Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On September 19, 2017, Ted Wang, Ph.D, was appointed to the Board of the Company to fill a vacancy. Dr. Wang will serve as a director of the Company until the next annual meeting of stockholders of the Company and until his successor is elected and qualified. Dr. Wang has also been appointed as a member of the Nominating and Governance Committee of the Board.
Dr. Wang has served as the Chief Investment Officer of Puissance Capital Management LP, of which he was a founder, since January 2015. Prior to that, Dr. Wang was a Partner of Goldman, Sachs & Co. (“Goldman”), which he joined in 1996 and with which he served in many leadership positions, mostly recently as Co-Head of U.S. Equities Trading and Global Co-Head of One Delta Trading and a member of the Goldman Sachs Risk Committee. Prior to joining Goldman, Dr. Wang co-founded Xeotron Corp., a company specializing in DNA biochips in Texas. Dr. Wang holds a Ph.D. in Physics from the University of Minnesota, an M.B.A. from the University of Texas, Austin, and a B.S. from Fudan University, China.
Dr. Wang was elected as a director following his nomination to the Board by Puissance Cross-Border Opportunities II LLC (“Puissance”), a shareholder of the Company and an affiliate of Puissance Capital Management LP. Puissance served as the committed investor in connection with the Company’s recently completed rights offering, in connection with which Puissance purchased 20,534,898 shares of the Company’s common stock for an aggregate purchase price of $20.5 million. Following completion of the rights offering, Puissance holds approximately 34% of the Company’s issued and outstanding shares.
Dr. Wang will participate in the Company’s standard non-employee director compensation program. to this program, Dr. Wang was granted an option to purchase 37,500 shares of the Company’s common stock with an exercise price of $1.15 per share, which is equal to the closing sales price per share of the Company’s common stock on the Nasdaq Capital Market on September 19, 2017, that becomes exercisable in yearly installments over four years, and is eligible to receive an annual retainer of $35,000 for his service on the Board and additional fee of $3,750 per year for his services as a member of the Nominating and Governance Committee. In addition, non-employee directors are entitled to an annual grant of 25,000 options which become exercisable in 12 equal monthly installments over a one-year period.
It also is anticipated that Dr. Wang will enter into the Company’s standard indemnification agreement for directors of the Company.
On September 22, 2017, the Company issued a press release announcing the appointment of Dr. Wang to, and the resignation of Mr. Boren from, the Board of Directors of the Company. A copy of this press release is filed as Exhibit 99.2 to this current report.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
EKSO BIONICS HOLDINGS, INC. ExhibitEX-99.1 2 v475656_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Dan Boren Member of Congress 2005-2013 September 19,…To view the full exhibit click here