Skyline Medical Inc. (NASDAQ:SKLN) Files An 8-K Other EventsItem 8.01 Other Events.
As previously reported, the Company held its annual meeting of stockholders on December 28, 2017 at which, among other things, the Company’s stockholders approved certain amendments to the Company’s Amended and Restated 2012 Stock Incentive Plan (the “2012 Plan”). As described in the Company’s definitive proxy statement for the Annual Meeting as filed with the SEC on December 4, 2017 (the “Proxy Statement”) under Proposal 3, amendments to the 2012 Plan were considered at the 2016 annual meeting but were not approved by the required vote. For options to purchase approximately 2.5 million shares granted after the 2016 annual meeting, the grantees agreed not to exercise the options prior to further stockholder approval of an increase in the reserve under the 2012 Plan. As a result of the stockholder approval of the amendments at the 2017 annual meeting, these restrictions on exercise were removed on December 28, 2017. Due to the removal of this restriction on exercise, the Company will recognize a non-cash charge for compensation expense of approximately $1.9 million in the fourth quarter of 2017.
About Skyline Medical Inc. (NASDAQ:SKLN)
Skyline Medical Inc. is a medical device company that develops and manufactures The STREAMWAY System, a solution for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. The Company distributes these products to hospitals, surgical centers and other medical facilities where bodily and irrigation fluids produced during surgical procedures must be contained, measured, documented and disposed. The Company also manufactures and sells two disposable products required for system operation: a bifurcated single procedure filter and tissue trap, and a single use bottle of cleaning solution. Both items are used on a single procedure basis. Its STREAMWAY Automated Surgical Fluid Waste Management System (FMS) is a wall mounted automated system that disposes of an unlimited amount of suctioned fluid from the patient using standard surgical tubing. The FMS suctions surgical waste fluid from the patient using standard surgical tubing.
