BioSig Amends 8-K on Exit Costs, Officer Compensation

TL;DR

**BioSig just updated its 8-K on exit costs and officer pay, watch for financial impacts.**

AI Summary

BioSig Technologies, Inc. filed an 8-K/A on February 2, 2024, amending a previous report from January 28, 2024. This amendment clarifies information regarding costs associated with exit or disposal activities and changes in directors or officers, specifically compensatory arrangements. This matters to investors because it provides updated details on significant corporate events that could impact the company's financial health and leadership stability, potentially affecting stock valuation.

Why It Matters

This filing provides updated details on significant corporate events, including potential costs and executive compensation, which can directly influence BioSig's financial performance and investor confidence.

Risk Assessment

Risk Level: medium — The filing indicates changes related to exit activities and officer compensation, which can introduce financial uncertainties or reflect strategic shifts that carry inherent risks.

Analyst Insight

Investors should monitor BioSig's upcoming financial reports for specific dollar amounts related to exit costs and any new compensatory arrangements, as these details will clarify the financial impact of the events mentioned in this amendment.

Key Numbers

• $0.001 — Par Value per Share (The par value of BioSig Technologies, Inc.'s Common Stock.)

Key Players & Entities

• BioSig Technologies, Inc. (company) — the registrant filing the 8-K/A
• The NASDAQ Capital Market (company) — the exchange where BioSig's Common Stock is registered
• January 28, 2024 (date) — date of the earliest event reported
• February 2, 2024 (date) — date the 8-K/A was filed
• $0.001 (dollar_amount) — par value per share of Common Stock

Forward-Looking Statements

• BioSig Technologies, Inc. will likely provide more specific financial details regarding the 'Cost Associated with Exit or Disposal Activities' in future filings. (BioSig Technologies, Inc.) — medium confidence, target: Q1 2024 Earnings Report

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share BSGM The NASDAQ Capital M
• $713,924 — total aggregate costs of approximately $713,924, which consists of one-time departure f
• $135,288 — employment, in the estimated amount of $135,288 and retention bonuses paid in equity in
• $578,636 — id in equity in the estimated amount of $578,636. These estimates are subject to a numbe
• $30,000 — ncluding estimated cash expenditures of $30,000 and estimated potential consulting fees
• $200,000 — ng fees paid in equity of approximately $200,000. Item 5.02 Departure of Directors or

Filing Documents

• form8-ka.htm (8-K/A) — 44KB
• 0001493152-24-004796.txt ( ) — 216KB
• bsgm-20240128.xsd (EX-101.SCH) — 3KB
• bsgm-20240128_lab.xml (EX-101.LAB) — 33KB
• bsgm-20240128_pre.xml (EX-101.PRE) — 22KB
• form8-ka_htm.xml (XML) — 4KB

05

Item 2.05 Costs Associated with Exit or Disposal Activities On January 28, 2024, management of the Company commenced a workforce reduction intended to reduce annual cash burn by approximately 50%, which was completed as of January 31, 2024. The workforce reduction consisted of the departure of sixteen employees, effective as of January 31, 2024 (the "Effective Date") and included the departure of John Sieckhaus, the Company's Chief Operating Officer, and Gray Fleming, the Company's Chief Commercial Officer. In connection with the reduction in force, the Company estimates it will incur total aggregate costs of approximately $713,924, which consists of one-time departure fees and severance packages for employees in equity, based on factors including years of employment, in the estimated amount of $135,288 and retention bonuses paid in equity in the estimated amount of $578,636. These estimates are subject to a number of assumptions, and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the departures, including estimated cash expenditures of $30,000 and estimated potential consulting fees paid in equity of approximately $200,000.

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. In connection with the workforce reduction discussed in Item 2.05 of this Current Report on Form 8-K, Mr. Sieckhaus and Mr. Fleming, effective as of the Effective Date, are departing from the Company. Cautionary Note Regarding Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) possible proceedings that may be brought by third-parties against BioSig in connection with the employee terminations discussed in Item 2.05 above; (ii) the impact and timing of any cost-saving measures and employee departures from BioSig; (iii) the impact of potential litigation and regulatory proceedings; (iv) difficulties in retaining key employees, including one or more key executives or scientists; and (vii) BioSig's cost reduction plan and associated workforce reduction or other cost-saving measures not reaching the targeted reduction of cash burn by 50%. For a discussion of other risks and uncertainties, and other important factors, any of which could cause BioSig's actual results to differ from those contained in forward-looking sta

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BIOSIG TECHNOLOGIES, INC. Date: February 2, 2024 By: /s/ Kenneth L. Londoner Name: Kenneth L. Londoner Title: Executive Chairman

View Full Filing

View this 8-K/A filing on SEC EDGAR