Cheetah Net Reports Material Agreement, Officer Changes
Ticker: CTNT · Form: 8-K · Filed: Oct 31, 2024 · CIK: 1951667
Sentiment: neutral
Topics: material-agreement, officer-changes, director-changes, financials
TL;DR
Cheetah Net inked a big deal, swapped some execs, and filed financials. Big changes afoot.
AI Summary
Cheetah Net Supply Chain Service Inc. announced on October 25, 2024, the entry into a material definitive agreement. The company also reported the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with compensatory arrangements for these officers. Financial statements and exhibits were also filed as part of this report.
Why It Matters
This filing indicates significant corporate actions, including new agreements and changes in leadership, which could impact the company's strategic direction and operational stability.
Risk Assessment
Risk Level: medium — The filing details material agreements and changes in officers and directors, which can introduce uncertainty and potential strategic shifts.
Key Players & Entities
- Cheetah Net Supply Chain Service Inc. (company) — Registrant
- October 25, 2024 (date) — Date of earliest event reported
- North Carolina (location) — State of incorporation
- 6201 Fairview Road, Suite 225 Charlotte, North Carolina 28210 (address) — Principal Executive Office
FAQ
What is the nature of the material definitive agreement entered into by Cheetah Net?
The filing states that a material definitive agreement was entered into, but the specific details of this agreement are not provided in the provided text.
Who are the directors or officers that have departed from Cheetah Net?
The filing mentions the departure of directors or certain officers, but does not name the individuals involved.
Who has been elected as new directors or appointed as officers at Cheetah Net?
The filing indicates the election of directors and appointment of officers, but does not specify who these individuals are.
What are the details of the compensatory arrangements for the newly appointed officers?
The filing notes that there are compensatory arrangements for certain officers, but the specifics of these arrangements are not detailed in the provided text.
What financial statements and exhibits are included with this 8-K filing?
The filing indicates that financial statements and exhibits are included, but the specific content of these documents is not detailed in the provided text.
Filing Stats: 791 words · 3 min read · ~3 pages · Grade level 10.9 · Accepted 2024-10-31 16:05:27
Filing Documents
- tm2427093d1_8k.htm (8-K) — 28KB
- tm2427093d1_ex10-1.htm (EX-10.1) — 33KB
- 0001104659-24-113050.txt ( ) — 241KB
- ctnt-20241025.xsd (EX-101.SCH) — 3KB
- ctnt-20241025_lab.xml (EX-101.LAB) — 33KB
- ctnt-20241025_pre.xml (EX-101.PRE) — 22KB
- tm2427093d1_8k_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On October 25, 2024, Walter Folker, Vice President of Procurement ("VP of Procurement") of Cheetah Net Supply Chain Service Inc. (the "Company"), submitted a letter of resignation indicating his intention to resign as the Company's VP of Procurement, effective October 31, 2024, which has been accepted by the board of directors of the Company (the "Board"). Mr. Folker has advised the Company that his resignation was due to personal reasons and not a result of any disagreement with the Company on any matter related to the operations, policies, or practices of the Company. After his resignation, Mr. Folker will be available to provide consulting services to the Company on a part-time basis at the Company's request. Therefore, the Compensation Committee of the Board, in accordance with the Company's Amended and Restated 2024 Stock Incentive Plan and a Restricted Stock Unit Award Agreement dated September 30, 2024 between the Company and Mr. Folker, confirmed that Mr. Folker remained eligible for the restricted stock units granted to him on September 30, 2024. In connection with Mr. Folker's resignation, on October 30, 2024, with approval of the Board, the Company entered into a Letter Agreement and General Release with Mr. Folker, which sets forth the terms of his separation from service with the Company (the "Resignation Agreement"). Pursuant to the terms of the Resignation Agreement, Mr. Folker will resign as an officer and employee of the Company effective on October 31, 2024. Mr. Folker also agrees to abide by certain confidentiality, non-disparagement, and other obligations set forth in the Resignation Agreement, and to release any and all claims against the Company and its affiliates and related parties that in any way relate to his employment and association with the Company. Mr. Folker will receive his base salary under an employment agreement he had with the Company dated March 1, 2022, until October 31,
02. Departure of Directors
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The information set forth above in Item 1.01 of this Current Report on Form 8-K regarding Mr. Folker's resignation is incorporated into this Item 5.02 by reference.
01. Exhibits
Item 9.01. Exhibits. Exhibit No. Description 10.1 Resignation Agreement dated October 30, 2024 by and between the Company and Walter Folker 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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. Date: October 31, 2024 Cheetah Net Supply Chain Service Inc. By: /s/ Huan Liu Huan Liu Chief Executive Officer, Director, and Chairman of the Board of Directors