J. Putnam (person) — Appointed Chief Financial Officer
- $325,000 (dollar_amount) — Annual base salary for new CFO
- 150,000 (dollar_amount) — Restricted stock units granted to new CFO
- March 1, 2024 (date) — Date of report
- March 4, 2024 (date) — Effective date for new CFO
FAQ
What is the effective date of Thomas J. Putnam's appointment as CFO?
Thomas J. Putnam's appointment as Chief Financial Officer is effective March 4, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Thomas J. Putnam is $325,000.
How many restricted stock units (RSUs) will the new CFO receive?
Thomas J. Putnam will be granted 150,000 restricted stock units (RSUs).
Over what period will the granted RSUs vest?
The 150,000 RSUs granted to Thomas J. Putnam will vest over three years.
What is the date of this Current Report (Form 8-K)?
The date of this Current Report is March 1, 2024.
Filing Stats: 855 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-03-07 17:00:16
Key Financial Figures
- $0.0001 — ch registered Common stock, par value $0.0001 per share AYRO The Nasdaq Stock Mar
- $225,000 — itled to severance pay in the amount of $225,000, less all lawful and authorized withhol
- $280,000 — Silverman's annual cash compensation to $280,000, effective as of December 1, 2023. It
- $47.9 m — table securities totaling approximately $47.9 million, and 4,890,137 shares of common s
Filing Documents
- form8-k.htm (8-K) — 46KB
- ex10-1.htm (EX-10.1) — 36KB
- 0001493152-24-009238.txt ( ) — 263KB
- ayro-20240301.xsd (EX-101.SCH) — 3KB
- ayro-20240301_lab.xml (EX-101.LAB) — 33KB
- ayro-20240301_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
01
Item 8.01 Other Events. As previously announced in a Current Report on Form 8-K filed on February 1, 2024, the Company has implemented an internal restructuring plan that has allowed it to create greater efficiencies and significantly reduce its burn rate as the Company continues to explore more cost effective ways to achieve growth. As of September 30, 2023, the Company had cash, cash equivalents, and marketable securities totaling approximately $47.9 million, and 4,890,137 shares of common stock outstanding. Item 9.01 Financial (d) Exhibits. Exhibit No. Description 10.1 General Release and Severance Agreement, by and between the AYRO, Inc. and David E. Hollingsworth, dated as of March 1, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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. AYRO, INC. Date: March 7, 2024 By: /s/ Joshua Silverman Joshua Silverman Executive Chairman