ABVC BioPharma CFO suspends work amid salary dispute; company corrects license fee numbers downward

ABVC BIOPHARMA, INC.

CFO Leeds Chow suspends work due to disagreements over salary owed; CEO Uttam Patil becomes interim CFO.
Potential aggregate license fee corrected from $24M to $19M in prior press release.
Total possible cash payment from licensees corrected from $23.7M to $18.7M.
Disagreement limited to salary; not related to public filings disclosures.

item 5.02 item 8.01

Executive movements

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Departed (interim)

Leeds Chow

Chief Financial Officer

ABVC · ABVC BIOPHARMA, INC.

Successor: Uttam Patil
Filed: July 23, 2024, 7:59 PM ET

due to disagreements regarding salaries due and payable, Mr. Chow has informed the Company that he is suspending his work as CFO.

Appointed (interim)

Uttam Patil

interim Chief Financial Officer

ABVC · ABVC BIOPHARMA, INC.

Filed: July 23, 2024, 7:59 PM ET

The Company’s CEO, Uttam Patil, will assume the duties of interim Chief Financial Officer until the parties settle the disagreement and Leeds resumes his position as CFO.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Leeds Chow departed as Chief Financial Officer at ABVC BIOPHARMA, INC..

Action: suspending his work
Role: Chief Financial Officer

Exact text from the filing

due to disagreements regarding salaries due and payable, Mr. Chow has informed the Company that he is suspending his work as CFO.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Uttam Patil was appointed as interim Chief Financial Officer at ABVC BIOPHARMA, INC..

Action: assume the duties of interim Chief Financial Officer
Role: interim Chief Financial Officer

Exact text from the filing

The Company’s CEO, Uttam Patil, will assume the duties of interim Chief Financial Officer until the parties settle the disagreement and Leeds resumes his position as CFO.

View on SEC.gov

ABVC BIOPHARMA, INC. filing history →

Source: SEC EDGAR

accession 0001213900-24-063627

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