ABVC 8-K
Abvc Biopharma, Inc. (ABVC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ABVC BioPharma, Inc. (the “Company”) and its CFO, Leeds Chow are currently negotiating the terms of his employment agreement; due to disagreements regarding salaries due and payable, Mr. Chow has informed the Company that he is suspending his work as CFO. The disagreement relates solely to salary owed and payable to Mr. Chow and is not the result of any disagreements with the Company on any matter related to the Company’s disclosures in its public filings. The Company’s CEO, Uttam Patil, will assume the duties of interim Chief Financial Officer until the parties settle the disagreement and Leeds resumes his position as CFO.
Item 8.01 Other Events
The Company also seeks to correct two typos contained in the press release titled, “ABVC BioPharma Receives $296,000 Cash Out of Potential Aggregate License Fee of $24M Cash and Stock From Its Licensees AiBtl, ForSeeCon and OncoX in Global Licensing Deals,” which was disseminated on July 2, 2024 (the “Press Release”). The potential aggregate license fee is actually $19M. Additionally, the Press Release stated that the Company expects to receive up to an aggregate of $23.7M in cash from all three licensees (AiBtl, ForSeeCon, and OncoX), but the total possible cash payment is expected to be $18.7M.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ABVC BioPharma, Inc. | ||
| July 23, 2024 | By: | /s/ Uttam Patil |
| Uttam Patil | ||
| Chief Executive Officer | ||
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