TELENAV, INC. (NASDAQ:TNAV) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition
release announcing its financial results for the three months
ended March 31, 2017. A copy of the press release is furnished as
Exhibit 99.1 and is incorporated herein by reference. On the same
day, the Company will host an investor conference call and live
webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
Exhibit 99.1, shall not be deemed filed for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the
Exchange Act), or incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in
such a filing.
in both the press release and the conference call. A
reconciliation of these non-GAAP financial measures to the
comparable GAAP financial measures is contained in the attached
press release and financial tables.
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
Directors (the Committee) of the Company approved the grant of
options to acquire 15,000 shares of the Companys common stock
(the Options) to each of the following nonemployee directors of
the Company who were members of the Companys Board of Directors
prior to the 2016 Annual Meeting of Stockholders held on November
17, 2016: Wes Cummins, Joseph Zaelit, Douglas Miller, Samuel Chen
and Ken Xie. The Options will be effective as of May 5, 2017, the
exercise price shall be based on the closing sale price of the
Companys common stock on the NASDAQ Global Select Market on such
date and shall vest as to 1/12th of the shares monthly from
November 17, 2016, subject to the applicable directors continuous
service as a service provider of the Company.
restricted stock units (RSUs) to the following nonemployee
directors: Joseph Zaelit, Douglas Miller and Samuel Chen. These
RSUs will be effective as of May 5, 2017 and shall vest as to 50%
of the shares on October 10, 2017, subject to the applicable
directors continuous service as a service provider of the
Company.
vesting period of the 5,000 share RSU granted to Ken Xie on
November 17, 2016 such that the RSU will vest as to 50% of the
shares on October 10, 2017, subject to Mr. Xies continuous
service as a service provider of the Company.
President and Chief Executive Officer and Sal Dhanani, the
Companys Vice President of Strategic Partnerships, had agreed to
a voluntary pay reduction of 10% beginning as of July 1, 2015. On
April 28, 2017, the Committee approved the reinstatement of that
reduction in base salary for Dr. Jin and Mr. Dhanani. Effective
as of April 1, 2017, Dr. Jins and Mr. Dhananis annual base
salaries shall be $380,000 and $265,000, respectively.
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Exhibit Number
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Description
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99.1
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Press release of Telenav, Inc. dated May 2, 2017
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About TELENAV, INC. (NASDAQ:TNAV)
TeleNav, Inc. (Telenav) is a provider of location-based platform services. The Company’s services consist of its automotive and mobile navigation platform and its advertising delivery platform. The Company operates through three segments: automotive, advertising and mobile navigation. The automotive segment provides its map and navigation platform to auto manufacturers and original equipment manufacturers (OEMs) for distribution with their vehicles. The advertising segment provides interactive mobile advertisements on behalf of its advertising clients to consumers based on the location of the user and other targeting capabilities. The mobile navigation segment provides its map and navigation platform to end users through mobile devices. The Company’s auto and mobile navigation platform allows it to deliver location-based services to auto manufacturers, developers and end users through various distribution channels, including wireless carriers. TELENAV, INC. (NASDAQ:TNAV) Recent Trading Information
TELENAV, INC. (NASDAQ:TNAV) closed its last trading session down -0.05 at 8.80 with 90,443 shares trading hands.
