---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-085347"
form_type: "8-K"
ticker: "LITS"
cik: "0001262104"
company_name: "Lite Strategy, Inc."
filed_at: "2024-07-22T23:59:59+00:00"
generated_at: "2026-05-31T18:27:11.633040+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# MEI Pharma halts voruciclib, cuts workforce, CEO/CMO depart, evaluates wind-down

## Summary
- Board unanimously begins evaluation of strategic alternatives including transactions or orderly wind-down.
- Reduction-in-force commencing; clinical development of voruciclib discontinued.
- CEO David Urso and CMO Richard Ghalie step down Aug 1, 2024; CFO Justin File appointed Acting CEO.
- Expected restructuring charges of ~$5.8 million in Q1 fiscal 2025 for one-time employee termination costs.
- Charles Baltic steps down as Chairperson; Frederick Driscoll appointed as Chair.

## SEC filing metadata
- accession: 0000950170-24-085347
- form_type: 8-K
- ticker: LITS
- cik: 0001262104
- company_name: Lite Strategy, Inc.
- filed_at: 2024-07-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/0000950170-24-085347-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/meip-20240722.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-085347
- JSON: https://secwatch.observer/filing/0000950170-24-085347.json
- Plain text: https://secwatch.observer/filing/0000950170-24-085347.txt

## Key facts
- Executive change
  David M. Urso departed as President and Chief Executive Officer at Lite Strategy, Inc..
  - Action: leaving
  - Role: President and Chief Executive Officer
  source text: David M. Urso, our President and Chief Executive Officer, and Richard G. Ghalie, M.D., our Chief Medical Officer, will be leaving the Company effective August 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/0000950170-24-085347-index.htm
- Executive change
  Richard G. Ghalie departed as Chief Medical Officer at Lite Strategy, Inc..
  - Action: leaving
  - Role: Chief Medical Officer
  source text: David M. Urso, our President and Chief Executive Officer, and Richard G. Ghalie, M.D., our Chief Medical Officer, will be leaving the Company effective August 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/0000950170-24-085347-index.htm
- Executive change
  Frederick W. Driscoll was appointed as Chairperson of the Company at Lite Strategy, Inc..
  - Action: appointed
  - Role: Chairperson of the Company
  source text: The Board has appointed Frederick W. Driscoll as Chairperson of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/0000950170-24-085347-index.htm
- Executive change
  Justin J. File was appointed as Acting Chief Executive Officer at Lite Strategy, Inc..
  - Action: appointed
  - Role: Acting Chief Executive Officer
  source text: The Board has appointed Justin J. File, age 53, currently the Company’s Chief Financial Officer and Secretary, to serve in the additional capacity of Acting Chief Executive Officer (“Acting CEO”), effective as of August 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/0000950170-24-085347-index.htm
- Executive change
  Charles V. Baltic III departed as Chairperson of the Board at Lite Strategy, Inc..
  - Action: step down
  - Role: Chairperson of the Board
  source text: Charles V. Baltic III, the current Chairperson of the Board, will also step down from the Board effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/0000950170-24-085347-index.htm
- Restructurings & Charges
  Lite Strategy, Inc. announced a restructuring with charges of approximately $5.8 million affecting the Company (reduction-in-force).
  - Type: restructuring
  - Charge: approximately $5.8 million
  - Affected area: the Company
  - Headcount: reduction-in-force
  source text: the Company expects to incur personnel-related restructuring charges of approximately $5.8 million in connection with one-time employee termination costs, including severance and other benefits, which are expected to be recognized in the first quarter of fiscal 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/1262104/000095017024085347/0000950170-24-085347-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.