Business Context and Reporting Period
This Form 8-K Current Report was filed by National Energy Services Reunited Corp. on October 4, 2017, regarding events occurring on October 1, 2017. The Company is incorporated in the British Virgin Islands and operates as a special purpose acquisition company (SPAC) seeking an initial business combination.
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 corporate governance changes and does not contain financial performance data.
Material Changes
- Departure of Officers: Thomas Wood resigned as Chief Financial Officer (CFO) and Principal Accounting Officer, effective immediately on October 1, 2017. He remains a director of the Company.
- Appointment of Officers: Christine J. Morris was appointed as the new CFO and Principal Accounting Officer, effective October 2, 2017.
Management Commentary and Compensation
Ms. Morris brings over 25 years of experience in global finance and mergers and acquisitions, including executive roles at Halliburton Company, Datalogix, Inc., and Case Logic, Inc. She holds an MBA from Stanford Graduate School of Business.
Compensation Arrangements:
- Ms. Morris is an "employee at will."
- Following the completion of the Company's initial business combination, she will receive an annual salary of $300,000.
- She is eligible to participate in company-sponsored benefit plans and receive equity grants as approved by the board.
The filing states there are no family relationships between Ms. Morris and other directors or officers, and no undisclosed arrangements influenced her selection.
Investor Verification Checklist
- Verify the effective date of the CFO transition (October 2, 2017) and the status of the outgoing CFO's directorship.
- Confirm the conditions precedent for Ms. Morris's salary (completion of the initial business combination).
- Review subsequent filings for details on the equity grants mentioned as "approved by the board."
- Check for any related party transactions involving the new CFO that may arise post-appointment.