AIOT PowerFleet Inc

 

 

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): January 2, 2025

 

POWERFLEET, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware		001-39080		83-4366463
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

123 Tice Boulevard, Woodcliff Lake, New Jersey		07677
(Address of Principal Executive Offices)		(Zip Code)

 

Registrant’s telephone number, including area code (201) 996-9000

 

 

(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 (see General Instruction A.2. below):

 

☐	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)
☐	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, par value $0.01 per share		AIOT		The Nasdaq Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

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.

 

On January 2, 2025, Jim Zeitunian notified Powerfleet, Inc. (the “Company”) of his resignation as Chief Technology Officer of the Company. Mr. Zeitunian will be leaving the Company effective as of January 30, 2025.

 

Item 8.01. Other Events.

 

On January 7, 2025, the Company issued a press release announcing the hiring of Mike Powell as the Company’s Chief Innovation Officer. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press release, dated January 7, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURE

 

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.

 

	POWERFLEET, INC.
	By:	/s/ David Wilson
	Name:	David Wilson
	Title:	Chief Financial Officer

 

Date: January 7, 2025

 

 

 

Exhibit 99.1

 

Powerfleet Appoints Digital Transformation Expert Mike Powell as Chief Innovation Officer

 

WOODCLIFF LAKE, NJ – January 7, 2025 – Powerfleet, Inc. (Nasdaq: AIOT), a global AIoT leader, announces Mike Powell as Chief Innovation Officer (CINO), effective immediately. Powell brings extensive expertise in organizations generating annual revenues in excess of $1 billion, covering the landscape of both a CTO and CIO, to focus on advancing both Powerfleet’s customer solutions and internal operations.

 

As CINO, Powell will lead Powerfleet’s evolution by integrating internal transformation with cutting-edge customer technologies and continuing to enhance the company’s Unity AIoT ecosystem. His two-decade career in digital transformation and AI-driven growth across various industries will be pivotal in driving Powerfleet’s innovation agenda.

 

“Mike Powell’s appointment marks a pivotal moment as we advance digital transformation for our customers and complete our own,” said Steve Towe, CEO of Powerfleet. “Mike’s breadth of experience in customer-centric innovation, product strategy and technology development, AI, automation, and as a CIO distinguishes him. His leadership will be instrumental in elevating our operations and delivering innovative solutions to our customers.”

 

Frank Friesacher, a key member of the leadership team and former Chief Product Officer at Fleet Complete, will now head execution of Powerfleet’s technology roadmap.

 

Jim Zeitunian, Chief Technology Officer of Powerfleet, is departing the company to pursue new opportunities. Powerfleet extends its sincere gratitude to Jim for his valuable contributions and wishes him continued success in his future endeavors.

 

“I’m honored to join Powerfleet at such a transformative time,” said Powell. “The Unity ecosystem is redefining the AIoT landscape, and I’m eager to drive innovation that delivers groundbreaking capabilities for our customers.”

 

Together with Powell, Powerfleet combines continuous innovation with strategic data-driven change to optimize customer business performance worldwide. The company remains dedicated to enhancing efficiency, growth, and success through its transformative digital solutions, ensuring that Powerfleet and its customers thrive in an increasingly connected world.

 

ABOUT POWERFLEET

 

Powerfleet (Nasdaq: AIOT; JSE: PWR) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet’s ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in New Jersey, United States, with offices around the globe. Explore more at www.powerfleet.com. Powerfleet has a primary listing on The Nasdaq Global Market and a secondary listing on the Main Board of the Johannesburg Stock Exchange (JSE).

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This press release contains forward-looking statements within the meaning of federal securities laws. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees and are subject to risks described in Powerfleet’s filings with the Securities and Exchange Commission, including but not limited to those described under the heading “Risk Factors” in its most recent annual report on Form 10-K and quarterly report on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this press release, and, unless otherwise required by applicable law, Powerfleet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.

 

Powerfleet Investor Contacts

 

Carolyn Capaccio and Jody Burfening

LHA Investor Relations

AIOTIRTeam@lhai.com

 

Powerfleet Media Contact

 

Jonathan Bates

jonathan.bates@powerfleet.com
+44 7921 242 892

 

 

v3.24.4

Cover	Jan. 02, 2025
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Jan. 02, 2025
Entity File Number	001-39080
Entity Registrant Name	POWERFLEET, INC.
Entity Central Index Key	0001774170
Entity Tax Identification Number	83-4366463
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	123 Tice Boulevard
Entity Address, City or Town	Woodcliff Lake
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07677
City Area Code	(201)
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Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AIOT
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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