Innovative Payment Solutions to merge with Business Warrior; CEO Corbett removed, becomes Executive Chairman

Innovative Payment Solutions, Inc.

Merger: IPSI Merger Sub merges into Business Warrior; Business Warrior holders receive 45% of pro forma IPSI common stock.
Conditions: Requires stockholder approvals, HSR clearance, effective registration statement, and convertible note exchange agreements.
Leadership: William Corbett removed as CEO, appointed Executive Chairman; Richard Rosenblum becomes principal executive officer.
Lock-up: Significant Business Warrior stockholders subject to 12-month lock-up on Merger Consideration shares.
Termination: Merger may be terminated if not closed within 7 months (extendable to 9 months).

item 1.01 item 5.02 item 8.01 item 9.01

Executive movements

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

Role change

Richard Rosenblum

principal executive officer

IPSI · Innovative Payment Solutions, Inc.

Effective: 2024-07-25
Filed: July 31, 2024, 7:59 PM ET

the Board, pursuant to the powers of the Board provided for under applicable Nevada law and the Bylaws, appointed Richard Rosenblum, the current President and Chief Financial Officer of IPSI, as IPSI’s 'principal executive officer' for all general corporate purposes and for Securities and Exchange Commission reporting purposes.

Role change

William D. Corbett

Executive Chairman

IPSI · Innovative Payment Solutions, Inc.

Effective: 2024-07-25
Filed: July 31, 2024, 7:59 PM ET

The Board appointed William D. Corbett, the current Chairman of the Board of IPSI, to the office of Executive Chairman and removed Mr. Corbett as IPSI’s Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Richard Rosenblum was appointed as principal executive officer at Innovative Payment Solutions, Inc..

Action: appointed
Role: principal executive officer

Exact text from the filing

the Board, pursuant to the powers of the Board provided for under applicable Nevada law and the Bylaws, appointed Richard Rosenblum, the current President and Chief Financial Officer of IPSI, as IPSI’s 'principal executive officer' for all general corporate purposes and for Securities and Exchange Commission reporting purposes.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

William D. Corbett was appointed as Executive Chairman at Innovative Payment Solutions, Inc..

Action: appointed Executive Chairman; removed as CEO
Role: Executive Chairman

Exact text from the filing

The Board appointed William D. Corbett, the current Chairman of the Board of IPSI, to the office of Executive Chairman and removed Mr. Corbett as IPSI’s Chief Executive Officer.

View on SEC.gov

Innovative Payment Solutions, Inc. filing history →

Source: SEC EDGAR

accession 0001013762-24-003218

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