- In a statement, MiMedx (OTC:MDXG) reports that will treat the previous departures of four senior executives, Parker Petit, William Taylor, Michael Senken and Jon Cranston, as "for cause" based on information from its ongoing internal investigation that found that they "engaged in conduct detrimental to the business or reputation to the company."
- The decision means that all outstanding equity and incentive awards held by the four men will be forfeited.
- Mr. Petit has resigned from board effective immediately.
- The company is working on its updated financial statements and will submit them to the SEC as soon as feasible.
- Separately, the Nasdaq Hearing Panel has granted the company's request for a listing extension through February 25, 2019.
- Shares are down 11% premarket on light volume.
- Previously: CEO Petit out at MiMedx (July 2)
-
Update: Shares are up 24% on double normal volume mid-session.