IVDN 8-K
Innovative Designs Inc (IVDN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 26. 2024, the Board of Directors of the registrant terminated Mr. Joseph Riccelli as the registrant’s Chief Executive Officer and Chief Financial Officer effective immediately.
On the same date the Board of Directors appointed John L. Thomas, Esq as the registrant’s Chief Executor Officer, Chief Financial Officer and corporate counsel. Mr. Thomas has served as the registrant’s securities counsel for over fifteen years.
Mr. Thomas has been a practicing lawyer for over forty years. He is a former Senior Attorney at the U.S. Securities and Exchange Commission, Division of Corporation Finance. He received his law degree from Franklin Piere Laws Center and a master’s in business administration from New Hampshire College.
He will serve on a part-time basis. for a six-month period. His compensation will be $2,000 per week. He will also receive a warrant to purchase 100,000 shares of common stock with an exercise price of $.12 per share for a term of three years. The warrants have a cashless exercise feature.
On the same date, the Borad of Directors appointed Mr. Robert K. Adams as Chairman of the Board of Directors.
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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.
| DATE: September 27, 2024 | Innovative Designs, Inc. | |
| /s/ John Thomas | ||
| By: | ||
| John Thomas, Chief Executive Officer | ||
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