home · filing · 0001493152-22-015525
8-K filed June 1, 2022, 7:59 PM ET
ticker NMGX
CIK 0000891417
M&A
confidence high
sentiment neutral
materiality 0.60
Nano Magic sells 70% of Applied Nanotech to employees; retains 30% stake
Nano Magic Inc.
Sold 70% of Applied Nanotech to employees Jacque Soptick and Dr. Richard Fink; retains 30% economic interest with consent and tag-along rights.
Purchase price $450,000 promissory note at 7% interest, semi-annual payments increasing to $30,000, final balloon $80,000 due Dec 2029.
Director Howard Westerman resigned May 25; David Sherbin (former SVP, GC of Aptiv) elected to board May 26.
Nano Magic says sale sharpens focus on brand development and own product portfolio.
Executive movements
Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements .
Appointed
David M. Sherbin
director
Effective 2022-05-26
Filed June 1, 2022, 7:59 PM ET
On May 26, 2022, our Board elected David M. Sherbin as a director.
Departed
Howard Westerman
director
Effective 2022-05-25
Filed June 1, 2022, 7:59 PM ET
On May 25, 2022, Howard Westerman submitted his resignation as a director.
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. Sherbin was elected as director at Nano Magic Inc..
Action elected
Role director
Exact text from the filing
On May 26, 2022, our Board elected David M. Sherbin as a director.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Howard Westerman resigned as director at Nano Magic Inc..
Action resigned
Role director
Exact text from the filing
On May 25, 2022, Howard Westerman submitted his resignation as a director.
View on SEC.gov
Source: SEC EDGAR
accession 0001493152-22-015525
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