Business Context and Reporting Period
This Form 8-K Current Report was filed by Greenwave Technology Solutions, Inc. on August 7, 2023. The filing reports a corporate governance change involving the expansion of the Board of Directors and the appointment of a new independent director.
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 personnel changes and does not contain financial performance data.
Material Changes
- Board Expansion: The Board of Directors was increased from four to five members.
- New Appointment: Jason Adelman was appointed as a director, effective immediately. He is deemed an "independent" director under Nasdaq rules.
- Committee Assignments: Mr. Adelman was appointed to the Audit Committee and the Compensation Committee.
Compensation and Management Commentary
Mr. Adelman's compensation package includes:
- Monthly Retainer: $4,000 for service as a director.
- Committee Fees: $1,500 annually for service on the Audit and Compensation Committees.
- Equity Grant: Common stock worth an aggregate of $80,000 to be received each January.
Mr. Adelman serves as Founder and Managing Member of Burnham Hill Capital Group, LLC and Managing Member of Cipher Capital Partners LLC. He also sits on the boards of Trio-Tech International (Nasdaq: TRT) and Oblong, Inc. (Nasdaq: OBLG). He will serve until the 2023 Annual Meeting of stockholders or until a successor is elected.
Investor Verification Checklist
- Verify the independence status of Jason Adelman against Nasdaq listing standards.
- Confirm the total number of directors on the Board is now five.
- Review the press release dated August 10, 2023 (Exhibit 99.1) for additional context on the appointment.
- Monitor the 2023 Annual Meeting of stockholders for the ratification of Mr. Adelman's appointment.