Form 8-K/A - Current report: [Amend]
February 02 2024 - 5:18PM
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0001530766
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2024-01-28
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K/A
(Amendment
No. 1)
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): January
28, 2024
BioSig
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-38659 |
|
26-4333375 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
55
Greens Farms Road,
1st Floor
Westport,
Connecticut |
|
06880 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(203)
409-5444
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
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:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
Common
Stock, par value $0.001 per share |
|
BSGM |
|
The
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. ☐
Explanatory
Note
BioSig
Technologies, Inc. (the “Company”) filed a Current Report 8-K on February 1, 2024 (the “Original
Form 8-K”).
This
Amendment No. 1 on Form 8-K/A is being filed to correct the statements regarding the consulting agreements in the Original Form 8-K,
which have not been executed. No other changes have been made to the Original Form 8-K.
Item 2.05 |
Costs Associated with
Exit or Disposal Activities |
On
January 28, 2024, management of the Company commenced a workforce reduction intended to reduce annual cash burn by approximately 50%,
which was completed as of January 31, 2024. The workforce reduction consisted of the departure of sixteen employees, effective as of
January 31, 2024 (the “Effective Date”) and included the departure of John Sieckhaus, the Company’s Chief Operating
Officer, and Gray Fleming, the Company’s Chief Commercial Officer.
In
connection with the reduction in force, the Company estimates it will incur total aggregate costs of approximately $713,924, which consists
of one-time departure fees and severance packages for employees in equity, based on factors including years of employment, in the estimated
amount of $135,288 and retention bonuses paid in equity in the estimated amount of $578,636. These estimates are subject to a number
of assumptions, and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that
may occur as a result of, or that are associated with, the departures, including estimated cash expenditures of $30,000 and estimated
potential consulting fees paid in equity of approximately $200,000.
Item 5.02 |
Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
In
connection with the workforce reduction discussed in Item 2.05 of this Current Report on Form 8-K, Mr. Sieckhaus and Mr. Fleming, effective
as of the Effective Date, are departing from the Company.
Cautionary
Note Regarding Forward-Looking Statements
This
Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,”
“expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,”
“believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees
of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of
which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and
uncertainties associated with (i) possible proceedings that may be brought by third-parties against BioSig in connection with the employee
terminations discussed in Item 2.05 above; (ii) the impact and timing of any cost-saving measures and employee departures from BioSig;
(iii) the impact of potential litigation and regulatory proceedings; (iv) difficulties in retaining key employees, including one or more
key executives or scientists; and (vii) BioSig’s cost reduction plan and associated workforce reduction or other cost-saving measures
not reaching the targeted reduction of cash burn by 50%. For a discussion of other risks and uncertainties, and other important factors,
any of which could cause BioSig’s actual results to differ from those contained in forward-looking statements, see Biosig’s
filings with the Securities and Exchange Commission (“SEC”), including the section titled “Risk Factors” in BioSig’s
Quarterly Report on Form 10-Q, filed with the SEC on November 14, 2023. Investors and security holders are urged to read these documents
free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise
its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
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.
|
BIOSIG
TECHNOLOGIES, INC. |
|
|
|
Date:
February 2, 2024 |
By: |
/s/
Kenneth L. Londoner |
|
Name:
|
Kenneth
L. Londoner |
|
Title: |
Executive
Chairman |
v3.24.0.1
Cover
|
Jan. 28, 2024 |
Cover [Abstract] |
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Document Type |
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|
Amendment Flag |
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|
Amendment Description |
Amendment
No. 1
|
Document Period End Date |
Jan. 28, 2024
|
Entity File Number |
001-38659
|
Entity Registrant Name |
BioSig
Technologies, Inc.
|
Entity Central Index Key |
0001530766
|
Entity Tax Identification Number |
26-4333375
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
55
Greens Farms Road
|
Entity Address, Address Line Two |
1st Floor
|
Entity Address, City or Town |
Westport
|
Entity Address, State or Province |
CT
|
Entity Address, Postal Zip Code |
06880
|
City Area Code |
(203)
|
Local Phone Number |
409-5444
|
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Pre-commencement Issuer Tender Offer |
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Title of 12(b) Security |
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|
Trading Symbol |
BSGM
|
Security Exchange Name |
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|
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