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; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 27, 2020, Second Sight Medical Products, Inc. (the “Company”) received written notice from William J. Link, a member of the Board of Directors of the Company (“Board”) and member of the Audit Committee, notifying the Company that he was resigning as a director effective May 31, 2020. In connection with Mr. Link’s resignation, there were no disagreements with the Company, known to an executive officer of the Company, on any matter relating to the Company’s operations, policies or practices.
Dr. Link’s resignation reduces the size of the Board to four members until a replacement for him is appointed. As a result, the Company has one remaining independent director. The Company previously reported on its Form 8-K filed April 21, 2020 that it no longer complies with Nasdaq’s independent director and audit committee requirements set forth in Nasdaq Listing Rule 5605. As set forth in that Form 8-K, Nasdaq has provided the Company with a compliance period in which to regain compliance with the listing requirement, however the Company cannot assure that it will be able to regain compliance within the period provided by Nasdaq.
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.