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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): July
2, 2025
PALISADE
BIO, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-33672 |
|
52-2007292 |
(State
or other jurisdiction |
|
(Commission
|
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
7750
El Camino AG真人官方
Suite
2A
Carlsbad,
California |
|
92009 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(858)
704-4900
Registrant’s
telephone number, including area code
Not
applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.01 par value |
|
PALI |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
(1)
Director Resignation
On
July 2, 2025, Margery Fischbein delivered notice to the Board of Directors (the “Board”) of Palisade Bio Inc. (the “Company”)
of her resignation from the Board, effective as of July 2, 2025. Ms. Fischbein’s resignation is not the result of any disagreement
with the Company on any matter related to its operations, policies or practices. The Company thanks Ms. Fischbein for her leadership,
support and many other contributions that she made to the Company during her tenure as a member of the Board.
In
addition, in recognition of Ms. Fischbein’s dedicated service to the Company, the Board accelerated the vesting of 3,100 outstanding stock options held by Ms. Fischbein (the “Outstanding Options”) such that
as of Ms. Fischbein’s resignation on July 2, 2025, the Outstanding Options are deemed fully vested and modified the exercise
period of the Outstanding Options such that the exercise period will be extended through their original expiration dates.
(2)
Director Appointment
On
July 7, 2025, based upon the recommendation of the Governance and Nominating Committee of the Board, the Board elected Emil Chuang, MB
BS FRACP, as a director, with his initial term expiring at the Company’s 2026 annual meeting of stockholders, to fill the current
vacancy on the Board. Dr. Chuang was also appointed to the Company’s Audit Committee, Compensation Committee, and Governance and
Nominating Committee.
Pursuant
to the Company’s non-employee director compensation program, as a non-employee joining the Board, in connection with his appointment,
Dr. Chuang will be granted a non-statutory stock option to purchase 8,000 shares of the Company’s common stock with an exercise
price equal to the closing stock price of the Company’s common stock on The Nasdaq Capital Market on the date of grant. As a non-employee
director of the Company, Dr. Chuang will also receive compensation for his service as a non-employee member of the Board as described
in the “Director Compensation” section of the Company’s 2024 Proxy Statement filed with the Securities and Exchange
Commission on May 22, 2024.
Dr.
Chuang and the Company will also enter into an indemnification agreement requiring the Company to indemnify him to the fullest extent
permitted under Delaware law with respect to his service as a director. The indemnification agreement will be in the form entered into
with the Company’s other directors and executive officers. This form is attached hereto as Exhibit 99.1.
There
is no arrangement or understanding between Dr. Chuang and any other person pursuant to which Dr. Chuang was appointed as a director.
The Board has determined that Dr. Chuang is an independent director in accordance with applicable rules of the Securities and Exchange
Commission and the Nasdaq Stock Market. The Company’s form of stock option award agreement for non-employee directors is filed
herein as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item
8.01 Other Events.
On
July 9, 2025, the Company issued a press release announcing Dr. Chuang’s appointment to the Board, as described above, which is
filed as Exhibit 99.2 to this Current Report on Form 8-K.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
No. |
|
Description |
10.1 |
|
Form of Non-Employee Director Stock Option Grant Notice, Stock Option Agreement, and Notice of Exercise under the Palisade Bio, Inc. 2021 Equity Incentive Plan (incorporate by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K, filed with the SEC on November 23, 2021). |
99.1 |
|
Form
of Indemnification Agreement (incorporated by reference to Exhibit 10.03 to the Registrant’s Current Report on Form 8-K,
filed with the SEC on December 18, 2018). |
99.2 |
|
Press Release dated July 9, 2025. |
104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Palisade
Bio, Inc. |
|
|
Date:
July 9, 2025 |
/s/
J.D. Finley |
|
J.D.
Finley |
|
Chief
Executive Officer |