Sidus Space Audit Chair And Another Director Resign Same Day, And The Company Disputes Both Letters
An 8-K shows Tiffany Norwood and Kelle Wendling left the board Tuesday; Sidus Space says it disagrees with their letters.
Two Sidus Space directors, including the Audit Committee chairwoman, resigned from the board on Tuesday, according to an 8-K the company filed Friday. The company said it "respectfully disagrees" with the substance of both resignation letters.
What the 8-K says
Tiffany Norwood resigned from the board, as Audit Committee chairwoman and from the Corporate Governance/Nominating Committee, effective 7:15 p.m. ET Tuesday. The filing says her letter cited disagreements with the company over governance and oversight matters, including the handling of a confidential complaint.
Kelle Wendling resigned effective 1:00 p.m. ET the same day. She left the board and three committees: Audit, Compensation and Corporate Governance/Nominating. The filing says her letter cited concerns about the company's management and governance.
Both letters are attached as exhibits. For each director, the company wrote that it "respectfully disagrees with the substance, assertions and characterizations" in the letter.
What it changes
The board lost the chair of its audit committee and a director who sat on three committees in one day. Both were members of the governance and nominating committee.
The company's open dispute with departing directors is itself part of the filing. Chief Executive Officer Carol Craig signed the report, dated Friday.
SIDU shares closed at $1.55 in Friday's regular session and were at $1.55 in after-hours trading (market data).
What to watch
The company gave each director a copy of its disclosures and the chance to write back saying whether she agrees with its statements. Any such letter will be filed as an exhibit to an amended 8-K no later than two business days after the company receives it.
The next document to look for is an amended 8-K carrying any reply from Norwood or Wendling, due within two business days of the company receiving it.
Sources
- 8-K Filing — Sidus Space Inc. (SIDU) — SEC EDGAR
