Key Summary: Elvin Lee and Jerald Hammann criticized Salarius Pharma's board for mismanagement and called for overhaul.Market Cap: $2 million | Salarius Pharmaceuticals, Inc., a clinical-stage biotechnology company, focuses on developing treatments for cancers with unmet medical need.
Background
On October 27, 2023, Elvin Sanghwan Lee, an Individual Investor (6%) stated that he intends to have discussion with representatives of the management and board relating to improving operational performance and pursuing strategic alternatives, as well as the possibility of management and board representation. Source
Update
On March 20, 2024, Elvin Lee and Jerald Hammann criticized the management and board for mismanaging and failing shareholder interests. They spotlighted unwarranted executive compensation increases and stock grants, notably for CEO David Arthur, amidst the company's poor performance and stock decline. They also challenged the board's claims of cost-saving measures in Arthur's transition to a consultant, which actually increased his elvin-lee-and-jerald-hammann-call-for-board-overhaul-at-salarius-pharmaceuticals-slrx-amid-mismanacompensation. Lee and Hammann condemned the lack of stockholder-aligned incentives and called for a board overhaul, citing a 99% decrease in share value under the current board's tenure. Their attempts to engage with management for improvements were largely ignored, reinforcing their call for new board members aligned with shareholder interests. SourceTop of Form
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