AmBase extends CEO contract to 2028; warns cash may be insufficient, seeks ~$7M funding

AmBase Corp

CEO Richard Bianco employment term extended from May 31, 2023 to May 31, 2028 via Third Amendment.
Scott Salant appointed to board, effective Jan 20, 2023; annual director fee $12,000 plus meeting fees.
NY Court partially denied motions to dismiss in 111 W57th litigation; breach-of-pledge claims survive against Apollo lenders.
Company appealing Dec 2022 order; Apollo lenders also appealed; discovery to resume.
Company seeks approximately $7M in funding via third parties, shareholders, or debt; CEO may provide working capital line.

item 1.01 item 5.02 item 8.01 item 9.01

Executive movements

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Appointed

Scott M. Salant

Director

ABCP · AmBase Corp

Effective: 2023-01-20
Filed: January 20, 2023, 6:59 PM ET

The Board has appointed Mr. Scott M. Salant (“Mr. Salant”) as a member of the Board effective as of January 20, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Scott M. Salant was appointed as Director at AmBase Corp.

Action: appointed
Role: Director

Exact text from the filing

The Board has appointed Mr. Scott M. Salant (“Mr. Salant”) as a member of the Board effective as of January 20, 2023.

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AmBase Corp filing history →

Source: SEC EDGAR

accession 0001140361-23-002247

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