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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): November 28, 2022

 

INPIXON

(Exact name of registrant as specified in its charter)

 

Nevada   001-36404   88-0434915
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)

 

2479 E. Bayshore Road, Suite 195
Palo Alto, CA
  94303
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (408) 702-2167

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

  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(s)   Name of Each Exchange on Which Registered
Common Stock   INPX   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.

 

Amendment to Inpixon 2018 Employee Stock Incentive Plan

 

On October 5, 2022, the board of directors (the “Board”) of Inpixon (the “Company”) approved an amendment (the “Plan Amendment”) to the Company’s 2018 Employee Stock Incentive Plan, as amended (the “Plan”), to allow individuals who have been terminated (other than by death or total disability, or for cause) to extend the period during which they must exercise their stock options beyond the three-month post-termination period currently permitted under the Plan, through individual agreements with the compensation committee, as administrator of the Plan.

 

The Board submitted the Plan Amendment to the stockholders of the Company for approval at the Company’s 2022 annual meeting of stockholders held on November 28, 2022 (the “Annual Meeting”). As disclosed in Item 5.07 of this Current Report on Form 8-K, the Plan Amendment was approved by the stockholders at the Annual Meeting. For a description of the terms and conditions of the Plan Amendment, see “Proposal Four - Approval of the Amendment of 2018 Employee Stock Incentive Plan” of the Company’s definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission (the “SEC”) on October 18, 2022, as amended by Amendment No. 1 to the Company’s definitive proxy statement filed with the SEC on November 14, 2022 (the “Proxy Statement”).

 

The foregoing description of the Plan Amendment is qualified in its entirety by reference to the full text of the Plan Amendment, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K.

 

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

Amendment to Articles of Incorporation to Increase the Number of Authorized Shares of Common Stock

 

On November 29, 2022, the Company filed a certificate of amendment to the Company’s articles of incorporation, as amended (the “Articles of Incorporation”), with the Secretary of State of the State of Nevada to increase the number of authorized shares of Common Stock from 26,666,667 to 500,000,000 shares (the “Share Increase Amendment”).

 

As disclosed in item 5.07 of this Current Report on Form 8-K, the Share Increase Amendment was approved by the Company’s stockholders at the Annual Meeting. For a description of the Share Increase Amendment, see “Proposal Three - Approval of the Authorized Share Increase” of the Proxy Statement.

 

The foregoing description of the Share Increase Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Share Increase Amendment a copy of which is attached hereto as Exhibit 3.1 to this Current Report on Form 8-K.

 

Item 5.07 Submission of Matters to a Vote of Security Holders.

 

On November 28, 2022, the Company held the Annual Meeting. At the Annual Meeting, the Company’s stockholders voted on five (5) proposals, each of which is described in more detail in the Proxy Statement. At the beginning of the Annual Meeting, there were 177,526,359 shares of Common Stock and Series 8 Convertible Preferred Stock of the Company (“Series 8 Preferred Stock”), on an as-converted basis, present or represented by proxy at the Annual Meeting, which represented approximately 64.26% of the combined voting power of the shares of Common Stock and Series 8 Preferred Stock entitled to vote at the Annual Meeting (voting together as a single class), and which constituted a quorum for the transaction of business. Holders of Common Stock were entitled to one vote for each share held as of the close of business on September 30, 2022 (the “Record Date”), and holders of the Series 8 Preferred Stock were entitled to 2,120 votes for each share held as of the Record Date.

 

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Summarized below are the final voting results for each proposal submitted to a vote of the stockholders at the Annual Meeting.

 

Proposal 1. Election of Directors.

 

Nominee  For   Against   Abstentions   Broker
Non-Votes
 
Nadir Ali   119,939,222    17,882,115    247,710    39,457,312 
Wendy Loundermon   128,692,169    6,218,146    3,158,732    39,457,312 
Leonard A. Oppenheim   124,606,166    10,218,096    3,244,785    39,457,312 
Kareem M. Irfan   124,505,366    10,342,968    3,220,713    39,457,312 
Tanveer A. Khader   113,234,022    21,605,601    3,229,424    39,457,312 

  

Each of the above nominees was elected to serve as a director until the next annual meeting or until the election and qualification of his or her successor.

 

Proposal 2. Ratification of Marcum LLP as the Company’s independent registered public accounting firm to audit the financial statements for the fiscal year ending December 31, 2022.

  

For   Against   Abstentions
167,722,041   9,050,583   753,735

  

There were no broker non-votes on this proposal.

 

The stockholders ratified the appointment of Marcum LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022.

 

Proposal 3. Approval of the increase of the number of authorized shares of Common Stock from 26,666,667 to 500,000,000 shares.

 

For   Against   Abstentions
153,681,866   23,645,624   198,869

  

There were no broker non-votes on this proposal.

 

The stockholders approved the amendment to the Articles of Incorporation to increase the number of authorized shares of common stock.

 

Proposal 4. Approval of the Amendment of the 2018 Employee Stock Incentive Plan, as more fully described in the Proxy Statement.

 

For   Against   Abstentions   Broker Non-Votes
121,140,212   16,526,386   402,449   39,457,312

 

The stockholders approved the Amendment of the 2018 Employee Stock Incentive Plan.

 

Proposal 5. Authorization to adjourn the Annual Meeting.

 

For   Against   Abstentions
154,974,066   19,303,355   3,248,938

 

There were no broker non-votes on this proposal.

 

The stockholders approved the authorization to adjourn the Annual Meeting.

 

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Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
3.1   Certificate of Amendment to the Articles of Incorporation increasing the number of authorized shares of Common Stock from 26,666,667 to 500,000,000 filed with the Secretary of State of the State of Nevada on November 29, 2022
10.1   Amendment to the Inpixon 2018 Employee Stock Incentive Plan
104.1   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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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.

 

  INPIXON
   
Date: December 2, 2022 By: /s/ Nadir Ali
  Name:  Nadir Ali
  Title: Chief Executive Officer

 

 

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Exhibit 3.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 10.1

 

AMENDMENT TO THE INPIXON 2018 EMPLOYEE STOCK INCENTIVE PLAN

 

This Amendment (the “Amendment”) to the Inpixon 2018 Employee Stock Incentive Plan, as amended (the “Plan”) is made pursuant to Section 12 of the Plan. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to them in the Plan.

 

WHEREAS, the Plan was approved and adopted by the board of directors (the “Board”) of Inpixon (the “Company”) on January 4, 2018 and approved by the stockholders of the Company on February 2, 2018;

 

WHEREAS, Section 12.2 of the Plan provides that the Board may modify or amend the Plan in whole or in part and from time to time in such respects as it deems advisable;

 

WHEREAS, the Board has determined that it is in the best interest of the Company and its stockholders to amend the Plan as set forth below; and

 

WHEREAS, the stockholders of the Company approved this Amendment on November 28, 2022.

 

NOW THEREFORE, the Plan is amended as follows:

 

1. Section 4.3.1(A). Section 4.3.1(A) is hereby amended and restated with the following:

 

“4.3. Exercise of Stock Options.

 

4.3.1. Subject to the provisions in this Section 4.3 and in Section 10, Stock Options may be exercised in whole or in part. The Committee, in its absolute discretion, shall determine the time or times at which any Stock Option granted under the Plan may be exercised; provided, however, that each Stock Option:

 

(A) shall be exercisable by a participant only if such participant was an Eligible Person (and in the case of an Incentive Stock Option, was an employee or salaried officer of the Company or any of its Subsidiaries) at all times beginning from the date of the grant of the Incentive Stock Option to a date not more than three months (except as otherwise provided in Section 4.4 and Section 9) before exercise of such Stock Option;”

 

 

 

 

2. Section 4.4. Section 4.4 is hereby amended and restated with the following:

 

Termination of Service.

 

In the event that the service of an individual to whom a Stock Option has been granted under the Plan shall terminate (otherwise than by reason of such individual’s death or total disability, or for cause), such option may be exercised (if and to the extent that such individual was entitled to do so at the date of termination of such individual’s service) at any time within three months after such termination (unless such individual and the Committee agree to extend such period beyond three months), but in no event after the expiration of the term of the option. No option granted under the Plan may be exercised by a participant following termination of such participant’s employment for cause. “Termination for cause” shall mean dismissal for dishonesty, conviction or confession of a crime punishable by law (except minor violations), fraud, misconduct or disclosure of confidential information. If the service of an individual to whom a Stock Option has been granted under the Plan shall be suspended pending an investigation of whether or not the individual shall be terminated for cause, all of the individuals rights under any option granted hereunder likewise shall be suspended during the period of investigation.”

 

3. Section 4.5. Section 4.5 is hereby amended and restated with the following:

 

“Death or Total Disability of a Stock Option Holder.

 

In the event of the death or total disability of an individual to whom a Stock Option has been granted under the Plan (i) while serving as an Eligible Person; or (ii) within three months after the termination of such service (or within the additional time period agreed upon by the individual and the Committee pursuant to Section 4.4), other than for cause, such option may be exercised (if and to the extent that the deceased individual was entitled to do so at the date of such individual’s death or total disability) by a legatee or legatees of such participant under such individual’s last will and testament or by such individual’s personal representatives or distributees, at any time within twelve months after such individual’s death or total disability, but in no event after the expiration of the term of the option.”

 

4. In all other respects, the terms and conditions of the Plan shall remain the same.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the Company has adopted this Amendment, effective as of the 28th day of November, 2022.

 

INPIXON  
     
By: /s/ Nadir Ali  
Name:  Nadir Ali  
Title: Chief Executive Officer  

 

 

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