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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Inseego Corp.    INSG

INSEEGO CORP.

(INSG)
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INSEEGO CORP. : Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits (form 8-K)

10/01/2020 | 05:21pm EST

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers.



On October 1, 2020, the board of directors (the "Board") of Inseego Corp. (the "Company") approved an increase in the number of authorized directors on the Board from five to six and appointed Christopher Lytle to the Board, effective immediately, to fill the newly created directorship resulting from the increase in the number of authorized directors. Upon his appointment to the Board, Mr. Lytle became a member of the class of directors with terms expiring at the 2021 Annual Meeting of the Stockholders of the Company. Mr. Lytle is not expected to be named to any committees of the Board. There are no arrangements or understandings between Mr. Lytle and any other persons pursuant to which he was selected to serve as a director.

For his services on the Board, Mr. Lytle will receive the same compensation as other non-management directors, as described in the Company's Definitive Proxy Statement on Schedule 14A filed with the SEC on June 10, 2020. In addition, it is expected that Mr. Lytle will execute the Company's standard form of indemnification agreement. The Company's standard form of indemnification agreement was filed as Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on August 21, 2017 and is incorporated herein by reference.

Mr. Lytle previously served as the Company's Chief Strategy Officer and Executive Vice President of Enterprise SaaS Solutions from August 2017 to October 2018. He has also served as a consultant to the Company from June 2017 to August 2017 and again from October 2018 to September 2020. Since the beginning of the Company's fiscal year 2019, the Company has paid Mr. Lytle$229,741 in consulting fees and expenses and issued Mr. Lytle an aggregate of 14,644 immediately vested restricted stock units.

On May 12, 2020, Elizabeth Ann Lytle, who is Mr. Lytle's mother, entered into a privately-negotiated exchange agreement (the "Exchange Agreement") with the Company with respect to the Company's 5.50% Convertible Senior Notes due 2022 (the "2022 Notes") held by her individual retirement account (IRA). Pursuant to the Exchange Agreement, Mrs. Lytle agreed to exchange the 2022 Notes that she held in her IRA (representing an aggregate of $150,000 principal amount of 2022 Notes) for $375,000 principal amount of the Company's 3.25% convertible senior notes due 2025. The Exchange Agreement was completed alongside exchanges with other holders of the 2022 Notes in connection with the closing of the Company's registered underwritten public offering of $100,000,000 aggregate principal amount of 20205 Notes. Since the beginning of the Company's fiscal year 2019, the Company paid Mrs. Lytle's IRA $82,500 in interest with respect to the 2022 Notes, and no interest has been paid for or accrued on the 2025 Notes.

Except as described above, Mr. Lytle does not have any other direct or indirect material interest in any transaction or proposed transaction required to be reported under Item 404(a) of Regulation S-K.

Mr. Lytle's appointment to the Board was announced in a press release, a copy of which is attached hereto as Exhibit 99.1.

Item 8.01 Other Events.

Mr. Lytle's appointment to the Board was announced in a press release, a copy of which is attached to this Current Report on Form 8-K as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.


(d) Exhibits.



99.1                                     Press release, dated October 1, 2020.
104                                      The cover page from this Current Report
                                         on Form 8-K, formatted in Inline XBRL.










  2

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Financials (USD)
Sales 2020 312 M - -
Net income 2020 -105 M - -
Net Debt 2020 154 M - -
P/E ratio 2020 -8,67x
Yield 2020 -
Capitalization 926 M 926 M -
EV / Sales 2020 3,46x
EV / Sales 2021 2,85x
Nbr of Employees 938
Free-Float 98,9%
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Mean consensus BUY
Number of Analysts 6
Average target price 13,17 $
Last Close Price 9,36 $
Spread / Highest target 81,6%
Spread / Average Target 40,7%
Spread / Lowest Target 12,2%
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NameTitle
Dan Mondor Chairman, President & Chief Executive Officer
Douglas L. Kahn Executive VP-Operations & Customer Success
Craig L. Foster Chief Financial Officer
Dan Picker Chief Technology Officer-Mobile & IoT Solutions
Rick Carpenter Senior Vice President-Engineering
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