Business Context and Reporting Period
This Form 8-K was filed by Second Sight Medical Products, Inc. (trading symbol: EYES) on May 27, 2020. The report addresses a corporate governance event involving the Board of Directors. Note: The request metadata references "Vivani Medical, Inc.," but the filing text explicitly identifies the registrant as Second Sight Medical Products, Inc.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Director Resignation: William J. Link, a member of the Board of Directors and the Audit Committee, resigned effective May 31, 2020.
- Board Composition: The resignation reduces the Board size to four members.
- Independence Status: Following the resignation, the Company has only one remaining independent director.
- Listing Compliance: The Company previously reported non-compliance with Nasdaq Listing Rule 5605 regarding independent director and audit committee requirements. This resignation further impacts the Company's ability to regain compliance within the period provided by Nasdaq.
Guidance, Outlook, and Risks
- Management Commentary: The Company stated there were no disagreements with Mr. Link regarding operations, policies, or practices.
- Risks and Contingencies: The Company explicitly states it cannot assure that it will be able to regain compliance with Nasdaq listing requirements within the provided compliance period.
Investor Verification Checklist
- Verify the current status of the Board of Directors and the timeline for appointing a replacement for Mr. Link.
- Confirm the Company's current standing with Nasdaq regarding Listing Rule 5605 compliance.
- Review the April 21, 2020 Form 8-K for details on the prior non-compliance notice.
- Check for any subsequent filings regarding the appointment of new independent directors.