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Catheter Precision, Inc. (NYSE American:VTAK), a company specializing in surgical and medical instruments with a market capitalization of $3 million, has recently awarded incentive stock options to its executive officers under the company’s 2023 Executive Incentive Plan. While the company maintains impressive gross profit margins of over 90%, InvestingPro data shows it faces significant cash burn challenges. The announcement was made following a decision by the Compensation Committee of the Board of Directors on January 29, 2025.
David Jenkins, the Chairman of the Board and Chief Executive Officer, was granted options to purchase 450,000 shares of the company’s common stock at an exercise price of $0.42 per share, notably above the current trading price of $0.38. The stock has experienced a significant decline, losing over 91% in the past year according to InvestingPro analysis, which identifies 8 additional key insights about the company’s performance. These options will vest over a four-year period, with the first 90,000 shares having vested on the date of the grant. The remainder will vest annually through January 29, 2028.
Marie-Claude Jacques, the Chief Commercial Officer, received options for 250,000 shares at the same exercise price. Half of these options will vest in equal installments over five years, with the first 20% having vested on the grant date. The other half is tied to the achievement of sales targets for each quarter of 2025, with 25% vesting upon the successful attainment of these goals.
The stock options have a ten-year term, and the vesting schedule is designed to incentivize the long-term performance and retention of the company’s key officers. The company’s current financial health indicators, including a current ratio of 0.66, suggest challenges in meeting short-term obligations, making executive retention crucial for turnaround efforts.
Catheter Precision, Inc., headquartered in Fort Mill, SC, operates under the legal jurisdiction of Delaware. The company’s fiscal year ends on December 31.
This strategic move by Catheter Precision aims to align the interests of the executive team with those of the shareholders by providing an incentive for driving the company’s performance. The information regarding the grants is based on a recent SEC filing by the company.
In other recent news, Catheter Precision, Inc. has made significant moves that will shape its financial structure. The company’s stockholders recently voted to increase the authorized common stock and approve the exercise of Series K Common Stock Purchase Warrants. This decision allows for the issuance of up to 10,695,962 shares upon the exercise of Series K Warrants and doubles the number of authorized shares from 30 million to 60 million. Stockholders also agreed to an additional 1.5 million shares for issuance under the 2023 Equity Incentive Plan.
In another development, Catheter Precision announced the appointment of Philip Anderson as its new Chief Financial Officer. Anderson brings a wealth of experience to the role, having previously served as CFO of multiple companies. He will receive an annual base salary of $200,000, a one-time non-plan stock option grant to purchase 500,000 shares of common stock, and eligibility for a discretionary annual bonus. These are recent developments as reported in the company’s SEC filing and press release statements.
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