FREYR Battery CEO Change & Material Agreement
Ticker: TE-WT · Form: 8-K · Filed: Apr 18, 2024 · CIK: 1992243
| Field | Detail |
|---|---|
| Company | Freyr Battery, Inc. /De/ (TE-WT) |
| Form Type | 8-K |
| Filed Date | Apr 18, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $11.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, material-agreement
TL;DR
FREYR Battery CEO out, new CEO in, new deal signed.
AI Summary
On April 14, 2024, FREYR Battery, Inc. announced the departure of Director Torstein Dale Sjøveian and the appointment of Bjørn Simonsen as Chief Executive Officer. The company also entered into a material definitive agreement and filed financial statements and exhibits.
Why It Matters
A change in CEO and the execution of a material agreement can significantly impact a company's strategic direction and financial performance.
Risk Assessment
Risk Level: medium — CEO changes and new material agreements introduce uncertainty and potential shifts in strategy.
Key Players & Entities
- FREYR Battery, Inc. (company) — Registrant
- Torstein Dale Sjøveian (person) — Departing Director
- Bjørn Simonsen (person) — Appointed CEO
- April 14, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the new CEO of FREYR Battery, Inc.?
Bjørn Simonsen has been appointed as the new Chief Executive Officer of FREYR Battery, Inc.
Who has departed from the Board of Directors at FREYR Battery, Inc.?
Torstein Dale Sjøveian has departed from the Board of Directors.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated April 14, 2024.
What type of agreements has FREYR Battery, Inc. entered into?
FREYR Battery, Inc. has entered into a material definitive agreement.
What other items are included in this 8-K filing besides the material agreement and officer changes?
The filing also includes financial statements and exhibits.
Filing Stats: 1,326 words · 5 min read · ~4 pages · Grade level 10.8 · Accepted 2024-04-18 17:16:52
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share FREY The New York Stock Exch
- $11.50 — of Common Stock at an exercise price of $11.50 FREY WS The New York Stock Exchange I
Filing Documents
- freyr-20240414.htm (8-K) — 43KB
- ex101-cooperationagreement.htm (EX-10.1) — 111KB
- 0001992243-24-000072.txt ( ) — 342KB
- freyr-20240414.xsd (EX-101.SCH) — 3KB
- freyr-20240414_def.xml (EX-101.DEF) — 15KB
- freyr-20240414_lab.xml (EX-101.LAB) — 28KB
- freyr-20240414_pre.xml (EX-101.PRE) — 16KB
- freyr-20240414_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On April 18, 2024, FREYR Battery, Inc., a Delaware corporation (the " Company "), entered into a cooperation agreement (the " Cooperation Agreement ") with Teknovekst Invest AS, a private limited liability company incorporated under the laws of Norway, Vanir Invest Holding AS, a private limited liability company incorporated under the laws of Norway, Teknovekst AS, a company incorporated under the laws of Norway and Tore Ivar Slettemoen (collectively, the " Stockholders "). Pursuant to the Cooperation Agreement, the Company's board of directors (the " Board ") and all applicable committees thereof approved the appointment of Tore Ivar Slettemoen as a member of the Board, with an initial term expiring at the Company's 2024 Annual Meeting of Shareholders (the " 2024 Annual Meeting "). In addition, the slate of director nominees recommended by the Board for election at the Company's 2024 Annual Meeting will include Mr. Slettemoen. Under the terms of the Cooperation Agreement, until the later of the date that (i) Mr. Slettemoen ceases to be a member of the Board and (ii) is thirty (30) calendar days prior to the notice deadline under the Company's Amended and Restated Bylaws for the nomination of non-proxy access director candidates for election to the Board at the Company's 2025 annual meeting of stockholders, the Stockholders have agreed to customary standstill restrictions. In addition, the Stockholders have agreed to certain voting commitments, including supporting each director nominated and recommended by the Board for election at the 2024 Annual Meeting. The foregoing description of the Cooperation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the Cooperation Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Cooperation Agreement, dated as of April 18, 2024, by and among Teknovekst Invest AS, a private limited liability company incorporated under the laws of Norway, Vanir Invest Holding AS, a private limited liability company incorporated under the laws of Norway, Teknovekst AS, a company incorporated under the laws of Norway and Tore Ivar Slettemoen, and FREYR Battery, Inc., a Delaware corporation. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE 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. FREYR BATTERY, INC. Date: April 18, 2024 By: /s/ Are L. Brautaset Name: Are L. Brautaset Title: Chief Legal Officer 3