CARLSBAD, CA – Qualigen Therapeutics, Inc. (NASDAQ:QLGN), a pharmaceutical company, announced significant changes to its executive team and board of directors, according to a recent 8-K filing with the Securities and Exchange Commission. On Monday, CEO and Chairman Michael Poirier and CFO Christopher Lotz resigned from their positions due to disagreements over the company's strategic direction.
The board acted swiftly, appointing Campbell Becher as President on Tuesday and Kevin Richardson II as Interim CEO and CFO on Thursday. Richardson, who has successfully led small cap companies through strategic transformations, previously brought Sanuwave Health Inc. from early stages to $20 million in revenue. His consulting fee is set at $4,500 per week.
Additionally, the board has restructured its committees. Matt Korenberg, recognized as an "audit committee financial expert" by the SEC, will chair the Audit Committee, joined by Robert Lim and Cody Price. The Compensation Committee will be led by Cody Price, with Korenberg and Lim as members. Lim will also chair the Nominating and Corporate Governance Committee, working alongside Price and Korenberg.
In other recent news, Qualigen Therapeutics has been actively managing its financial affairs and making significant changes to its board. The biotechnology company has received an extension to remain listed on The Nasdaq Capital Market until November 19, 2024, and is working diligently to meet all applicable listing criteria. In tandem with this, Qualigen has priced its public offering at $0.13 per share, with expectations of raising approximately $3.46 million before agent fees and expenses.
The company has also issued a $1.25 million loan to Marizyme, structured as a demand promissory note with an 18% annual interest rate. In addition to this, Qualigen secured a $2 million cash infusion through a non-convertible senior note bearing an 18% annual interest rate, set to mature in July 2025.
On the personnel front, Qualigen saw significant changes in its board, with the resignation of four members and the appointment of three new ones. The company also appointed WithumSmith+Brown, PC as its new independent registered public accounting firm, following the dismissal of Baker Tilly US, LLP.
Lastly, the holder of Qualigen's 8% Senior Convertible Debenture fully converted the original principal balance of $3.3 million into the company's common stock. These are the recent developments for Qualigen Therapeutics.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.