Streamex Corp. (STEX): restructuring charge — BioSig cuts 16 employees (including COO, CCO) to reduce annual cash burn by ~50%

Streamex Corp.

Workforce reduction completed January 31, 2024; 16 employees departed, including COO John Sieckhaus and CCO Gray Fleming.
Estimated total costs: ~$919,249, mostly in equity: consulting ($205k), severance ($135k), retention bonuses ($579k).
Sieckhaus and Fleming will continue as consultants for 2 and 4 months, paid $48,533 and $138,667 in equity respectively.
Goal is to reduce annual cash burn by approximately 50%.

item 2.05 item 5.02 item 9.01

Executive movements

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

Departed

John Sieckhaus

Other Named Officer

STEX · Streamex Corp.

Filed: February 1, 2024, 6:59 PM ET

Mr. Sieckhaus and Mr. Fleming, effective as of the Effective Date, are departing from the Company.

Departed

Gray Fleming

Other Named Officer

STEX · Streamex Corp.

Filed: February 1, 2024, 6:59 PM ET

Mr. Sieckhaus and Mr. Fleming, effective as of the Effective Date, are departing from the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.8

John Sieckhaus departed as other_named_officer at Streamex Corp..

Action: departing

Exact text from the filing

Mr. Sieckhaus and Mr. Fleming, effective as of the Effective Date, are departing from the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.8

Gray Fleming departed as other_named_officer at Streamex Corp..

Action: departing

Exact text from the filing

Mr. Sieckhaus and Mr. Fleming, effective as of the Effective Date, are departing from the Company.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Streamex Corp. announced a restructuring with charges of approximately $919,249 (sixteen employees).

Type: restructuring
Charge: approximately $919,249
Headcount: sixteen employees

Exact text from the filing

the Company estimates it will incur total aggregate costs of approximately $919,249, which consists of: payments for consulting services paid in equity in the estimated amount of $205,325; one-time departure fees and severance packages for employees in equity, based on factors including years of employment, in the estimated amount of $135,288; and retention bonuses paid in equity in the estimated amount of $578,636.

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Streamex Corp. filing history →

Source: SEC EDGAR

accession 0001493152-24-004629

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