Current Report Filing (8-k)
July 25 2019 - 4:12PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
July 25, 2019
Date of
Report
(Date of
earliest event reported)
SOCKET
MOBILE, INC.
(Exact
name of registrant as specified in its charter)
Delaware
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001-13810
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94-3155066
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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39700 Eureka Drive
Newark, CA 94560
(Address
of principal executive offices, including zip code)
(510) 933-3000
(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 (see General Instruction
A.2. below):
[ ] 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:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, $0.001 Par Value per Share
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SCKT
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NASDAQ
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
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 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
(b)
As disclosed in Item 5.02 of this Current Report
on Form 8-K filed by Socket Mobile, Inc. (the “Company”), effective July 25, 2019, Mr. Nelson C. Chan resigned
from the Company’s board of directors (the “Board”).
On July 25, 2019, the
Company notified The Nasdaq Stock Market, Inc. that, as a result of Mr. Chan’s resignation, it was not in compliance with
Nasdaq Listing Rule 5605(b)(1), which requires the Company’s Board to consist of a majority of independent directors.
The Nasdaq Listing Rules
provide for a cure period during which the Company may regain compliance with Nasdaq Listing Rule 5605(b)(1). Under Nasdaq Listing
Rule 5605(b)(1)(A), the Company shall have until the earlier of its next annual meeting of stockholders or one year from the occurrence
of the event that caused the failure to comply with Nasdaq Listing Rule 5605(b)(1)(A); provided, however, that if the next annual
meeting of stockholders occurs no later than 180 days following the event that caused the vacancy, the Company shall instead have
180 days from such event to regain compliance.
The Company intends
to fill the vacancy on the Board to cure the non-compliance within the cure period provided under Nasdaq Listing Rule 5605(b)(1)(A).
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
On July 24, 2019, Mr. Nelson C. Chan notified
the Company of his decision to resign as a member of the Board, effective as of July 25, 2019. At the time of Mr. Chan’s
resignation, he was an independent director and a member of the Compensation Committee of the Board. Mr. Chan’s resignation
as a member of the Board also constitutes his resignation as a member of Compensation Committee. Mr. Chan’s resignation
was not because of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
The Board has initiated a search to identify
qualified candidates to replace Mr. Chan as a director of the Company.
On July 24, 2019, the Board appointed Mr. Bill
Parnell, a current independent director, as a new member of the Compensation Committee, effective July 25, 2019. As a result, the
composition of the Compensation Committee remains at two members, Dr. Charlie Bass (chair) and Mr. Bill Parnell.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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SOCKET MOBILE,
INC.
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Date: July 25, 2019
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/s/
Lynn Zhao
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Lynn Zhao
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Vice President, Finance and Administration
and Chief Financial Officer
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