LogicMark extends CEO’s contract, adjusts change control

Published 21/05/2025, 22:44
LogicMark extends CEO’s contract, adjusts change control

LogicMark, Inc. (NASDAQ:LGMK), a Nevada-based company specializing in orthopedic and surgical appliances, announced on Monday that it has amended the employment agreement with its President and CEO, Chia-Lin Simmons. The company, which maintains a strong gross profit margin of 66% and holds more cash than debt on its balance sheet, according to InvestingPro data, faces significant market challenges with its stock price showing considerable volatility. The amendment extends Simmons’ tenure from August 31, 2025, to August 31, 2026, and increases certain change-in-control threshold percentages from 35% to 50%.

The original employment agreement was effective as of June 14, 2022, and the recent extension suggests the company’s continued confidence in Simmons’ leadership. The amendment was made on May 17, 2025, and reaffirms the terms of the existing agreement, aside from the modifications mentioned. This leadership continuity comes at a crucial time, with the company scheduled to report its next earnings on May 22, 2025.

This information is based on a press release statement and the full text of the Amendment, which is attached as Exhibit 10.1 to the company’s recent 8-K filing with the Securities and Exchange Commission. LogicMark has provided no additional specifics regarding the strategic rationale behind the changes to the employment agreement.

LogicMark, formerly known as Nxt-ID, Inc., is incorporated in Nevada and has its principal executive offices at 2801 Diode Lane, Louisville, KY. The company’s common stock is listed on the Nasdaq Stock Market under the ticker symbol LGMK.

The announcement of the executive employment agreement amendment is a key piece of information for investors and stakeholders of LogicMark, as it relates to the leadership and potential future direction of the company.

In other recent news, LogicMark, Inc. has announced significant changes to its corporate structure and board of directors. The company has increased its authorized capital stock from 110 million to 880 million shares, including an expansion of common stock to 800 million shares and the allocation of 80 million shares for "blank check" preferred stock. This move, approved by stockholders, provides LogicMark with greater flexibility for future corporate needs such as fundraising and stock options. Additionally, a reverse stock split was approved, with a ratio to be determined by the board by December 31, 2025. In board developments, Carine Schneider has been appointed as the Board Chair, with other directors taking on new committee roles to align with the company’s strategic focus on technology. LogicMark is also facing a potential delisting from Nasdaq due to not meeting the minimum bid price requirement. The company plans to appeal this decision and is working on a strategy to regain compliance with Nasdaq’s listing standards. These developments reflect LogicMark’s ongoing efforts to restructure its financial and operational framework.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.