SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES) 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.

Story continues below

On March 27, 2020, the Board of Directors of Second Sight Medical Products, Inc. (the “Company”) appointed Matthew Pfeffer, a member of the Board and Chairman of the Audit Committee of the Board, as acting Chief Executive Officer of the Company effective immediately.  The Company announced the appointment on March 30, 2020.

ITEM 8.01 Other Events

On March 30, 2020, the Company informed its employees that the Company will be closing its facility and winding down operations due to the COVID -19 (the coronavirus) and the Company’s inability to continue to receive funding. The Company informed 84 of its 108 employees that they were being laid off effective March 30, 2020. The Company affirmed to employees that this was a permanent lay-off and that there was no expectation of recall. Laid off employees will be paid through March 31, 2020 and will be eligible for unemployment benefits subject to local regulations. A small group of employees will stay on to assist with an orderly wind-down. The Company intends to retain an adviser experienced in winding down operations to guide the board on next steps. Any wind down activity, if implemented, will be subject to uncertainties and the Company will continue to incur expenses from operations as it winds down.

On March 30, 2020 the Company issued a press release entitled “Second Sight Announces Employee Layoffs, Intent to wind down operations and Appointment of Matthew Pfeffer as Acting CEO,” a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, and incorporated herein by reference.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

SECOND SIGHT MEDICAL PRODUCTS INC Exhibit
EX-99.1 2 eyes-ex991_6.htm EX-99.1 eyes-ex991_6.htm Exhibit 99.1     FOR IMMEDIATE RELEASE   Second Sight Announces Employee Layoffs,…
To view the full exhibit click here

About SECOND SIGHT MEDICAL PRODUCTS, INC. (NASDAQ:EYES)

Second Sight Medical Products, Inc. is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight. It does not restore normal vision and it does not slow or reverse the progression of the disease. The Company’s Argus II System employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals. The Argus II System works by converting video images captured by a miniature camera housed in a patient’s glasses into a series of small electrical pulses that are transmitted wirelessly to an array of electrodes that are implanted on the surface of the retina.

An ad to help with our costs