UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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 November 30, 2021, BTCS Inc. (the “Company”) appointed Michael Prevoznik as Chief Financial Officer of the Company, effective as of December 1, 2021. Mr. Prevoznik, age 32, has worked for PricewaterhouseCoopers LLP for over nine years prior to joining BTCS, specializing in investment company audits for leading asset managers in the financial services industry. Michael is a Certified Public Accountant licensed in the state of Pennsylvania. He received a B.S. in Business Administration as well as a Master of Accountancy from the Grossman School of Business at the University of Vermont.
Mr. Prevoznik will receive a salary of $175,000 per year and will be eligible for a performance bonus in an amount and with milestones to be determined by the Board of Directors and the Compensation Committee with the target bonus being one half to two times his then base salary. Additionally, the Company will grant Mr. Prevoznik restricted stock units (“RSUs”) to purchase an aggregate dollar value equal to $175,000 based on the closing stock price as of December 1, 2021. The RSUs shall vest as follows: (i) one fifth on December 1, 2022 and (ii) the remaining in 48 equal (monthly) increments, with each vesting tranche being subject to continued employment on such applicable vesting date.
Mr. Prevoznik was not appointed pursuant to any arrangement or understanding with any person, and Mr. Prevoznik does not have any family relationships with any directors or executive officers of the Company. Neither Prevoznik nor any of his immediate family has been a party to any transaction with the Company during the Company’s last two fiscal years, nor is any such transaction currently proposed, that would be reportable under Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure.
On December 1, 2021, the Company issued a press release announcing the appointment of Michael Prevoznik as the Chief Financial Officer.
A copy of the press release is furnished as Exhibit 99.1 to this report. The information contained in the press release attached as Exhibit 99.1 to this report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information contained in the press release attached as Exhibit 99.1 to this report shall not be deemed to be incorporated by reference in the filings of the Company under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits.
99.1 | BTCS Inc. Press Release |
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.
BTCS INC. | ||
Date: December 1, 2021 | By: | /s/ Charles W. Allen |
Name: | Charles W. Allen | |
Title: | Chief Executive Officer |
Exhibit 99.1
BTCS Strengthens Leadership, Appointing Former Big 4 Accountant as CFO
Silver Spring, MD – (Globe Newswire – December 1, 2021) – BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, today announced the appointment of Michael Prevoznik as Chief Financial Officer of the Company.
Prior to joining BTCS, Prevoznik worked for PricewaterhouseCoopers LLP for over nine years, specializing in investment company audits for leading asset managers in the financial services industry. Prevoznik is a Certified Public Accountant licensed in the state of Pennsylvania and received a B.S. in Business Administration as well as a Master of Accountancy from the Grossman School of Business at the University of Vermont.
“As a newly Nasdaq-listed company, we are excited to add Michael to our team as we move into a new phase of corporate development,” stated Charles Allen, Chief Executive Officer of BTCS. “We are operating from our strongest financial position ever, and are well positioned to capitalize on this strength as we continue to strategically grow our revenue generating blockchain infrastructure operations and execute our plan to rollout an integrated staking-as-a-service with our digital asset data analytics platform. Having the right team in place is critical to our ability to capitalize on the wealth of opportunities available right now, and Michael’s experience provides a strong value add in this new era of BTCS’s evolution.”
About BTCS:
BTCS is an early mover in the blockchain and digital currency ecosystem, and the first “Pure Play” U.S. publicly traded company focused on blockchain infrastructure and technology. Through its blockchain infrastructure operations, the Company secures Proof-of-Stake blockchains by actively validating blockchain transactions and is rewarded with native digital tokens. The Company is developing a proprietary Staking-as-a-Service platform to allow users to stake and delegate supported cryptocurrencies through a non-custodial platform, which it plans to integrate with its Data Analytics Dashboard, now in beta release. BTCS’s proprietary digital asset data analytics platform currently supports six exchanges and over 800 digital assets, and the Company plans to further broaden its suite of performance-tracking tools, add additional centralized and decentralized exchanges, as well as wallets, and stake pool monitoring. The Company’s digital asset treasury strategy, with a primary focus on disruptive non-security protocol layer assets, is a core component of its business model and supports BTCS’s expanding operations. For more information visit: www.btcs.com.
Investor Relations:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
dave@redchip.com
Cover |
Nov. 30, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 30, 2021 |
Entity File Number | 001-40792 |
Entity Registrant Name | BTCS INC. |
Entity Central Index Key | 0001436229 |
Entity Tax Identification Number | 90-1096644 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 9466 Georgia Avenue #124 |
Entity Address, City or Town | Silver Spring |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 20910 |
City Area Code | (202) |
Local Phone Number | 430-6576 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value |
Trading Symbol | BTCS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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