CEO and CMO depart; MEI Pharma evaluates wind-down; CFO becomes Acting CEO

Lite Strategy, Inc.

CEO David M. Urso and CMO Richard G. Ghalie depart effective Aug 1, 2024; eligible for severance (12 mo salary, COBRA, prorated bonus, accelerated vesting).
Executives signed consulting agreements ($475/hr) to assist asset sales; Urso eligible for 8% success fee, Ghalie 2% on net proceeds from voruciclib, ME-344, zandelisib.
CFO Justin J. File appointed Acting CEO; base salary raised to $550k, bonus target increased to 50%, and eligible for success fee based on closing cash balance.
Company continues evaluating strategic alternatives including possible wind-down to maximize asset value.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

David M. Urso

President and Chief Executive Officer

LITS · Lite Strategy, Inc.

Effective: 2024-08-01
Successor: Justin J. File
Filed: August 2, 2024, 7:59 PM ET

David M. Urso, the Company’s President and Chief Executive Officer, and Richard G. Ghalie, M.D., its Chief Medical Officer, will be leaving the Company effective August 1, 2024.

Departed

Richard G. Ghalie

Chief Medical Officer

LITS · Lite Strategy, Inc.

Effective: 2024-08-01
Filed: August 2, 2024, 7:59 PM ET

David M. Urso, the Company’s President and Chief Executive Officer, and Richard G. Ghalie, M.D., its Chief Medical Officer, will be leaving the Company effective August 1, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

David M. Urso departed as President and Chief Executive Officer at Lite Strategy, Inc..

Action: leaving
Role: President and Chief Executive Officer

Exact text from the filing

David M. Urso, the Company’s President and Chief Executive Officer, and Richard G. Ghalie, M.D., its Chief Medical Officer, will be leaving the Company effective August 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard G. Ghalie departed as Chief Medical Officer at Lite Strategy, Inc..

Action: leaving
Role: Chief Medical Officer

Exact text from the filing

David M. Urso, the Company’s President and Chief Executive Officer, and Richard G. Ghalie, M.D., its Chief Medical Officer, will be leaving the Company effective August 1, 2024.

View on SEC.gov

Lite Strategy, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-089939

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