Business Context and Reporting Period
Finwise Bancorp (FINW) filed this Form 8-K on June 9, 2022, to report outcomes from its 2022 Annual Meeting of Shareholders. The company is incorporated in Utah and trades on the NASDAQ Stock Market.
Key Financial Metrics
This filing is a current report regarding corporate governance and shareholder votes. It does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metric.
Material Changes
The primary material change reported is the shareholder approval of an amendment to the company's equity compensation plan:
- Plan Renaming: The "All West Bancorporation 2019 Stock Option Plan" was renamed the "FinWise Bancorp 2019 Stock Option Plan."
- Share Increase: The number of shares available for awards under the plan was increased by 500,000 shares, bringing the total to 1,280,000 shares.
Outlook, Risks, and Management Commentary
Management commentary is limited to the procedural results of the Annual Meeting. No specific guidance, outlook, risks, or contingencies were disclosed in this document. The filing confirms the ratification of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2022.
Key Facts for Investor Verification
- Shareholder Participation: Of 12,776,810 shares entitled to vote, 9,358,958 shares were represented at the meeting.
- Director Elections: Three nominees (Kent Landvatter, Howard I. Reynolds, and Thomas E. Gibson, Jr.) were elected to serve until the 2025 Annual Meeting.
- Compensation Plan Vote: The amendment to increase the stock option pool passed with 5,541,185 votes "For" and 2,099,029 votes "Against."
- Auditor Ratification: The appointment of Moss Adams LLP was ratified with overwhelming support (9,339,745 "For" vs. 1,012 "Against").