Business Context and Reporting Period
This Form 8-K Current Report was filed by 22nd Century Group, Inc. on September 11, 2020. The filing reports a corporate governance event: the appointment of a new director to the Board of Directors.
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 statements or performance data.
Material Changes
The material change reported is the appointment of Michael Koganov, Sc.D., Ph.D., as a Class I director, effective immediately on September 11, 2020, to fill an existing vacancy.
- Role: Dr. Koganov will serve as Chair of the Scientific & Technical Advisory Committee and as a member of the Finance Committee.
- Independence: He is considered independent under NYSE American rules.
- Compensation: He will receive the same compensation as other non-employee directors.
Management Commentary and Background
Management highlights Dr. Koganov's extensive background in bioelectrochemistry and plant technology:
- Experience: Co-founder of IBT LLC (acquired by AkzoNobel and later Ashland Global Holdings). Directed research and commercialization of Zeta Fraction Technology at Ashland until 2018.
- Current Role: President of Intellebio, LLC since June 2019.
- Expertise: Holds a Ph.D. in Bioelectrochemistry and a Doctor of Sciences in Biotechnology. Credited with 72 publications and over 100 granted patents.
- Relationships: No family relationships with existing directors or officers, and no reportable related party transactions exist.
Investor Verification Checklist
- Verify the press release attached as Exhibit 99.1 for additional details on the appointment.
- Confirm Dr. Koganov's independence status and committee assignments in subsequent proxy statements.
- Review the company's most recent 10-K or 10-Q for financial metrics, as this 8-K contains no financial data.
- Check for any future filings regarding the specific compensation package for non-employee directors.