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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):
November 20, 2023
LANTRONIX,
INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
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1-16027 |
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33-0362767 |
(State or other jurisdiction
of incorporation) |
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(Commission File Number) |
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(IRS Employer
Identification No.) |
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48
Discovery, Suite
250 Irvine, California 92618 |
(Address of Principal Executive Offices, including zip code) |
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Registrant’s telephone number, including area code: (949) 453-3990 |
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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)
¨
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 |
Name of each exchange on which registered |
Common Stock, $0.0001 par value |
LTRX |
The Nasdaq Stock Market LLC |
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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 7(a)(2)(B) of Securities Act. ☐
Item 5.02. |
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
The board of directors (the “Board”) of
Lantronix, Inc. (the “Company”) has appointed Saleel Awsare, the President and Chief Executive Officer of the Company, as
a member of the Board effective as of November 20, 2023, to serve until the Company’s 2024 annual meeting of stockholders and until
his successor is elected or qualified, or until his earlier death, resignation or removal. With the appointment of Mr. Awsare, the Board
consists of five directors, four of whom the Board has determined are independent under applicable listing standards of the Nasdaq
Stock Market.
There is no arrangement or understanding pursuant to
which Mr. Awsare was appointed as a director, and there are no related party transactions between the Company and Mr. Awsare that would
require disclosure under Item 404(a) of Regulation S-K. Mr. Awsare has not been appointed to any committee of the Board at this time.
As an officer of the Company, Mr. Awsare will not receive any additional compensation for his service as a director.
Item 7.01. |
Regulation FD Disclosure. |
The Company issued a press release on November 21, 2023,
announcing the appointment of Mr. Awsare to the Board. The press release is attached hereto as Exhibit 99.1 and is incorporated herein
by reference.
In accordance with General Instruction B.2 of Form 8-K,
the information in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section,
and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
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.
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LANTRONIX, INC. |
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By: |
/s/ Jeremy Whitaker |
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Jeremy Whitaker
Chief Financial Officer |
Date: November 21, 2023
Exhibit 99.1
Lantronix Appoints Saleel Awsare to Its Board
of Directors
IRVINE, Calif., Nov. 21, 2023 – Lantronix Inc. (the “Company”)
(NASDAQ: LTRX), a global provider of secure turnkey solutions for the Industrial Internet of Things (IoT) and the Intelligent IT market,
today announced that Lantronix president and CEO Saleel Awsare has joined the Company’s Board of Directors, effective Nov. 20, 2023.
With the appointment of Mr. Awsare, the Board consists of five directors, four of whom the Board has determined are independent under
applicable listing standards of the NASDAQ Stock Market.
In connection with the commencement of his employment as president
and CEO, the Company has agreed to issue Mr. Awsare inducement awards consisting of 470,255 restricted share units (RSUs), 235,127 performance
share units (PSUs) tied to the same vesting requirements as the Company’s PSUs granted to its executive officers for fiscal 2024
(FY24 PSU Plan) and 223,931 PSUs tied to the Company’s relative total stockholder return (TSR), with the number of PSUs assuming
target level of performance for each grant. The RSU award is scheduled to vest over three years as follows: one-third of the RSUs shall
vest on Nov. 1, 2024; one-third of the RSUs shall vest on Nov. 1, 2025; and one-third of the RSUs shall vest on Nov. 1, 2026. The PSU
award tied to the Company’s FY24 PSU Plan is scheduled to vest based on the Company’s performance over fiscal 2024–2026.
The PSU award tied to the Company’s TSR is scheduled to vest based on the Company’s TSR over a three-year period beginning
on the employment commencement date. Each award is subject to the terms and conditions of the applicable award agreement. The RSUs and
PSUs are granted as employment inducement awards in accordance with NASDAQ Listing Rule 5635(c)(4).
About Lantronix
Lantronix Inc. is a global Industrial and Enterprise Internet of Things
(IoT) provider of solutions that target high-growth applications in specific vertical markets, including Smart Grid, Intelligent Transportation,
Smart Cities and AI Data Centers. Lantronix’s history in networking and video processing as well as its leading-edge applications
include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with comprehensive Out of Band
Management (OOB) solutions for Cloud and Edge Computing.
Lantronix’s solutions empower companies to achieve success in
the growing IoT and OOB markets by delivering customizable solutions that address each layer of the IoT Stack, including Collect, Connect,
Compute, Control and Comprehend. For more information, visit the Lantronix website.
Learn more at the Lantronix blog, which features industry discussion
and updates. Follow Lantronix on Twitter, view its YouTube video library or connect on LinkedIn.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: Any statements set forth in this news release that are not entirely historical and factual in nature, including without
limitation statements related to our solutions, technologies and products and expectations regarding our management and our future growth
and profitability. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties
that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results
or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include,
but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability
on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’
and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle
East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign
government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies;
difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness
and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year
ended June 30, 2023, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 12, 2023, including in the section
entitled “Risk Factors” in Item 1A of Part I of such report, as well as in our other public filings with the SEC. Additional
risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak
only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events
or circumstances.
© 2023 Lantronix, Inc. All rights reserved. Lantronix is a registered
trademark. Other trademarks and trade names are those of their respective owners.
# # #
Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com
949-212-0960
Lantronix Analyst and Investor Contact:
Jeremy Whitaker
Chief Financial Officer
investors@lantronix.com
949-450-7241
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