8-K filed June 7, 2023, 7:59 PM ET ticker KWIK CIK 0001884164

litigation confidence high sentiment negative materiality 1.00

KwikClick faces new lawsuit threatening going concern; CEO and board reshuffled; $500K secured note issued

KwikClick, Inc.

NAI Liquidation Trust filed adversary case 23-50393 against KwikClick and affiliates in Delaware Bankruptcy Court on May 31, 2023.
Claims include aiding and abetting breach of fiduciary duty, fraudulent inducement, trade secret misappropriation, and fraudulent transfer.
KwikClick states if unable to defend, it is unlikely to continue as a going concern.
Fred Cooper appointed CEO, President, and Chairman; Jeffrey Yates appointed to board; Dan Shaw and Matthew Williams resigned.
Company authorized up to $500,000 in secured promissory notes at 10% interest, secured by IP and customer list, due Aug 31, 2023.

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.

Departed

Matthew Williams

President

KWIK · KwikClick, Inc.

Effective: 2023-05-31
Successor: Fred Cooper
Filed: June 7, 2023, 7:59 PM ET

On May 31, 2023, Matthew Williams, President of the Company, notified the Board of Directors of his intention to resign from the Company effective May 31, 2023.

Appointed

Fred Cooper

Chief Executive Officer, President, and Chairman

KWIK · KwikClick, Inc.

Effective: 2023-05-31
Filed: June 7, 2023, 7:59 PM ET

On May 31, 2023 during a meeting of the Board of Directors, Fred Cooper, a major shareholder of KwikClick, Inc., was nominated, unanimously approved, and appointed to serve as the Chairman of the Board of Directors of the Company.

Appointed

Jeffrey Yates

Director

KWIK · KwikClick, Inc.

Effective: 2023-05-31
Filed: June 7, 2023, 7:59 PM ET

On May 31, 2023 during a meeting of the Board of Directors, Jeffrey Yates, the Company’s Chief Financial Officer, was nominated, unanimously approved, and appointed to serve as a Director of the Company.

Departed

Dan Shaw

Director

KWIK · KwikClick, Inc.

Effective: 2023-05-31
Filed: June 7, 2023, 7:59 PM ET

On May 31, 2023, Dan Shaw, a member of the Board of Directors of KwikClick, Inc. (the “Company”), notified the Company of his intention to resign from the Company’s Board of Directors (the “Board”) and all committees, effective May 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Matthew Williams resigned as President at KwikClick, Inc..

Action: resigned
Role: President

Exact text from the filing

On May 31, 2023, Matthew Williams, President of the Company, notified the Board of Directors of his intention to resign from the Company effective May 31, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Fred Cooper was appointed as Chief Executive Officer, President, and Chairman at KwikClick, Inc..

Action: appointed
Role: Chief Executive Officer, President, and Chairman

Exact text from the filing

On May 31, 2023 during a meeting of the Board of Directors, Fred Cooper, a major shareholder of KwikClick, Inc., was nominated, unanimously approved, and appointed to serve as the Chairman of the Board of Directors of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey Yates was appointed as Director at KwikClick, Inc..

Action: appointed
Role: Director

Exact text from the filing

On May 31, 2023 during a meeting of the Board of Directors, Jeffrey Yates, the Company’s Chief Financial Officer, was nominated, unanimously approved, and appointed to serve as a Director of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Dan Shaw resigned as Director at KwikClick, Inc..

Action: resigned
Role: Director

Exact text from the filing

On May 31, 2023, Dan Shaw, a member of the Board of Directors of KwikClick, Inc. (the “Company”), notified the Company of his intention to resign from the Company’s Board of Directors (the “Board”) and all committees, effective May 31, 2023.

View on SEC.gov

KwikClick, Inc. filing history →

Source: SEC EDGAR

accession 0001096906-23-001268

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