Business Context and Reporting Period
This Form 8-K Current Report was filed by My Size, Inc. on May 25, 2020. The registrant is incorporated in Delaware and its common stock trades on the Nasdaq Capital Market under the symbol "MYSZ". The report addresses a specific corporate action regarding employee compensation rather than periodic financial results.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a modification to equity-based compensation plans.
Material Changes
On May 25, 2020, the Compensation Committee of the Board of Directors executed a significant modification to outstanding stock options:
- Scope: The action covered an aggregate of 140,237 shares of common stock held by employees and directors.
- Price Reduction: The exercise price for these options was reduced from a range of $9.15 to $18.15 down to $1.04 per share. This new price reflects the closing stock price on May 22, 2020.
- Term Extension: The expiration term of the affected options was extended by one year from their original dates.
- Executive Impact: The modification included options held by named executive officers:
- Ronen Luzon (CEO and Director): 50,001 shares
- Or Kles (CFO): 19,667 shares
- Billy Pardo: 32,334 shares
Guidance, Outlook, and Risks
The filing text does not provide a clear value for future guidance, management outlook, specific risks, or contingencies beyond the immediate context of the option repricing. The document does not contain unusual items related to operations or litigation.
Investor Verification Checklist
- Verify the impact of the option repricing on the company's share count and potential dilution.
- Confirm the accounting treatment of the modification under ASC 718 (compensation cost implications).
- Review the company's cash position to assess the necessity of such aggressive retention measures.
- Check subsequent filings for any shareholder approval requirements related to this modification.