Starco Brands Elects New Directors, Discloses Compensation
Ticker: STCB · Form: 8-K · Filed: Mar 21, 2024 · CIK: 1539850
| Field | Detail |
|---|---|
| Company | Starco Brands, Inc. (STCB) |
| Form Type | 8-K |
| Filed Date | Mar 21, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.35 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, governance, officer-appointments
TL;DR
Starco Brands adds two new directors to the board, effective March 15th.
AI Summary
Starco Brands, Inc. announced on March 21, 2024, a change in its board of directors, with the election of two new directors, Mr. Steven M. Smith and Mr. David R. Warren, effective March 15, 2024. This filing also disclosed compensatory arrangements for certain officers and other events.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting future performance and investor confidence.
Risk Assessment
Risk Level: low — The filing primarily concerns board appointments and compensatory arrangements, which are routine corporate governance events.
Key Players & Entities
- Starco Brands, Inc. (company) — Filer of the 8-K report
- Steven M. Smith (person) — Newly elected director
- David R. Warren (person) — Newly elected director
- March 15, 2024 (date) — Effective date of director elections
- March 21, 2024 (date) — Date of report
FAQ
Who are the new directors elected to Starco Brands' board?
Mr. Steven M. Smith and Mr. David R. Warren were elected as new directors.
When were the new directors' appointments effective?
The appointments of Mr. Steven M. Smith and Mr. David R. Warren were effective March 15, 2024.
What is the exact name of the company filing this report?
The exact name of the company is Starco Brands, Inc.
In which state is Starco Brands, Inc. incorporated?
Starco Brands, Inc. is incorporated in Nevada.
What is the primary purpose of this Form 8-K filing?
This Form 8-K filing reports on the departure of directors or certain officers, election of directors, appointment of certain officers, compensatory arrangements of certain officers, and other events.
Filing Stats: 1,206 words · 5 min read · ~4 pages · Grade level 13.3 · Accepted 2024-03-21 17:30:00
Key Financial Figures
- $0.35 — mmon Stock, based on the vwap, is below $0.35 per share on February 14, 2024 and May
Filing Documents
- form8-k.htm (8-K) — 45KB
- ex10-1.htm (EX-10.1) — 50KB
- 0001493152-24-010824.txt ( ) — 271KB
- stcb-20240321.xsd (EX-101.SCH) — 3KB
- stcb-20240321_lab.xml (EX-101.LAB) — 33KB
- stcb-20240321_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 3KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 21, 2024 (March 15, 2024) STARCO BRANDS, INC. (Exact name of Company as specified in its charter) Nevada 000-54892 27-1781753 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification Number) 250 26th Street , Suite 200 Santa Monica , CA 90402 (Address of principal executive offices) 888 - 484-1908 (Registrant's Telephone Number) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock STCB OTC Markets Group OTCQB tier Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Changes to Starco Brands, Inc.'s, a Nevada corporation, (" Starco " or the " Company ") Board of Directors (the " Board ") On March 18, 2024, a majority of the stockholders of the Company, in compliance with Starco's Amended and Restated Bylaws, (i) passed a resolution removing Demir Vangelov as a member of the Company's Board and any committees of the Company and (ii) appointed a new Board consisting of Ross Sklar, Darin Brown, and Bharat Vasan. The Company filed a Schedule 14C Preliminary Information Statement (a " Preliminary 14C ") with the Securities and Exchange Commission (" SEC ") on March 19, 2024. Absent any comments from the Securities and Exchange Commission ("Commission") during the mandatory waiting period pursuant to Rule 14c-5 of the Securities and Exchange Act to the Preliminary 14C, the Company intends to file on March 29, 2024 a Schedule14C Definitive Information Statement (a " Definitive 14C ") regarding the removal of Demir Vangelov and appointment of Bharat Vasan, which underlying stockholder action will come into effect no earlier than the 20 th day following the filing of the Definitive 14C with the SEC. Biography of New Director Bharat Vasan is an experienced board member, executive and investor, with more than 15 years of leading businesses across multiple industries, including in consumer packaged goods, digital health, software, electronics and games. Mr. Vasan has a track record of growing and scaling businesses across different stages of their lifecycle, including raising capital, and mergers and acquisitions. Mr. Vasan was previously President and Chief Operating Officer of The Production Board (TPB), a San Francisco-based venture capital firm. At TPB, Mr. Vasan sat on private and public boards, including Uplifting Results Labs and TPB Acquisition Corp I. Prior to joining TPB, Mr. Vasan was the Chief Executive Officer and Board Member of PAX Labs and, prior to that, led multiple businesses to successful financings and acquisitions, including as the President and Chief Operating Officer at August Home (acquired by Assa Abloy), and as the co-founder and Chief Operating Officer of BASIS Science (acquired by Intel, Inc.). Mr. Vasan also played various roles in corporate development and executive leadership at Electronic Arts. He is active with non-profit causes and currently sits on the Board of the San Francisco Society for the Prevention of Cruelty to Animals (SPCA). Mr. Vasan received his undergraduate degree from Middlebury College and his graduate degree from Columbia University. Item 8.01. Other Events. Stockholder Agreement On March 15, 2024 the Company, YL Management LLC, a Delaware limited liability company, as the successor Stockholder Representative (the " Successor Stockholder Representative ") of the former stockholders of Soylent Nutrition, Inc., a Delaware corporation (" Soylen