FORM Holdings Corp. Common Stock (NASDAQ: FH) is in the middle of a transition whereby the company is shifting away from being a patent troll to a holding company with a portfolio of operating assets. As part of the company reorganization and efforts to comply with NASDAQ stock market listing requirements, FORM Holdings recently restructured its board.
Two appointments to Audit Committee
FORM Holdings Corp. Common Stock (NASDAQ: FH) recently added one new director to its board and made two appointments to the Audit Committee. The new addition to the board is Salvatore Giardina, who has been tapped as a non-employee member of the board of FORM Holdings. The board assigned Giardina the role of chairman of the Audit Committee. He will hold the office until his replacement is elected and qualified to the office.
As a non-employee director, FORM Holdings said that Giardina was entitled to a number of benefits and privileges such as cash compensation and other equity related options that are usually granted to non-employee directors.
The other board changes involved Donald E. Stout, who has been appointed to the Audit Committee. FORM Holdings Corp. Common Stock (NASDAQ:FH) said that just like Giardina, Stout will hold the office until his replacement is elected and qualified to the office.
Regaining NASDAQ listing compliance
Following the appointments of Giardina and Stout to FORM Holdings’ Audit Committee, the company has informed NASDAQ that it is now in compliance with the stock market’s continued listing requirement.
Business transformation at FORM Holdings Corp. Common Stock (NASDAQ: FH)
Regaining NASDAQ listing requirement is important for FORM Holdings Corp. Common Stock (NASDAQ: FH) as the company is transitioning to a new life and seeking a new image. The change of business strategy at FORM Holdings came after the company suffered a string of losses in its patent monetization business. That included a loss of a high-profile patent litigation to Alphabet’s Google. There was also the underwhelming outcome of its patent contest with ZTE.
In the new dispensation, FORM Holdings Corp. Common Stock (NASDAQ: FH) is evolving into a holding company that will continue to monetize patents, but also own operating businesses that generate revenue. Its operating assets include Group Mobile, which is a provider of rugged computers. FORM Holdings hopes to reach revenue of $50 million at Group Mobile over the next two years and revenue in the business is expected to expand at the rate of 100% YoY. FH’s other businesses are InfoMedia and Fli Charge.