Driven Brands Files 8-K on Financials & Personnel

TL;DR

Driven Brands dropped an 8-K detailing financials and exec changes. Check it out.

AI Summary

Driven Brands Holdings Inc. filed an 8-K on May 2, 2024, reporting on results of operations, financial condition, and changes in officers and directors. The filing also includes information on compensatory arrangements and Regulation FD disclosures, along with financial statements and exhibits. The report covers events up to April 26, 2024.

Why It Matters

This 8-K filing provides crucial updates on Driven Brands' financial performance and any significant changes in its leadership or compensation structures, which can impact investor confidence and future strategy.

Risk Assessment

Risk Level: low — This is a routine 8-K filing reporting on financial results and corporate governance, not indicating any immediate operational or financial distress.

Key Players & Entities

• Driven Brands Holdings Inc. (company) — Registrant
• RC Driven Holdings LLC (company) — Former Company Name

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value DRVN The Nasdaq Global Se
• $100,000 — e Mr. Ferrera's obligation to repay his $100,000 cash sign-on bonus under the terms of h

Filing Documents

• d786209d8k.htm (8-K) — 29KB
• d786209dex101.htm (EX-10.1) — 6KB
• d786209dex991.htm (EX-99.1) — 223KB
• g786209g08x00.jpg (GRAPHIC) — 7KB
• 0001193125-24-128254.txt ( ) — 414KB
• drvn-20240426.xsd (EX-101.SCH) — 3KB
• drvn-20240426_lab.xml (EX-101.LAB) — 18KB
• drvn-20240426_pre.xml (EX-101.PRE) — 11KB
• d786209d8k_htm.xml (XML) — 4KB

From the Filing

8-K UNITED STATES 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): April 26, 2024 DRIVEN BRANDS HOLDINGS INC. (Exact name of Registrant as Specified in Its Charter) Delaware 001-39898 47-3595252 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 440 South Church Street , Suite 700 Charlotte , North Carolina 28202 (Address of Principal Executive Offices) (704) 377-8855 (Registrant's Telephone Number, Including Area Code) (Former Name or Former Address, if Changed Since Last Report) 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 Instructions 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)) 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, $0.01 par value DRVN The Nasdaq Global Select Market 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. Item2.02. Results of Operations and Financial Condition On May 2, 2024, Driven Brands Holdings Inc. (the "Company") issued a press release, furnished as Exhibit 99.1, and incorporated herein by reference, announcing the Company's financial results for the quarter ended March 30, 2024 (the "Press Release"). The information provided pursuant to Item 2.02, including the exhibit attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing. Item5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 26, 2024, Gary W. Ferrera, the Company's Executive Vice President and Chief Financial Officer, notified the Company of his intent to resign from the Company to pursue a professional opportunity at a privately held company. Mr. Ferrera's departure does not reflect any disagreement with the Company on any matter relating to the Company's operations, policies, or practices or any issues regarding the Company's accounting policies or practices. Mr. Ferrera has agreed to continue serving as Executive Vice President and Chief Financial Officer until the filing of the Company's quarterly report on Form 10-Q for the quarter ended March 30, 2024 (the "Effective Time") and to make himself available for transition services for a period of six months thereafter. In connection with Mr. Ferrera's agreement to provide such transition services, on May 1, 2024, the Company entered into a transition agreement (the "Transition Agreement") with Mr. Ferrera pursuant to which the Company has agreed to waive Mr. Ferrera's obligation to repay his $100,000 cash sign-on bonus under the terms of his employment offer letter with the Company. The Transition Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein. In connection with Mr. Ferrera's departure, the Board of Directors of the Company has designated Michael Beland, the Company's current Senior Vice President and Chief Accounting Officer, as the Company's principal financial officer, and has appointed Joel Arnao, the Company's current Senior Vice President, FP&A, Treasury, and Investor Relations, as the Company's interim Chief Financial Officer, in each case, to be effective as of the Effective Time. The Company has initiated a search to identify a successor Chief Financial Officer to serve on a permanent basis. Mr. Beland, age 53, has served as the Company's Senior Vice President and Chief Accountin

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View this 8-K filing on SEC EDGAR