UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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the Securities Exchange Act of 1934
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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 Instruction A.2. below):
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Securities registered pursuant to Section 12(b) of the Act:
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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).
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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.
(b) Resignation of Director
On November 27, 2023, David Oddi provided notice to the Board of Directors of Kidpik Corp. (the “Company”, “we” and “us”), of his resignation as a member of the Board of Directors, effective on the same date (November 27, 2023). Mr. Oddi’s resignation was not the result of any disagreement with the Company relating to the Company’s operations, policies or practices, or otherwise.
Prior to his resignation, Mr. Oddi served as the Chairman of the Audit Committee of the Board of Directors.
The Board of Directors is currently seeking a qualified replacement for appointment to the Board of Directors and Audit Committee, to fill the vacancy left by Mr. Oddi’s resignation. The qualified replacement will be recommended by the independent members of the Board of Directors and it is anticipated that such vacancy will be filled shortly.
Item 8.01 Other Events.
On November 30, 2023, the Board of Directors of the Company formed a committee of independent directors to review and evaluate potential strategic alternatives for the Company. As a result of the difficult economic environment in which consumers are pulling back on spending on non-essential items, including clothing, as well as increases in the Company’s cost to acquire customers, due to changes in the use of “cookie” tracking technologies, the Company is currently working to reduce expenses and overhead, sell off inventory, and workforce reduction. The Board of Directors and management team are committed to acting in the best interests of the Company, its stockholders and its stakeholders. Transactions which may be undertaken by the Company, may include, but are not limited to, business combinations, liquidations of assets and/or a sale of the Company or its assets. There is no deadline or definitive timetable set for completion of the strategic alternatives review process and there can be no assurance that this process will result in the Company pursuing a transaction or any other strategic outcome. The Company does not intend to make any further public comment regarding the review of strategic alternatives until it has been completed or the Company determines that a disclosure is required by law or otherwise deemed appropriate.
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.
Dated: December 1, 2023
| Kidpik Corp. | ||
| By: | /s/ Ezra Dabah | |
| Name: | Ezra Dabah | |
| Title: | Chief Executive Officer | |
Cover |
Nov. 27, 2023 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Nov. 27, 2023 |
| Entity File Number | 001-41032 |
| Entity Registrant Name | Kidpik Corp. |
| Entity Central Index Key | 0001861522 |
| Entity Tax Identification Number | 81-3640708 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 200 Park Avenue South |
| Entity Address, Address Line Two | 3rd Floor |
| Entity Address, City or Town | New York |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 10003 |
| City Area Code | (212) |
| Local Phone Number | 399-2323 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.001 par value per share |
| Trading Symbol | PIK |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | true |
| Elected Not To Use the Extended Transition Period | false |
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