Proxy Statement (Form DEF 14A)
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o
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Preliminary Proxy Statement | ||||
| o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | ||||
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x
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Definitive Proxy Statement | ||||
| o | Definitive Additional Materials | ||||
| o | Soliciting Material Pursuant to §240.14a-12 | ||||
| x | No fee required. | ||||
| o | Fee paid previously with preliminary materials. | ||||
| o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. | ||||
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By Order of the Board of Directors,
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| /s/ |
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Chairman
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| Page | |||||
| Age | Position | |||||||||||||
| 62 | Interim Chief Executive Officer, President and Chief Operating Officer, and Director | |||||||||||||
| 56 | Chief Scientific Officer and Executive Vice President | |||||||||||||
| 54 | Interim Chief Financial Officer | |||||||||||||
| 58 | Senior Vice President, Research | |||||||||||||
| 54 | Chief Legal Officer, General Counsel and Corporate Secretary | |||||||||||||
| Class A Common Stock | Class B Common Stock | Class A Common Stock and Class B Common Stock | ||||||||||||||||||||||||||||||||||||
| Number of Shares |
Percentage of Class |
Number of Shares |
Percentage of Class |
Number of Shares |
Percentage of Class |
|||||||||||||||||||||||||||||||||
| 5% Beneficial Owners: | ||||||||||||||||||||||||||||||||||||||
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2,820,995 | 8.6 | % | - | * | 2,820,995 | 8.6 | % | ||||||||||||||||||||||||||||||
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1,687,071 | 5.1 | % | - | * | 1,687,071 | 5.1 | % | ||||||||||||||||||||||||||||||
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23,687 | * | 450,051 | 26.3 | % | 473,738 | * | |||||||||||||||||||||||||||||||
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16,799 | * | 305,559 | 17.8 | % | 322,358 | * | |||||||||||||||||||||||||||||||
| Class A Common Stock | Class B Common Stock | Class A Common Stock and Class B Common Stock | ||||||||||||||||||||||||||||||||||||
| Number of Shares |
Percentage of Class |
Number of Shares |
Percentage of Class |
Number of Shares |
Percentage of Class |
|||||||||||||||||||||||||||||||||
| Directors and Named Executive Officers: | ||||||||||||||||||||||||||||||||||||||
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6,994,369 | 19.99 | % | - | * | 6,994,369 | 19.99 | % | ||||||||||||||||||||||||||||||
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387,656 | 1.18 | % | - | * | 387,656 | 1.18 | % | ||||||||||||||||||||||||||||||
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54,874 | * | - | * | 54,874 | * | ||||||||||||||||||||||||||||||||
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1,234,843 | 3.76 | % | 25,396 | 1.5 | % | 1,260,239 | 3.83 | % | |||||||||||||||||||||||||||||
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1,699,348 | 5.17 | % | - | * | 1,699,348 | 5.17 | % | ||||||||||||||||||||||||||||||
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12,272 | * | - | * | 12,272 | * | ||||||||||||||||||||||||||||||||
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96,460 | * | 14,518 | * | 110,978 | * | ||||||||||||||||||||||||||||||||
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14,733 | * | - | * | 14,733 | * | ||||||||||||||||||||||||||||||||
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Directors and current executive officers as a group (11 persons)(13)
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10,895,346 | 31.08 | % | 39,914 | 2.3 | % | 10,935,260 | 31.16 | % | |||||||||||||||||||||||||||||
___________________________________________
* Less than 1%
(2) Includes shares based upon a Schedule 13D filed by
| Fiscal Year |
Salary ($) |
Bonus ($) |
Stock
Awards
($)(1)
|
Option
Awards
($)(2)
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Non-Equity
Incentive Plan
Compensation
($)(3)
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All Other
Compensation
($)
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Total ($) | ||||||||||||||||||||||||||||||||||||||||
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Rory Riggs(4)
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2024 | 500,011 | - | - | - | - | - | 500,011 | |||||||||||||||||||||||||||||||||||||||
| Former Chief Executive Officer | 2023 | 292,314 | - | - | - | - | - | 292,314 | |||||||||||||||||||||||||||||||||||||||
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2024 | 500,011 | - | - | - | - | - | 500,011 | |||||||||||||||||||||||||||||||||||||||
| Interim Chief Executive Officer, President, Chief Operating Officer, and Director | 2023 | 292,314 | - | - | - | - | - | 292,314 | |||||||||||||||||||||||||||||||||||||||
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2024 | 238,983 | - | 117,875 | 194,636 | - | - | 551,494 | |||||||||||||||||||||||||||||||||||||||
| Interim Chief Financial Officer | |||||||||||||||||||||||||||||||||||||||||||||||
__________________________________________
(1) This column reflects the fair value of restricted stock units granted in 2024 based on the stock price on the date of grant and calculated in accordance with FASB ASC Topic 718, as disclosed in Note 8 "Stock-Based Compensation" to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended
| Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||
| Grant Date | Number of Securities Underlying Unexercised Options (#) Exercisable |
Number of Securities Underlying Unexercised Options (#) Unexercisable |
Option Exercise Price ($) |
Option Expiration Date |
Number of Shares or Units of Stock That Have Not Vested (#) |
Market Value
of Shares or
Units of Stock
That Have
Not Vested
($)(1)
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Rory Riggs(2)
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- | - | - | - | 23,083 | 64,171 | |||||||||||||||||||||||||||||||||||||
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- | - | - | - | 44,732 | 124,355 | ||||||||||||||||||||||||||||||||||||||
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- | - | - | - | 19,098 | 53,092 | |||||||||||||||||||||||||||||||||||||
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- | - | - | - | 6,703 | 18,634 | ||||||||||||||||||||||||||||||||||||||
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- | 41,000 | 5.75 |
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- | - | ||||||||||||||||||||||||||||||||||||||
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- | - | - | - | 20,500 | 56,990 | ||||||||||||||||||||||||||||||||||||||
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- | - | - | - | 3,297 | 9,166 | ||||||||||||||||||||||||||||||||||||||
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- | - | - | - | 6,816 | 18,948 | ||||||||||||||||||||||||||||||||||||||
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- | - | - | - | 652 | 1,813 | ||||||||||||||||||||||||||||||||||||||
_________________________________________
| PAY VERSUS PERFORMANCE | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Year
(a)
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Summary
Compensation
Table (SCT)
Total for
Riggs
($) (b-1)(1)
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Compensation
Actually Paid
(CAP) to Riggs
($) (c-1)(1)(2)
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SCT
Total for
Carr
($) (b-2)(1)
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CAP to Carr
($) (c-2)(1)(2)
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Average
SCT
Total for
Non-PEO
Named
Executive
Officers
(NEOs)
($) (d)(1)
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Average
Compensation
Actually Paid
to Non-PEO
NEOs
($) (e)(1)(2)
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Value of Initial Fixed
On: Total Shareholder
Return
($) (f)(3)
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Net
Income (Loss) (g)
($ in 000s)
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||||||||||||||||||||||||||||||||||||||||||
| 2024 | 500,011 | (1,244,409) | - | - | 525,753 | (61,454) | 2.61 | (282,713) | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | 292,314 | (1,837,261) | 1,162,641 | 1,468,708 | 756,799 | 324,110 | 18.72 | (337,639) | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | - | - | 1,514,006 | (322,674) | 856,101 | 157,879 | 6.95 | (16,891) | ||||||||||||||||||||||||||||||||||||||||||
____________________________________________
| Rory Riggs | 2024 | |||||||
| Summary Compensation Table Total for PEO (column (b-1)) | $ | 500,011 | ||||||
| (-) SCT "Stock Awards" column value | - | |||||||
| (-) SCT "Option Awards" column value | - | |||||||
| (+) year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end | - | |||||||
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(+/-) year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end
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(1,143,361) | |||||||
| (+) vesting date fair value of equity awards granted and vested in the covered year | - | |||||||
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(+/-) year-over-year change in fair value of equity awards granted in prior years that vested in the covered year
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(601,059) | |||||||
| (-) fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year | - | |||||||
| (+) dollar value of dividends/earnings paid on equity awards in the covered year | - | |||||||
| (+) excess fair value for equity award modifications | - | |||||||
| Compensation Actually Paid to Rory Riggs (column (c-1)) | $ | (1,244,409) | ||||||
| AVERAGE FOR NON-PEO NEOs | 2024 | |||||||
| Average SCT Total for Non-PEO NEOs (column (d)) | $ | 525,753 | ||||||
| (-) SCT "Stock Awards" column value | (58,938) | |||||||
| (-) SCT "Option Awards" column value | (97,318) | |||||||
| (+) year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end | 71,340 | |||||||
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(+/-) year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end
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(308,251) | |||||||
| (+) vesting date fair value of equity awards granted and vested in the covered year | - | |||||||
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(+/-) year-over-year change in fair value of equity awards granted in prior years that vested in the covered year
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(194,040) | |||||||
| (-) fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year | - | |||||||
| (+) dollar value of dividends/earnings paid on equity awards in the covered year | - | |||||||
| (+) excess fair value for equity award modifications | - | |||||||
| Average Compensation Actually Paid to Non-PEO NEOs (column (e)) | $ | (61,454) | ||||||
______________________________________________________________
(3) For each of 2024, 2023 and 2022, total shareholder retufor the Company was calculated as the yearly percentage change in cumulative total shareholder retubased on a deemed fixed investment of
| Fees Earned or Paid in Cash ($) |
Stock
Awards
($)(1)
|
Option
Awards
($)(2)(3)
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All Other Compensation ($) |
Total ($) | ||||||||||||||||||||||||||||
| Rory Riggs | - | - | - | - | - | |||||||||||||||||||||||||||
| - | - | - | - | - | ||||||||||||||||||||||||||||
| 110,000 | - | 142,435 | - | 252,435 | ||||||||||||||||||||||||||||
| 60,000 | - | 142,435 | - | 202,435 | ||||||||||||||||||||||||||||
| 97,000 | 89,987 | 52,478 | - | 239,465 | ||||||||||||||||||||||||||||
| 60,000 | - | 142,435 | - | 202,435 | ||||||||||||||||||||||||||||
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7,174 | - | 47,516 | - | 54,690 | |||||||||||||||||||||||||||
_________________________________________
| Years Ended |
|||||||||||
| 2024 | 2023 | ||||||||||
| Audit Fees | $ | 1,309,918 | $ | 940,566 | |||||||
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Audit-Related Fees
|
- | - | |||||||||
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Tax Fees(1)
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1,486,010 | 25,000 | |||||||||
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All Other Fees
|
- | - | |||||||||
| Total | $ | 2,795,928 | $ | 965,566 | |||||||
__________________________________________
(1) Represents tax fees associated with Section 382 and tax fees incurred in 2024 related to the Merger Transaction.
| Plan Category |
(a)
Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights(2)
|
(b)
Weighted average
exercise price of
outstanding options,
warrants and rights(3)
|
(c)
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(4)(5)
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|||||||||||||||||
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Equity compensation plans approved by security holders(1)
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1,626,183 | $ | 75.44 | 874,607 | ||||||||||||||||
| Equity compensation plans not approved by security holders | - | - | - | |||||||||||||||||
| Total | 1,626,183 | $ | 75.44 | 874,607 | ||||||||||||||||
| By Order of the Board of Directors | |||||
| /s/ Rory Riggs | |||||
|
Chairman
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Dated:
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Attachments
Disclaimer

Proxy Statement (Form DEF 14A)
Researchers from University of Queensland Provide Details of New Studies and Findings in the Area of Investment (Interest Groups and Central Bank Credit Policies: Evidence From 1600-1914): Investment
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