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. (NASDAQ: REED) on February 1, 2021, covering events occurring on January 26, 2021. The company is a Delaware corporation headquartered in Norwalk, CT.
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 and director compensation matters.
Material Changes
- Board Composition: Effective January 26, 2021, the Board of Directors reduced its size from eight (8) members to seven (7) members. This action eliminated the vacancy created by the resignation of Daniel J. Doherty, III, which occurred on December 22, 2020.
- Director Compensation: The Board set the cash compensation for non-employee directors at $50,000 for fiscal 2021, payable quarterly.
- Equity Awards: The Board granted Restricted Stock Awards (RSAs) of 49,180 shares of common stock to each non-employee director. These awards vest in four equal quarterly increments beginning February 1, 2021, and concluding November 1, 2021.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding financial guidance, future outlook, specific risks, contingencies, or unusual items. The RSAs are subject to the terms of the Reed's, Inc. 2020 Equity Incentive Plan and applicable Nasdaq rules.
Key Facts for Investor Verification
- Verify the current total number of board seats (7) and the status of the vacancy previously held by Daniel J. Doherty, III.
- Confirm the total equity dilution impact of the 49,180 shares granted to each non-employee director.
- Review the vesting schedule to ensure alignment with the stated quarterly dates (Feb, May, Aug, Nov 2021).
- Check subsequent filings for any further changes to board composition or compensation policies.