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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): September 28, 2022

 

 

 

PARTS ID, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

 

Delaware   001-38296   81-3674868

(State or Other Jurisdiction
of Incorporation)

  (Commission File Number)  

(IRS Employer
Identification No.)

 

1 Corporate Drive

Suite C

Cranbury, New Jersey 08512

(Address of Principal Executive Offices, including Zip Code)

 

(609) 642-4700

(Registrant’s Telephone Number, Including Area Code)

 

 

 

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 Instructions 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 exchange on which registered
Class A Common Stock    ID   NYSE American

 

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 September 28, 2022, Ann M. Schwister notified Parts ID, Inc. (the “Company”) that she would be resigning as a director of the Company for personal reasons, effective on the date thereof.

 

On September 28, 2022, the Board of Directors (the “Board”) of the Company appointed Lev Peker as a director and new member of the Board, effective on the date thereof to replace Ms. Schwister as a Class I director. Upon joining the Board, Mr. Peker will also serve as the Chair of the Board’s Audit Committee.

 

Mr. Peker, age 40, is the Chief Executive Officer of CarLotz, Inc. (NASDAQ:LOTZ), which operates a consignment-to-retail used vehicle marketplace and provides its corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to easily access the retail sales channel. Prior to joining CarLotz, Inc., Mr. Peker was the Chief Executive Officer of CarParts.com (NASDAQ:PRTS) from January 2019 to April 2022, and before that Mr. Peker served as the Chief Marketing Officer of Adorama from July 2015 to January 2019. Mr. Peker also previously served as General Manager, Home Appliances and Tools at Sears Holding Corporation from August 2014 to July 2015 and as Vice President, Online Marketplaces and Manager, Financial Planning and Analysis at U.S. Auto Parts from March 2009 to August 2014 and from March 2008 to March 2009, respectively. Earlier in his career, Mr. Peker served as a Senior Financial Analyst at Smart & Financial, Economic and Valuation Services Senior Analyst at KPMG LLP and as a Transfer Pricing Senior Associate at PricewaterhouseCoopers LLP. Mr. Peker earned a Bachelor of Science degree in accounting from the University of Southern California, Marshall School of Business and an M.B.A. from the University of California Los Angeles, The Anderson School of Management. Mr. Peker is a Certified Public Accountant in the State of California.

 

There are no arrangements or understandings between Mr. Peker and any other persons pursuant to which he was chosen as a director of the Company. There are no family relationships between Mr. Peker and any of the Company’s directors, executive officers, or persons nominated or chosen by the Company to become a director or executive officer. Mr. Peker is not a party to any current or proposed transaction with the Company for which disclosure is required under Item 404(a) of Regulation S-K.

 

On September 28, 2022 (the “Grant Date’), Mr. Peker was granted $35,620 of restricted stock units, based on the fair market value of the Company’s Class A common stock on the Grant Date. The restricted stock units will vest in full on the earlier of one year after the date of grant or the date of the Company’s next annual meeting of stockholders, subject to Mr. Peker’s continuous service. When fully vested, the restricted stock units will be settled in shares of Class A common stock of the Company on a one-for-one basis.

 

Item 8.01. Other Events.

 

On September 29, 2022, the Company issued a press release announcing the appointment of Lev Peker as a director. The full text of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibits are filed as part of this report:

 

Exhibit No.   Description
99.1   PARTS iD, Inc. News Release dated September 29, 2022
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

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 thereunto duly authorized.

 

  PARTS ID, INC.
     
Date: September 30, 2022 By: /s/ Antonino Ciappina
    Name:  Antonino Ciappina
    Title: Chief Executive Officer

 

 

2

 

Exhibit 99.1

 

Lev Peker Joins the PARTS iD, Inc. Board of Directors

 

CRANBURY, N.J., September 29, 2022 -- PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “the Company”) the owner and operator of, among other verticals, “CARiD.com,” a leading digital commerce platform for the automotive aftermarket, today announced the appointment of Lev Peker to its board of directors effective September 28, 2022.

 

“Lev’s experience building and bringing to profitability disruptive online businesses, particularly in the automotive and automotive parts industry, makes him a valuable addition to our board,” said Prashant Pathak, Chairman of PARTS iD. “We’re pleased to welcome Lev and know that the Company and its shareholders will benefit from his industry expertise and track record of value creation.”

 

Mr. Peker served as Chief Executive Officer of CarParts.com, an e-commerce provider of automotive parts and accessories from 2019 to 2022. During his tenure, he returned the business to growth and delivered the highest annual profitability in the history of CarParts.com. In April 2022, Mr. Peker was appointed Chief Executive Officer of Carlotz, Inc., a leading consignment-to-retail used vehicle marketplace. Earlier in his career, he served as Chief Marketing Officer at Adorama, a leading electronics retailer and also held senior positions at Sears Holdings Corporation and US Auto Parts.

 

“I’ve long admired PARTS iD’s differentiated, technology driven business model and the opportunity it presents for transforming the $400 billion automotive aftermarket industry,” said Peker. “It’s an honor to join the board and I look forward to contributing to the strategy and direction of the company as we progress on delivering profitable growth and increasing long-term shareholder value.”

 

Mr. Peker, who will serve as chairperson of the audit committee, replaces Ann Schwister who stepped down from the board for personal reasons.

 

Pathak continued, “Ann was a key member of our Board and her contributions are truly appreciated. We wish her the very best as she steps down to take time to attend to her personal matters”

 

About PARTS iD, Inc.

 

PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, we believe that PARTS iD has since become a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation.

  

Investors:

 

Brendon Frey
ICR
ir@partsidinc.com

 

Media:

 

Erin Hadden
FischTank PR
partsid@fischtankpr.com

 

Source: PARTS iD, Inc.