REED's, INC. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by REED's, INC. on October 24, 2016, reporting events that occurred on October 19, 2016. The filing addresses corporate governance changes specifically regarding the appointment of a new director.
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 and governance matters rather than financial performance.
Material Changes
The primary material change reported is the appointment of Lewis Jaffe to the Board of Directors to fill a vacancy. Key details include:
- Appointment Date: October 19, 2016.
- Committee Assignments: Mr. Jaffe was appointed to the Governance Committee, Compensation Committee, and Audit Committee.
- Independence: The Board determined Mr. Jaffe is an "independent director" under Rule 303A.02 of the NYSE Listed Company Manual.
- Background: Mr. Jaffe has extensive experience including roles as Chairman of FitLife Brands Inc., board service at York Telecom and Benihana, Inc., and executive positions at Oxford Media, Verso Technologies, and Arthur Andersen.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. No specific risks or contingencies were disclosed in this report. The filing explicitly states there are no arrangements or understandings between Mr. Jaffe and other persons regarding his appointment, and no material plans, contracts, or arrangements have been entered into with him. Furthermore, there are no current or proposed transactions involving Mr. Jaffe exceeding the lesser of $120,000 or one percent of the company's average total assets.
Key Facts for Investor Verification
- Verify the effective date of Lewis Jaffe's board appointment (October 19, 2016).
- Confirm Mr. Jaffe's independence status and committee memberships (Governance, Compensation, Audit).
- Review Mr. Jaffe's professional background for potential conflicts of interest, noting his prior roles at FitLife Brands, York Telecom, and Benihana.
- Confirm the absence of any material compensation agreements or related-party transactions associated with this appointment.