SPECIAL DIVERSIFIED OPPORTUNITIES INC. (OTCMKTS:SDOI) 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.
On May 9, 2017, Kevin J. Bratton notified the Board of Directors
(the Board) of Special Diversified Opportunities Inc. (the
Company) that he will resign as Vice President Finance and
Chief Financial Officer of the Company, effective June 1, 2017.
The decision of Mr. Bratton to resign is not the result of any
disagreement with the Company on any matter relating to the
Companys operations, policies or practices.
The Company has engaged Edward J. Sweeney of Pine Hill Group,
where he has served as Managing Director since 2011, to serve on
an interim basis as the Companys Chief Financial Officer,
effective upon Mr. Brattons departure on May 31, 2017. Mr.
Sweeney has significant experience with Securities and Exchange
Commission (SEC) filings and regulations, as both a
registrant and an advisor for numerous clients, assisting them
through all phases of SEC compliance from public offerings,
registration statements, interim and annual financial reporting
and SEC comment letter resolution. Prior to joining Pine Hill
Group, Mr. Sweeney served in varying capacities at Endo
Pharmaceuticals Inc., most recently as Vice President, Controller
and Chief Accounting Officer, from 2004 to 2011, and in various
capacities, including Audit Senior Manager, at Ernst Young LLP
from 1991 to 2004. Mr. Sweeney is a Certified Public Accountant
and holds a B.S. in Accounting from Saint Josephs University.
Mr. Sweeney will carry out his role as Chief Financial Officer of
the Company to an agreement between the Company and Pine Hill
Group. The agreement outlines the scope of responsibilities of
Pine Hill Group, as well as Mr. Sweeneys role. These include, but
are not limited to, matters relating to the preparation and
filing of the Companys periodic reports under the Securities and
Exchange Act of 1934, the preparation of the Companys financial
statements included therein, and assisting the Companys
independent auditors with respect to developing and maintaining a
system of internal control over financial reporting and
disclosure controls and procedures. Pine Hill Group will be
compensated at an hourly rate for performing services to the
agreement. Pine Hill Group will be responsible for all payments
to Mr. Sweeney. As a result, Mr. Sweeney will receive no direct
compensation from the Company and the amount of aggregate
payments made to Pine Hill Group will be based on the amount of
work performed on our behalf.
The Company has commenced a search for a permanent replacement
for Mr. Bratton.
About SPECIAL DIVERSIFIED OPPORTUNITIES INC. (OTCMKTS:SDOI)
Special Diversified Opportunities Inc. is a shell company. The Company’s board of directors has been exploring strategic alternatives to maximize shareholder value going forward, including deploying the proceeds of the Asset Sale in business acquisition opportunities, merging with another company, or other actions to redeploy the Company’s capital, including, without limitation, distribution of cash to its shareholders. Prior to the completion of the Asset Sale, the Company was a biotechnology company, which was engaged in developing, commercializing and marketing products, services and solutions that preserve and enhance the human health and wellness. The Company has not generated any revenues. SPECIAL DIVERSIFIED OPPORTUNITIES INC. (OTCMKTS:SDOI) Recent Trading Information
SPECIAL DIVERSIFIED OPPORTUNITIES INC. (OTCMKTS:SDOI) closed its last trading session down -0.012 at 0.810 with 121,800 shares trading hands.