CTI INDUSTRIES CORPORATION (NASDAQ:CTIB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 29, 2018, CTI Industries Corporation (“CTI” or the “Company”) announced Stephen M. Merrick would step down from his role as Chief Executive Officer of the Company as of November 30, 2018. At that time, Mr. Merrick would become General Counsel to the Company, transitioning to a part-time role as of January 31, 2019, and at a reduced compensation level as of that date. Mr. Merrick remains a member of the Company’s Board of Directors.
On December 1, 2018, Jeffrey S. Hyland, President of the Company, will become President/CEO of CTI. There are no other changes to Mr. Hyland’s relationship with the Company.
Regulation FD disclosure.
On September 19, 2018, the Company filed a preliminary prospectus on Form S-1 regarding the intended issuance of equity securities in a Fully Marketed Shareholder Rights Offering. Subsequently, the Company announced its decision to postpone completion of that event due to changing market conditions. CTI has therefore withdrawn this preliminary Form S-1 filing and will not amend or otherwise complete it. CTI may decide to file a new registration statement in the future.
On November 28, 2018, the Company issued a press release announcing the actions listed herein. A copy of the Press Release is furnished as Exhibit 99.1 to this report, and is incorporated herein by reference. The information in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item No. 9.01 – Financial Statements and Exhibits
CTI INDUSTRIES CORP ExhibitEX-10.1 2 ex_130911.htm EXHIBIT 10.1 ex_130911.htm EXHIBIT 10.1 STEPHEN M. MERRICK DEER PARK,…To view the full exhibit click
About CTI INDUSTRIES CORPORATION (NASDAQ:CTIB)
CTI Industries Corporation develops, produces and distributes various consumer products and sells these products throughout the United States and in over 35 other countries. The Company designs, manufactures and distributes film products. It is a developer of products, which employ flexible films, including balloons, pouches and rolls of film for vacuum sealing and storage of products in the home and films for commercial packaging applications. Its principal lines of products include Novelty Products, consisting of foil and latex balloons and other inflatable toy items, and also Candy Blossoms (small containers of arranged candy items, including a small inflated balloon); Vacuum Sealing Containers and Sealing Devices, which are for home and consumer use to vacuum seal, store and preserve food and personal items, and Flexible Films, for food and other commercial and packaging applications.