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    LFMD   US53216B1044


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LIFEMD, INC. : Change in Directors or Principal Officers, Other Events (form 8-K)

09/13/2021 | 04:44pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Director Resignation

On September 8, 2021, Happy Walters resigned from the board of directors (the "Board") of LifeMD, Inc. (the "Company").

Director Appointment

On September 8, 2021, the Company appointed Naveen Bhatia as a member of the Board.

Mr. Bhatia is a private investor. From 2013 to 2020, he was a Senior Director in the Tactical Opportunities Group of Blackstone, a leading global investment business specializing in alternative asset classes. Before joining Blackstone, Mr. Bhatia was a Managing Director at 40 North Industries LLC, a private investment firm where he focused on special situations equity and debt investments, both public and private. Prior to 40 North, he was a Principal at a family office in New York. From 2003 to 2008, Mr. Bhatia was a Co-Founder and Partner of Eagle Lake Capital LLC, a private investment partnership focused on fundamental, value investing across the capital structure. He started his career as a member of the Restructuring Group at Rothschild.

Mr. Bhatia received a BA in Public Health from The Johns Hopkins University. He has served as a director of various public and private companies, currently serving as a member of the Board of Directors of private companies Blue Yonder, EquipmentShare, RG Barry, and CRG Financial. From 2010-2019, Mr. Bhatia served as Chairman of the Board of Cotton Holdings, a leading, global infrastructure support services company. He was also an Adjunct Professor at Columbia Business School and taught Applied Security Analysis I & II for eight years.

The Board believes that Mr. Bhatia's experience in investment and financial leadership roles make him ideally qualified to help lead the Company towards continued growth and success.

Related Party Transactions

There are no related party transactions with regard to Mr. Bhatia reportable under Item 404(a) of Regulation S-K.

Compensatory Arrangements

In connection Mr. Bhatia's appointment to the Board, the Company and Mr. Bhatia entered into a director agreement (the "Director Agreement"), whereby, as compensation for his services as a member of the Board, Mr. Bhatia shall receive a one-time grant of eight thousand (8,000) restricted stock units of the Company, vesting quarterly beginning on September 30, 2021, pursuant to the Company's Employee Stock Option Plan.

On September 8, 2021, the Company and Mr. Bhatia also entered into a consulting agreement (the "Consulting Agreement"), whereby Mr. Bhatia will assist the Company with its capital markets strategy, business development initiatives and growth strategy for a term of one year. Pursuant to the Consulting Agreement, Mr. Bhatia will receive a stock option to purchase 100,000 shares of the Company's common stock, par value $0.01 per share, with an exercise price of $7.07 per share.

Item 5.02 of this Current Report on Form 8-K contains only brief descriptions of the material terms of and does not purport to be complete descriptions of the rights and obligations of the parties to the Director Agreement and the Consulting Agreement, and such descriptions are qualified in their entirety by reference to the full text of the Director Agreement and the Consulting Agreement, which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, and incorporated by reference into this Current Report on Form 8-K.

Item 8.01 Other Events

On September 13, 2021, the Company issued a press release announcing the appointment of Naveen Bhatia. A copy of the press release is filed as Exhibit 99.1 and is incorporated by reference into this Current Report on Form 8-K.

Item 9.01 Exhibits


Exhibit No.   Exhibit
10.1            Director Agreement between LifeMD, Inc. and Naveen Bhatia, dated
              September 8, 2021
10.2            Consulting Services Agreement between Naveen Bhatia and LifeMD,
              Inc., dated September 8, 2021
99.1            Press Release, dated September 13, 2021
104           Cover Page Interactive Data File

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 95,8 M - -
Net income 2021 -60,4 M - -
Net Debt 2021 - - -
P/E ratio 2021 -2,41x
Yield 2021 -
Capitalization 158 M 158 M -
Capi. / Sales 2021 1,65x
Capi. / Sales 2022 1,09x
Nbr of Employees 56
Free-Float 66,8%
Duration : Period :
LifeMD, Inc. Technical Analysis Chart | LFMD | US53216B1044 | MarketScreener
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Income Statement Evolution
Mean consensus BUY
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Last Close Price 5,18 $
Average target price 23,00 $
Spread / Average Target 344%
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Justin Schreiber Chairman & Chief Executive Officer
Alexander Mironov President
Marc Benathen Chief Financial Officer
Joseph V. DiTrolio Independent Director & Chief Medical Officer-US
Stefan Galluppi Director & Chief Technology Officer
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