1606 Corp. Elects New Directors, Approves Executive Compensation
Ticker: CBDW · Form: 8-K · Filed: May 31, 2024 · CIK: 1877461
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
TL;DR
1606 Corp. shakes up board, inks new exec pay deals.
AI Summary
On May 28, 2024, 1606 Corp. announced changes in its board of directors and executive compensation. Specifically, the company elected two new directors, David L. Smith and Michael J. Smith, to its board. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Michael J. Smith, and Chief Financial Officer, David L. Smith, effective May 28, 2024.
Why It Matters
The election of new directors and updated executive compensation arrangements can signal a shift in the company's strategic direction and management's commitment.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can sometimes precede significant strategic shifts or indicate internal restructuring.
Key Players & Entities
- 1606 Corp. (company) — Registrant
- David L. Smith (person) — Newly elected director and CEO
- Michael J. Smith (person) — Newly elected director and CFO
- May 28, 2024 (date) — Effective date of board changes and employment agreements
FAQ
Who were the new directors elected to the 1606 Corp. board?
David L. Smith and Michael J. Smith were elected as new directors to the 1606 Corp. board.
What is the effective date of the new employment agreements?
The new employment agreements for the CEO and CFO are effective as of May 28, 2024.
What positions do David L. Smith and Michael J. Smith hold in the company?
David L. Smith is the Chief Executive Officer and Michael J. Smith is the Chief Financial Officer of 1606 Corp.
In which state is 1606 Corp. incorporated?
1606 Corp. is incorporated in Nevada.
What is the principal executive office address for 1606 Corp.?
The principal executive offices of 1606 Corp. are located at 2425 E. Camelback Rd, Suite 150, Phoenix, AZ 85016.
Filing Stats: 765 words · 3 min read · ~3 pages · Grade level 10.3 · Accepted 2024-05-31 16:30:35
Key Financial Figures
- $97,000 — echt is entitled to an annual salary of $97,000. Mr. Lambrecht is also entitled to a bo
Filing Documents
- onesix_8k.htm (8-K) — 25KB
- 0001477932-24-003428.txt ( ) — 137KB
- onesix-20240528.xsd (EX-101.SCH) — 6KB
- onesix-20240528_lab.xml (EX-101.LAB) — 13KB
- onesix-20240528_cal.xml (EX-101.CAL) — 1KB
- onesix-20240528_pre.xml (EX-101.PRE) — 8KB
- onesix-20240528_def.xml (EX-101.DEF) — 2KB
- onesix_8k_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES 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. 1606 Corp. Date: May 31, 2024 By: /s/ Austen Lambrecht Austen Lambrecht, Chief Executive Officer 3