Provectus Biopharmaceuticals, Inc 8-K, filed Aug 19, 2024
Provectus Biopharmaceuticals, Inc. (PVCT)
About this 8-K
Provectus Biopharmaceuticals, Inc filed this 8-K on August 19, 2024, reporting on events of August 14, 2024.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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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 August 14, 2024, the Board of Directors (the “Board”) of Provectus Biopharmaceuticals, Inc. (the “Company”) approved the conversion of accrued but unpaid directors’ fees of current and former Board members owed through September 30, 2024 (“Accrued Fees”) into the Company’s Series D-1 Preferred Stock (“Preferred Stock”) at a price per share equal to $2.862 and the issuance of this Preferred Stock to current and former Board members. The Preferred Stock is being issued to satisfy payment of outstanding cash fees owed to the Company’s directors and is not being issued as a separate award under the Company’s 2024 Equity Compensation Plan. The total amount of Accrued Fees through September 30, 2024 will be $2,131,838.75, which would convert into 744,878 shares of Preferred Stock, which would convert into 7,448,780 shares of Common Stock.
On April 12, 2017, the Board approved the accrual of directors’ fees until such time as the Board authorized the payment of director compensation, as reported on the Company’s Form 8-K filed on April 18, 2017.
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SIGNATURE
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: August 19, 2024
| PROVECTUS BIOPHARMACEUTICALS, INC. | ||
| By: | /s/ Heather Raines | |
| Heather Raines, CPA | ||
| Chief Financial Officer | ||
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