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Alaunos Therapeutics, Inc. (NASDAQ:TCRT) announced that its board of directors has appointed Michael A. Jerman as a director, effective immediately. The appointment, disclosed in a press release statement and detailed in a recent SEC filing, fills the vacancy created by the resignation of Dale Curtis Hogue. The micro-cap company, currently valued at $6.55 million, has seen significant price volatility recently, with InvestingPro data showing an 80% surge over the past six months despite a sharp 34% decline in the past week. According to InvestingPro’s Fair Value analysis, the stock appears to be undervalued at current levels.
Mr. Jerman has also been named to the Audit Committee and the Compensation Committee of the board, replacing Holger Weis, who was recently appointed as Chief Executive Officer. Mr. Jerman will serve as chair of the Audit Committee. According to the company, the board determined that Mr. Jerman meets the independence requirements under the applicable Nasdaq Stock Market LLC listing standards and the Securities Exchange Act of 1934. The appointment comes at a crucial time, with InvestingPro data indicating the company’s next earnings report is scheduled for August 14, 2025. InvestingPro subscribers have access to 12 additional investment tips for TCRT, including detailed analysis of the company’s financial health and market position.
As a non-employee director, Mr. Jerman will participate in the company’s compensation program for non-employee directors. This includes a base annual cash retainer of $40,000. Additional annual cash compensation for committee service is set at $10,000 for Audit Committee members or $15,000 for the chair, $7,500 for Compensation Committee members or $12,500 for the chair, and $5,000 for Corporate Governance and Nominating Committee members or $7,500 for the chair.
Mr. Jerman will receive an initial stock option grant to purchase 10,000 shares of Alaunos Therapeutics common stock, vesting in equal monthly installments over 36 months, with the first vest on August 15, 2025. He will also receive a prorated annual stock option grant to purchase 3,200 shares, vesting monthly, with any unvested portion vesting in full prior to the company’s 2026 annual general meeting. Both grants are subject to continued service and may vest in full upon a change in control, as defined in the company’s 2020 Equity Incentive Plan.
There are no arrangements or understandings with any other person regarding Mr. Jerman’s selection as director, and no transactions requiring disclosure under Item 404(a) of Regulation S-K. The company has entered into an indemnification agreement with Mr. Jerman, consistent with agreements for other directors.
This information is based on a press release statement and details provided in the company’s SEC filing.
In other recent news, Alaunos Therapeutics, Inc. has announced several financial and corporate developments. The company completed an $850,000 private placement of Series A-2 Convertible Preferred Stock, with each share priced at $1,000 and carrying a 10% annual dividend. These shares are convertible into common stock at a fixed price of $4.49 per share. Additionally, Alaunos raised approximately $2 million through a registered direct offering, selling 610,399 shares of common stock at $3.36 per share. After expenses, the net proceeds are expected to be around $1.9 million, earmarked for the company’s obesity program and general corporate purposes.
In a separate development, Dr. Robert Hofmeister resigned from Alaunos Therapeutics’ board of directors, effective immediately, with no disagreements cited regarding company operations. The company has not yet announced a successor for the vacant board seat. These events come as Alaunos continues its focus on developing innovative treatments for obesity and metabolic disorders. Investors are likely to monitor these developments closely, given their potential impact on the company’s strategic direction and governance.
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