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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.
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