Item 2.02 Results
of Operations and Financial Condition.
On May 7, 2020, Helius Medical Technologies, Inc. (the
“Registrant”) issued a press release announcing its
financial results for the quarter ended March 31, 2020, as
well as information regarding a conference call to discuss these
financial results and the Registrant’s recent corporate
highlights. A copy of this press release is furnished herewith as
Exhibit 99.1 to this Current Report and is incorporated herein by
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02,
and Exhibit 99.1 hereto, shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to
the liability of that section, nor shall it be deemed incorporated
by reference in any of the Registrant’s filings under the
Securities Act of 1933, as amended (the “Securities
Act”), or the Exchange Act, whether made before or
after the date hereof, regardless of any incorporation
language in such a filing, except as expressly set forth by
specific reference in such a filing.
of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
(b) On May 1, 2020, Dr. Huaizheng
Peng notified the Board of Directors (the “Board”) of the Company
that he resigned from the Board, effective May 1, 2020.
Dr. Peng’s did not resign from the Board due to any
disagreement with the Company on any matter relating to the
Company’s operations, policies or practices.
Item 8.01 Other
As previously reported, on April 13, 2020, the Company was
granted a $323,000 loan under the Paycheck Protection Program (the
“PPP Loan”) established under the Coronavirus Aid,
Relief, and Economic Security Act (“CARES Act”). The
Company planned to use the proceeds from the PPP Loan for covered
payroll costs, rent and utilities in accordance with the relevant
terms and conditions of the CARES Act. However, based upon
subsequent guidance issued by the Federal Government, including a
presumption that no publicly traded companies are eligible for a
PPP loan, the Company intends to return the PPP Loan proceeds
within the time period imposed under these new guidelines out of an
abundance of caution, subject to any additional guidance that may
be issued by the Federal Government on eligibility criteria for
public companies who have already been granted PPP loans.
Item 9.01 Financial
Statements and Exhibits.