UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 6, 2023, Arthur L. Smith, the Chief Executive Officer (“CEO”) of Digerati Technologies, Inc. (the “Company”), notified the Company that he will take a temporary medical leave of absence from his role as CEO, effective immediately, in connection with his recent surgery.
On October 6, 2023, the Board of Directors of the Company (the “Board”) appointed Craig K. Clement, the current Executive Chairman of the Company, as interim CEO during Mr. Smith’s temporary medical leave of absence.
Mr. Clement, age 65, has served as a member of the Board since 2014 and as Executive Chairman of the Company since 2015.
There are no arrangements or understandings between Mr. Clement and any other person pursuant to which Mr. Clement was appointed to serve as the interim CEO of the Company. There are no family relationships between Mr. Clement and any of the Company’s directors or executive officers. Mr. Clement has no direct or indirect material interest in any existing or currently proposed transaction that would require disclosure under Item 404(a) of Regulation S-K.
The Board approved an increase in Mr. Clement’s compensation by $2,500 a month during the period he serves as interim CEO of the Company.
Item 7.01 | Regulation FD Disclosure. |
On October 6, 2023, the Company issued a press release regarding the temporary appointment of an interim CEO. The press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Exhibit 99.1 is being furnished pursuant to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. | Description |
99.1 | Press release issued on October 6, 2023. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
Digerati Technologies, Inc. | ||
Dated: October 6, 2023 | ||
By: | /s/ Antonio Estrada Jr. | |
Antonio Estrada Jr. | ||
Chief Financial Officer |