LANTRONIX INC - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Lantronix, Inc. on October 25, 2007, covering events occurring on October 21, 2007. The filing addresses a change in the composition of the Company's Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to corporate governance matters and does not contain financial performance data.
Material Changes
On October 21, 2007, Thomas W. Burton, a member of the Board of Directors since the Company's inception in 1989, informed the Company of his intention to resign. Mr. Burton is an attorney who has operated his own law office since 1999. His resignation is contingent upon the appointment of a replacement independent director in accordance with NASDAQ Stock Market rules.
Outlook and Management Commentary
The Company is currently in the process of searching for another independent member to sit on the Board of Directors. No financial guidance, risk factors, or unusual items were disclosed in this filing.
Key Facts for Investor Verification
- Thomas W. Burton's resignation is effective only upon the appointment of a successor independent director.
- The Company is actively searching for a replacement to maintain compliance with NASDAQ listing standards.
- Mr. Burton served on the Board for approximately 18 years, from 1989 until this filing.