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) June 22, 2020
Commission file number: 001-31822
ACCELERATE DIAGNOSTICS, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
| Delaware | 84-1072256 |
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
3950 South Country Club Road, Suite 470, Tucson, Arizona 85714
(Address of principal executive offices) (Zip Code)
(520) 365-3100
(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 (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 | Name of each exchange on which registered |
| Common Stock, $0.001 par value per share | AXDX | The Nasdaq Stock Market LLC
(The Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company 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
On June 22, 2020, the Compensation Committee of the Board of Directors of Accelerate Diagnostics, Inc. (the “Company”) granted the following restricted stock units and performance stock units to named executive officer Jack Phillips of the Company under the Accelerate Diagnostics, Inc. 2012 Omnibus Equity Incentive Plan.
| | | | | | | | |
| Name | Restricted Stock Units (1) | Performance Stock Units (2) |
| Jack Phillips, President and Chief Executive Officer | 186,480 | 95,530 |
(1) The restricted stock units will vest in equal annual amounts on each anniversary of the grant date over three years, beginning on June 22, 2021 and ending on June 22, 2023. Upon vesting, Mr. Phillips will receive a number of shares of common stock equal to the number of restricted stock units that have vested.
(2) The performance stock units will vest in whole upon the Company’s achievement of an annual revenue target if such target is achieved no later than 2022. If the annual revenue target is not achieved by 2022, the performance stock units will forfeit. Each vested performance stock unit will be settled in one share of the Company’s common stock.
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.
| | | | | |
| Date: June 26, 2020 | ACCELERATE DIAGNOSTICS, INC. |
| (Registrant) |
| |
| /s/ Steve Reichling |
| Steve Reichling |
| Chief Financial Officer |
