via NewMediaWire – Nephros, Inc. (Nasdaq: NEPH), a leading water
technology company providing filtration solutions to the medical
and commercial markets, announced the appointment of Judy Krandel
as Chief Financial Officer (CFO), effective today. In this role,
Ms. Krandel will be responsible for directing the company’s
finances and working closely with the Chief Executive Officer (CEO)
and Board of Directors to develop and execute Nephros’s long-term
strategy.
Ms. Krandel joins the company with an impressive track record in
financial leadership and strategic planning. She brings more than
20 years of experience in asset management, investment, operations,
financial reporting and oversight, as well as formal accounting
expertise.
“We are thrilled to welcome Judy to our team. She has an
extensive history leading companies large and small to financial
excellence as an officer, a director, and an investor. I am
confident in Judy’s ability to lead and oversee our financial
operations.” said Robert Banks, President and Chief Executive
Officer.
Retiring Chief Financial Officer Andy Astor commented, “With her
background as both an investor and an executive, Judy is a superb
choice for Nephros. I am delighted to welcome her as my successor,
and I believe she will effectively lead Nephros to continued growth
and prosperity.”
Regarding her new role, Ms. Krandel shared, “I am honored to
come aboard at this exciting time, as Nephros enjoys positive cash
flows and growing revenue momentum. I look forward to being a part
of the Nephros team and contributing to the shared success of the
entire organization, while helping to further the company mission
of better water for all.” She continued, “Having tackled some of
the most complex financial, regulatory, and governance issues for
the companies with which I have been involved, I am well-positioned
to add significant value for investors and stakeholders and drive
effective financial strategies.”
Prior to joining Nephros, Ms. Krandel served as the Chief
Financial Officer of Recruiter.com, where she worked closely with
the CEO to leverage AI and new technology to drive company growth
while also building public market capitalization and enterprise
value. Additionally, Ms. Krandel was responsible for developing
strategies for capital allocation, internal growth, and M&A
while at Paltalk, Inc.
Ms. Krandel holds a Bachelor of Science in Finance from the
Wharton School and a Master of Business Administration from the
University of Chicago Booth School of Business. In addition to
previous roles as Chief Financial Officer for two other publicly
traded companies, Ms. Krandel has been simultaneously active in
multiple corporate and advisory boards.
Inducement Stock Option GrantNephros has approved the
issuance of an inducement grant to Ms. Krandel, effective upon the
commencement of her appointment as Chief Financial Officer,
consisting of a 10-year non-qualified stock option to purchase
122,524 shares of the Company’s common stock. The grant was
unanimously approved by the Company’s board of directors, including
all of its independent directors and was a material inducement to
Ms. Krandel’s acceptance of employment with Nephros in accordance
with Nasdaq Listing Rule 5635(c)(4) as a component of her
employment compensation. The stock option will be equal to the
closing sale price of the Company’s common stock as of the close of
regular trading today. The inducement grant will vest over a
four-year period, with 25% of the shares vesting on November 1,
2024, and the remaining shares thereafter vesting in 12 equal
quarterly installments, subject to her continued employment with
Nephros through the applicable vesting dates. The inducement grant
is subject to the terms and conditions of a stand-alone stock
option agreement entered into outside of the Company’s 2015 Equity
Incentive Plan.
About NephrosNephros is committed to improving the human
relationship with water through leading, accessible technology. We
provide innovative water filtration products and services, along
with water-quality education, as part of an integrated approach to
water safety. Nephros goods serve the needs of customers within the
healthcare and commercial markets, offering both proactive and
emergency solutions for water management.
For more information about Nephros, please visit
nephros.com.
Forward-Looking StatementsThis release contains
forward-looking statements that are subject to various risks and
uncertainties. Such statements include statements regarding
Nephros’ expected future revenue, gross margins, cash flows and
expectations on achieving and maintaining positive cash flow and
profitability, including the timing thereof, and other future
financial performance, and other statements that are not historical
facts, including statements that may be accompanied by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including inflationary factors and general
economic conditions, changes in business and competitive
conditions, the availability of capital when needed, dependence on
third-party manufacturers, distributors and researchers, and
regulatory reforms. These and other risks and uncertainties are
detailed in Nephros’ reports filed with the U.S. Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2022, which it may update in Part II,
Item 1A – Risk Factors in its Quarterly Reports on Form 10-Q that
it has filed or will file hereafter. Nephros does not undertake any
responsibility to update the forward-looking statements in this
release.
Investor Relations Contacts:Kirin Smith, President PCG
Advisory, Inc. (646) 823-8656 ksmith@pcgadvisory.com
Robert Banks, CEO Nephros, Inc. (201) 343-5202
robert.banks@nephros.com
Judy Krandel, CFO Nephros, Inc. (201) 343-5202
judy.krandel@nephros.com
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