Reviva Pharmaceuticals Reports Director and Officer Changes
Ticker: RVPH · Form: 8-K · Filed: Sep 17, 2024
Sentiment: neutral
Topics: management-change, corporate-governance
TL;DR
Reviva Pharma's board and execs are changing, effective Sept 15. Details to follow.
AI Summary
Reviva Pharmaceuticals Holdings, Inc. filed an 8-K on September 17, 2024, reporting changes effective September 15, 2024. The filing pertains to the departure of directors, election of directors, appointment of officers, and compensatory arrangements for certain officers. Specific details regarding these changes, including names and compensation, are expected to be elaborated within the full filing.
Why It Matters
Changes in a company's board of directors and executive officers can signal shifts in strategy, governance, or operational focus, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in key leadership roles can introduce uncertainty regarding future strategy and execution.
Key Numbers
- 20240915 — Effective Date (Date of earliest event reported)
- 20240917 — Filing Date (Date the report was filed with the SEC)
Key Players & Entities
- REVIVA PHARMACEUTICALS HOLDINGS, INC. (company) — Registrant
- Tenzing Acquisition Corp. (company) — Former Company Name
FAQ
Who are the departing directors and officers?
The filing indicates the departure of directors and certain officers, but their specific names are not listed in this summary section of the 8-K.
Who are the newly elected directors and appointed officers?
The filing states that directors have been elected and officers appointed, but their identities are not provided in this initial summary.
What are the details of the compensatory arrangements for the officers?
The filing mentions compensatory arrangements for certain officers, but the specific terms and amounts are not detailed in this section.
What is the reason for these changes in directors and officers?
The filing does not explicitly state the reasons for the departure of directors or the appointment of new ones and officers in the provided summary.
When did these changes become effective?
The changes reported in this 8-K became effective on September 15, 2024.
Filing Stats: 1,188 words · 5 min read · ~4 pages · Grade level 12.7 · Accepted 2024-09-17 17:21:35
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share RVPH Nasdaq Capital Marke
- $157,500 — Financial Officer, incentive bonuses of $157,500 and $95,940, respectively, paid in lieu
- $95,940 — icer, incentive bonuses of $157,500 and $95,940, respectively, paid in lieu of cash pay
- $1.20 — , respectively, at an exercise price of $1.20 per share, based on the closing price o
- $1 — with the inputs being a stock price of $1.20, an exercise price of $1.20, an expe
- $77,376 — e Committee awarded Ms. Bhat a bonus of $77,376, paid in the form of immediately vested
Filing Documents
- rvph20240917_8k.htm (8-K) — 54KB
- 0001437749-24-029392.txt ( ) — 202KB
- rvph-20240915.xsd (EX-101.SCH) — 4KB
- rvph-20240915_def.xml (EX-101.DEF) — 13KB
- rvph-20240915_lab.xml (EX-101.LAB) — 17KB
- rvph-20240915_pre.xml (EX-101.PRE) — 13KB
- rvph20240917_8k_htm.xml (XML) — 5KB
02
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Fiscal 2023 Bonus Determinations On September 15, 2024, the Compensation Committee (the "Committee") of the Board of Directors of Reviva Pharmaceuticals Holdings, Inc. (the "Company") determined the amount of incentive bonuses earned by the Company's named executive officers for fiscal 2023 based on the Committee's assessment of performance criteria established by the Committee. In connection with such determination, the Committee awarded Dr. Laxminarayan Bhat, the Company's President and Chief Executive Officer, and Narayan Prabhu, the Company's Chief Financial Officer, incentive bonuses of $157,500 and $95,940, respectively, paid in lieu of cash payment in the form of immediately vested stock options having a substantially equivalent Black-Scholes value. As a result, in payment for the foregoing incentive bonuses, on September 15, 2024 (the "Grant Date"), the Committee granted Dr. Bhat and Mr. Prabhu immediately exercisable options under the Company's 2020 Equity Incentive Plan (the "2020 Plan") to purchase 158,451 and 96,519 shares of the Company's common stock, respectively, at an exercise price of $1.20 per share, based on the closing price of the Company's common stock on September 13, 2024, the most recent date preceding the Grant Date on which trades were recorded, in accordance with the terms of the 2020 Plan. This incentive bonus compensation information was not reflected in the Summary Compensation Table included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on April 15, 2024 (the "Annual Report"), because the amount of the bonuses had not been determined at the time of filing the Annual Report. In accordance with Item 5.02(f) of Form 8-K, the table below updates the Non-Equity Incentive Plan Compensa
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. REVIVA PHARMACEUTICALS HOLDINGS, INC. Dated: September 17, 2024 By: /s/ Narayan Prabhu Name: Narayan Prabhu Title: Chief Financial Officer