Form 8-K - Current report
September 07 2023 - 4:30PM
Edgar (US Regulatory)
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2023-08-31
2023-08-31
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August
31, 2023
Date of Report (date of earliest event reported)
_________________
OpGen, Inc.
(Exact name of Registrant as specified in its charter)
_________________
Delaware
(State or other jurisdiction of incorporation or
organization) |
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001-37367
(Commission
File Number) |
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06-1614015
(I.R.S. Employer
Identification Number) |
9717
Key West Ave, Suite 100
Rockville, MD
20850
(Address of principal executive offices)(Zip code)
(240) 813-1260
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_________________
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
OPGN |
The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 31, 2023, in connection with certain
cost management efforts by OpGen, Inc. (the “Company”), Oliver Schacht, Ph.D., Albert Weber, and Johannes Bacher, the Company’s
Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer, respectively, agreed to amend their employment agreements
to reduce their annual base salaries. Mr. Schacht’s annual base salary was reduced from $408,000 to $244,800, Mr. Weber’s
annual base salary was reduced from $300,000 to $180,000, and Mr. Bacher’s annual base salary was reduced from $300,000 to $180,000.
Such reductions are effective as of September 1, 2023 and represent a reduction of forty percent (40%) to such executive officers target
total annual cash compensation.
Item 8.01. Other Events.
In connection with the Company’s cost
management efforts, effective as of September 1, 2023, the Board of Directors of the Company agreed to reduce the cash portion of the
Company’s non-employee director compensation plan by forty percent (40%). As a result of such reduction, the annual cash retainer
for each non-employee director was reduced to $15,000, or, with respect to the Chairman of the Board of Directors, $45,000. The additional
annual cash retainer for chairs of the Audit Committee, Compensation Committee, and any other committees of the Board was reduced to $9,000,
$7,200, and $4,500, respectively, and for members of the Audit Committee, Compensation Committee, and any other committees of the Board
was reduced to $4,200, $3,600, and $2,100, respectively.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
104 | | Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Date: September 7,
2023 |
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OpGen, Inc. |
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By: |
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/s/ Albert Weber |
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Name: |
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Albert Weber |
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Title: |
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Chief
Financial Officer |
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