Kronos Advanced Technologies Inc - Current report filing (8-K)
April 04 2008 - 10:09AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): April 3, 2008
Kronos
Advanced Technologies, Inc.
(
Exact name of registrant as
specified in its charter)
Nevada
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000-30191
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87-0440410
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
|
of
incorporation)
|
File
Number)
|
Identification
No.)
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464
Common Street, Suite 301, Belmont, Massachusetts
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02478
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(Address
of principal executive offices)
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(Zip
code)
|
|
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(617)
993-9965
|
|
(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:
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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|
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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|
|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Item
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Effective April 3, 2008, in accordance
with the articles of incorporation and bylaws of the Company, the Board of
Directors elected to increase the size of the Board from four members to nine
members and appointed Richard E. Perlman, Barry M. Salzman, Jack Silver, James
K. Price and Marc Kloner to serve as the new members of the Board.
As previously disclosed, in accordance
with certain agreements entered into in connection with the issuance of the
Secured Convertible Promissory Notes due June 19, 2010 to AirWorks Funding LLLP
(“Airworks”) and Hilltop Holding Company, LP (“Hilltop”), Airworks and Hilltop
had the right to designate a majority of the members of the Company’s Board of
Directors. The new members of the Board were elected in order to
satisfy the Company’s obligations to Airworks and Hilltop under such
agreements. Mr. Perlman is the President of Compass Partners, L.L.C.
(“Compass”), which is the general partner of Airworks. Mr. Silver is
the sole general partner of Hilltop. Mr. Salzman is currently a
consultant to the Company and from time to time provides consulting services to
Compass.
The Company has not yet determined on
which committees the new directors will serve. Each of the new
directors is entitled to receive compensation for their services as a director
in accordance with the Company’s current director compensation
policies.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the Company has duly caused this
report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date:
April 4, 2008
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KRONOS
ADVANCED TECHNOLOGIES, INC.
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By:
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/s/
Daniel R. Dwight
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Name:
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Daniel
R. Dwight
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Title:
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Chief
Executive Officer and President
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