FT. LAUDERDALE, FL - Motus GI Holdings, Inc. (OTCQB:MOTS), a medical technology company, has announced significant changes to its board and executive team, as well as the initiation of a wind-down of its business operations. The information, based on a recent SEC filing, reveals that on Wednesday, July 31, 2024, five board members, including the CEO, resigned from their positions.
Timothy Moran, Scott Durbin, Sonja Nelson, Mark Pomeranz, and Gary Pruden stepped down from the Board of Directors with no disagreements cited regarding the Company's direction or management. Concurrently, Mark Pomeranz also resigned as Chief Executive Officer.
Following these departures, Jeff Varsalone was appointed as the sole director and President of Motus GI Holdings. His immediate responsibility involves assisting with the orderly wind-down of the company's business affairs, by legal requirements.
Additionally, a special meeting of stockholders held on July 25, 2024, failed to reach a quorum, with only approximately 28.16% of the shares outstanding represented. As a result, no business was conducted, and the meeting will not be reconvened.
The decision to wind down company affairs was approved by the Board on the same day as the resignations. This move comes after an unsuccessful attempt to gather enough shareholder votes on proposals detailed in the proxy statement filed with the U.S. Securities and Exchange Commission on June 26, 2024.
Motus GI Holdings, headquartered in Ft. Lauderdale, Florida, specializes in the design and manufacturing of medical devices for the GI market.
This news is based on the company's latest 8-K filing with the SEC.
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