Mitesco, Inc. Terminates Material Agreement
Ticker: MITI · Form: 8-K · Filed: Mar 20, 2024 · CIK: 802257
Sentiment: neutral
Topics: agreement-termination, filing, financials
TL;DR
Mitesco terminated a big deal, filing an 8-K today.
AI Summary
Mitesco, Inc. announced on March 19, 2024, the termination of a material definitive agreement. The company also reported other events and filed financial statements and exhibits as part of this 8-K filing. The exact nature of the terminated agreement and the financial details were not specified in the provided text.
Why It Matters
The termination of a material definitive agreement can significantly impact a company's operations, financial standing, and future strategic direction.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement introduces uncertainty regarding the company's business relationships and financial stability.
Key Players & Entities
- Mitesco, Inc. (company) — Registrant
- March 19, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
- 505 Beachland Blvd., Suite 1377 (address) — Principal executive office address
- Vero Beach, Florida 32963 (address) — Principal executive office location
FAQ
What was the material definitive agreement that Mitesco, Inc. terminated?
The provided text states that Mitesco, Inc. terminated a material definitive agreement, but does not specify which agreement it was.
When was the termination of the material definitive agreement reported?
The termination was reported as of March 19, 2024, which is the date of the earliest event reported in the 8-K filing.
What is Mitesco, Inc.'s state of incorporation?
Mitesco, Inc. is incorporated in Nevada.
What is the principal executive office address for Mitesco, Inc.?
The principal executive office address for Mitesco, Inc. is 505 Beachland Blvd., Suite 1377, Vero Beach, Florida 32963.
What other items are included in this 8-K filing besides the termination of an agreement?
This 8-K filing also includes information on 'Other Events' and 'Financial Statements and Exhibits'.
Filing Stats: 1,135 words · 5 min read · ~4 pages · Grade level 11.7 · Accepted 2024-03-20 15:01:08
Key Financial Figures
- $60,000 — pensation for the participants shall be $60,000 per year paid through the issuance of r
Filing Documents
- mitesco20240320_8k.htm (8-K) — 35KB
- ex_642364.htm (EX-10.1) — 34KB
- ex_642365.htm (EX-99.1) — 10KB
- 0001185185-24-000290.txt ( ) — 228KB
- miti-20240319.xsd (EX-101.SCH) — 3KB
- miti-20240319_def.xml (EX-101.DEF) — 10KB
- miti-20240319_lab.xml (EX-101.LAB) — 20KB
- miti-20240319_pre.xml (EX-101.PRE) — 11KB
- mitesco20240320_8k_htm.xml (XML) — 3KB
02
Item 1.02 Termination of a Material Definitive Agreement. Advisory Board The Board of Directors recently authorized the creation of a new Advisory Board whose participants shall include subject matter experts in certain business areas under consideration by the Company. These positions are "non-executive" and as such are not governed by Section 16 of the Securities Act. The compensation for the participants shall be $60,000 per year paid through the issuance of restricted common stock. The per share valuation to be used shall be determined by the Board of Directors based on the market of the Company's common stock at the time of the appointment. On March 19, 2024, the Company announced its first participants to that Board. Each will receive $60,000 of restricted common stock for their services over the next 12 months. The Board has determined that the price per share for the restricted stock shall be $.80, the same pricing used for the payment of dividends to Series X Preferred shareholders. This results in the issuance of 75,000 shares for each member, in aggregate 225,000 shares of restricted common stock. 1) Ms. Kristen Plybon is a cybersecurity professional with a strong background in data privacy with CIPP/US and CIPP/E certifications. She is a licensed attorney with a deep understanding of state, federal, and global data protection laws and regulations. 2) Nathaniel Wade is a professional specializing in cybersecurity and enterprise IT operations for a number of well-known Fortune 1,000, Department of Defense (DoD), and Federal Civilian (FedCiv) agencies specializing in design and implementation of cybersecurity programs for public safety, national defense, and intelligence communication systems; 3) Mr. William Thein is a professional 25-year veteran business leader in the natural food & beverage CPG industry. Insight as to the purpose of an Advisory Board is below: https://www.dlapiperaccelerate.com/knowledge/2017/advisory-boards-what-why-wh
01
Item 8.01 Other Events. On March 19, 2024 the Company issued a press release which announced the appointment of three (3) members to its Advisory Board. A copy of the press release is attached herein as Exhibit 99.1.
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibits Description 10.1 Form of Advisory Board Agreement 99.1 Press Release dated March 19, 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL) 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. Dated: March 20, 2024 MITESCO, INC. By: /s/ Mack Leath Mack Leath Chairman and CEO