Business Context and Reporting Period
This Form 8-K Current Report was filed by Second Sight Medical Products, Inc. (not Vivani Medical, Inc.) on April 9, 2018, covering events occurring on April 3, 2018. The filing addresses the immediate resignation of Dr. Robert J. Greenberg, the former Chairman of the Board and an officer of the company.
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 corporate governance changes and does not contain financial statement data.
Material Changes
- Leadership Departure: Dr. Robert J. Greenberg resigned as Director and from all other positions effective immediately on April 3, 2018.
- Reason for Departure: The Board and management state the resignation resulted from a disagreement regarding Dr. Greenberg's reporting relationship with the Company and his proposed compensation.
- Dispute: The Board disagrees with the characterizations made by Dr. Greenberg in his resignation correspondence but has accepted his resignation.
Outlook, Risks, and Contingencies
- Severance Discussions: The Company is currently conducting severance discussions with Dr. Greenberg.
- Regulatory Process: The Company is required to provide Dr. Greenberg with a copy of this filing and an opportunity to submit a letter of disagreement, which would be filed with the SEC if received.
- Public Disclosure: A press release announcing the resignation was issued on April 9, 2018.
Key Facts for Investor Verification
- Verify the exact terms of the ongoing severance discussions with Dr. Greenberg.
- Monitor for any subsequent filing containing Dr. Greenberg's letter of disagreement regarding the Board's statements.
- Confirm the timeline for appointing a replacement Chairman or Director to fill the vacancy.
- Review the attached correspondence (Exhibit 17.1) to understand the specific nature of the disagreement cited by the former Chairman.