Form 8-K - Current report
November 24 2023 - 12:47PM
Edgar (US Regulatory)
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0001266806
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2023-11-20
2023-11-20
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date Earliest Event Reported): November 20, 2023
Vivani
Medical, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware |
001-36747 |
02-0692322 |
(State
or Other Jurisdiction
of
Incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
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1350
S. Loop Road
Alameda,
California
(Address
of Principal Executive Offices) |
94502
(Zip
Code) |
(415)
506-8462
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e- 4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
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Title
of each class |
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Trading
Symbol(s) |
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Name
of each exchange on
which
registered |
Common
stock |
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VANI |
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Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
As
part of a reduction in workforce at Cortigent, Inc. (“Cortigent”), a wholly-owned subsidiary of Vivani Medical, Inc. (the
“Company”), the Company terminated without cause the employment of Scott Dunbar, a named executive officer in the Company’s
2023 proxy statement and former Acting Chief Executive Officer of the Company’s predecessor, Second Sight Medical Products, Inc.,
effective as of November 20, 2023 (the “Separation Date”).
In
connection with Mr. Dunbar’s departure, the Company is providing him with severance benefits consisting of a payment of approximately
$70,000 and reimbursement of continued COBRA coverage premiums for up to six months to the extent Mr. Dunbar is eligible and elects
to continue such coverage. The Company intends to enter into a customary separation and release agreement with Mr. Dunbar (the “Separation
Agreement”) to memorialize such arrangements.
The
foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the
Separation Agreement, which the Company intends to file as an exhibit to its Annual Report on Form 10-K and is incorporated herein by
reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
No. |
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Description
of Exhibit |
104 |
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Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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VIVANI
MEDICAL, INC. |
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Date: |
November
24, 2023 |
By: |
/s/
Brigid Makes |
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Brigid
Makes
Chief Financial Officer
(Principal Financial and Accounting Officer) |
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