8-K
filed November 14, 2024, 6:59 PM ET
CIK 0001375195
other material
confidence high
sentiment neutral
materiality 0.80
Coretec Group raises $7.3M in Series D financing; appoints new CEO and directors
CORETEC GROUP INC.
- Issued 73,000 Series D preferred shares at $100 each, raising $7.3M; convertible into common at $0.015/share.
- CEO Seon Kee Kim resigned effective Nov 6, remains co-chairman; former U.S. Ambassador Elbert Ussery named CEO.
- Board expanded: appointed directors Robert McCollar and Birge Watkins; Jung Min Lee named COO.
- Directors granted options to purchase 3.3M shares at $0.015, vesting quarterly over one year.
- Company acknowledges insufficient authorized shares for conversion; offering open until March 31, 2025, up to 150,000 shares total.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert Wallace McCollar was appointed as Director at CORETEC GROUP INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
Robert Wallace McCollar, age 61, will assume the role of Director on the Board, effective November 6, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Elbert Michael Ussery was appointed as Chief Executive Officer at CORETEC GROUP INC..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
Elbert Michael Ussery, age 73, will serve as the Chief Executive Officer and Co-Chairman of the Board, effective November 6, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Birge Watkins was appointed as Director at CORETEC GROUP INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
Birge Watkins, age 75, will assume the role of Director on the Board, effective November 6, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Seon Kee Kim resigned as Chief Executive Officer at CORETEC GROUP INC..
- Action
- resigned
- Role
- Chief Executive Officer
Exact text from the filing
Effective November 6, 2024 Dr. Seon Kee Kim resigned as the Chief Executive Officer of the Company, but remains on the board of directors as its co-chairman and as a director.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jung Min Lee was appointed as Chief Operating Officer at CORETEC GROUP INC..
- Action
- appointed
- Role
- Chief Operating Officer
Exact text from the filing
Jung Min Lee, age 52, will serve as Chief Operating Officer at the Coretec Group, Inc, effective November 6, 2024.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
CORETEC GROUP INC.: Filing of Certificate of Designation authorizing Series D Convertible Preferred Stock, amending the articles of incorporation (effective 2024-11-06).
- Change
- charter amendment
- Effective
- 2024-11-06
Exact text from the filing
On November 6, 2024, the Company filed a Certificate of Designation, authorizing and designating 150,000 shares of the Company’s Series D Convertible Preferred Stock, par value $0.0002 per share (the “Series D Stock”), with the Oklahoma Secretary of State.
View on SEC.gov
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