Current Report Filing (8-k)
May 11 2022 - 4:12PM
Edgar (US Regulatory)
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2022-05-06
2022-05-06
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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 of earliest event reported): May 6, 2022
Oncocyte
Corporation
(Exact
name of registrant as specified in its charter)
California |
|
1-37648 |
|
27-1041563 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
15
Cushing
Irvine,
California 92618
(Address
of principal executive offices)
(949)
409-7600
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Exchange Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common
Stock, no par value |
|
OCX |
|
The
Nasdaq Stock Market LLC |
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)) |
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. ☐
Forward-Looking
Statements
Any
statements that are not historical fact (including, but not limited to statements that contain words such as “may,” “will,”
“believes,” “plans,” “intends,” “anticipates,” “expects,” “estimates”)
should be considered to be forward-looking statements. Factors that could cause actual results to differ materially from the results
anticipated in these forward-looking statements are contained under the heading “Risk Factors” in Oncocyte Corporation’s
Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and in other filings that Oncocyte may
make with the SEC. Undue reliance should not be placed on these forward-looking statements which speak only as of the date they are made,
and the facts and assumptions underlying these statements may change. Except as required by law, Oncocyte disclaims any intent or obligation
to update these forward-looking statements.
References
to “Oncocyte,” the “Company,” “we,” “us,” and “our” are references to Oncocyte
Corporation.
The
information in Item 2.02 and the accompanying Exhibit 99.1 shall be deemed “furnished” and not “filed” under
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability
of that section, and shall not be incorporated by reference into any filings made by Oncocyte under the Securities Act of 1933, as amended,
or the Exchange Act except as may be expressly set forth by specific reference in such filing.
Item
2.02 - Results of Operations and Financial Condition
On
May 11, 2022, Oncocyte issued a press release announcing its financial results for the three months ended March 31, 2022. A copy of the
press release is attached as Exhibit 99.1, which, in its entirety, is incorporated herein by reference.
Item
5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
Board
Transitions
On
May 11, 2022, Oncocyte announced that Cavan Redmond, Chairman of our Board of Directors (the “Board”) since 2018 and director
since 2015, has notified the Board that he will not stand for reelection to the Board at the Company’s 2022 annual meeting of shareholders
(the “Annual Meeting.”). Mr. Redmond’s decision not to stand for reelection is not due to any disagreements with the
Company regarding any of the Company’s operations, policies or practices. Following the Annual Meeting, Mr. Redmond intends to
remain accessible to the Board and to Ronald Andrews, the Company’s Chief Executive Officer, as a trusted advisor and a valuable
resource to the management team.
On
May 11, 2022, Oncocyte announced that Mr. Redmond has stepped down as Chairman of the Board, and that the Board has appointed Andrew
Arno as Chairman of the Board effective May 6, 2022. Mr. Redmond will continue to serve as a director of Oncocyte until the Annual Meeting.
Officer
Transitions
On
May 11, 2022, Oncocyte announced that Mitchell Levine, our Chief Financial Officer since 2017, will no longer serve in that capacity
as of June 1, 2022. On June 1, 2022, Mr. Levine will transition to a new role as Corporate Development Officer of the Company with a
focus on corporate and business development. Mr. Levine’s transition to a new role did not involve any disagreement with
the Company with regard to its operations, policies or practices.
On
May 11, 2022, Oncocyte announced that Anish John, our Vice President, Operations – Transplant, has been appointed Senior Vice President,
Finance, and Interim Chief Financial Officer effective June 1, 2022.
Mr. John, age 52, currently serves as the VP of Operations and Finance, Transplant Business Unit for Oncocyte since September 2021. He
previously served as Senior Director, Financial Planning and Analysis for Foundation Medicine, Inc., a wholly owned subsidiary of Roche
Holding, AG. from October 2019 to March 2021. Prior to joining Foundation Medicine, Mr. John served in various management roles at PerkinElmer,
Inc. He served as the Senior Director of Finance, Americas Diagnostics from August of 2017 to August of 2019, as the Director of Finance,
Americas Diagnostics from September 2008 to July of 2017 and as the Senior Manager, Sales Operations and Finance North America from March
of 2007 to August of 2008. Mr. John holds an MBA from Babson College, in Wellesley Massachusetts and a B.B.A in Finance from the University
of Massachusetts at Amherst.
As
Senior Vice President, Finance, and Interim Chief Financial Officer, Mr. John will receive an annual salary of $275,000 and will be eligible
to receive discretionary annual bonuses based on achievement of personal and corporate performance goals established by Oncocyte, with
a target bonus equal to 40% of his annual base salary.
Mr. John will receive a one-time award of 50,000 stock options under the Oncocyte 2018 Equity Incentive Plan (the “Plan”). The
options will vest and thereby become exercisable as follows: twenty-five percent of the options will vest upon completion of one year
of continuous service as an employee, and the balance of the options will vest in 36 equal monthly installments, commencing on the first
anniversary of the effective date of the grant, subject to continued service as an employee on the applicable vesting date. The exercise
price of the stock options will be the fair market value of Oncocyte common stock determined in accordance with the Plan. The options
will expire if not exercised within ten years from the date of grant, subject to earlier termination in the event of the termination
of her employment. The options will be incentive stock options pursuant to Section 422 of the Internal Revenue Code, to the extent permitted
by the Code.
The
options will be subject to the terms and conditions of a stock option agreement, the Plan, the Oncocyte Change in Control and Severance
Plan, and any applicable provisions of his employment agreement.
Mr.
John will continue to be eligible to participate in various Oncocyte employee benefit programs and plans.
Item
9.01 - Financial Statements and Exhibits.
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.
|
ONCOCYTE
CORPORATION |
|
|
|
Date:
May 11, 2022 |
By: |
/s/
Ronald Andrews |
|
|
Ronald
Andrews |
|
|
Chief
Executive Officer |
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