BIOMERICA, INC. (NASDAQ:BMRA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In December 2019, Ms. Janet Moore, age 69, informed Biomerica, Inc. (the Company), about her intention to retire from the position of Chief Financial Officer (CFO) of the Company at some point in the future once a suitable replacement could be found. On July 13, 2020 the Board of Directors of the Company unanimously approved hiring Mr. Steve Sloan. On August 27, 2020 the Board of Directors officially appointed and approved Mr. Sloan to serve as CFO, effective September 3, 2020. As such, Ms. Moore will resign her position as CFO effective September 3, 2020.
Ms. Moores retirement was not as a result of any disagreements with the Company, including on any matters related to its operations, policies or practices. Ms. Moore will continue working for Biomerica during a transition period.
The Board of Directors of the Company also voted that Mr. Sloan will receive an option grant of 50,000 shares of our common stock which option grant vests one-quarter on July 13, 2021 and one-quarter on each yearly anniversary thereafter of the grant. The option grant will have a ten-year term.
On August 27 2020, the Board of Directors of the Company unanimously approved a resolution to increase the size of the Board of Directors from six to seven members and elected Ms. Cathy Coste, to serve as a director of the Company, effective September 3, 2020. The Board of Directors of the Company also voted that Ms. Coste will receive an option grant of 25,000 shares of our common stock which option grant vests one-quarter on August 27, 2021 and one-quarter on each yearly anniversary thereafter of the grant. The option grant will have a ten-year term.
Item 7.01 Regulation FD Disclosures.
On August 31, 2020, Biomerica, Inc. (Biomerica) issued a press release announcing the aforementioned departure and appointment of certain officers and the appointment of a director.
The information contained in Item 7.01 of this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into 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 filing.
Item 8.01 Other Events.
On August 27, 2020, Biomerica, Inc. appointed Mr. Steve Sloan to serve as the CFO of the Company and Ms. Cathy Coste to the Board of Directors of the Company, both effective September 3, 2020.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
BIOMERICA INC Exhibit
EX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 Exhibit 99.1 Biomerica Announces Retirement of Chief Financial Officer (CFO),…
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About BIOMERICA, INC. (NASDAQ:BMRA)
Biomerica, Inc. is a biomedical company, which develops, manufactures and markets medical diagnostic products for the early detection and monitoring of chronic diseases and medical conditions. The Company’s medical diagnostic products are sold around the world in over two markets, including clinical laboratories and point of care (physicians’ offices and over-the-counter drugstores). The Company operates in Europe, the United States, Asia, South America, the Middle East and other foreign countries. The Company’s diagnostic test kits are used to analyze blood, urine or fecal specimens from patients in the diagnosis of various diseases and other medical complications, or to measure the level of specific hormones, antibodies, antigens or other substances, which exist in the human body in various concentrations. The Company primarily focuses on products for gastrointestinal (GI), food intolerances, diabetes and esoteric tests. The Company’s diagnostic products use immunoassay technology.