Innovative Designs Announces Changes in Leadership and Board Actions

Innovative Designs, Inc. (OTCMKTS:IVDN) recently made significant announcements regarding changes in its executive leadership and board actions. The company released an 8-K filing on October 9, 2024, detailing the developments.

The Board of Directors of Innovative Designs conducted a special meeting on October 3, 2024, wherein they formally invalidated a previous meeting held on September 26, 2024. This decision was made as proper notice for the September 26 meeting was not provided as required by the company’s bylaws. Consequently, the actions reported from the September 26 meeting, as outlined in the company’s prior Form 8-K filing on September 27, 2024, have been declared void ab initio.

In addition, the Board accepted the resignation of Joseph Riccelli, Sr. from his positions as Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer, effective immediately. To fill these roles on an interim basis, Joseph A. Riccelli was appointed. Joseph A. Riccelli brings over fifteen years of experience with the company, having served as the Vice President of Operations since its inception. His interim compensation will be $2,000 per week, along with a warrant to purchase 100,000 shares of the company’s common stock at an exercise price of $0.12 per share over a term of three years.

Furthermore, it was decided that Joseph Riccelli, Sr. will continue to serve as the Chairman of the Board of Directors. The company plans to retain Joseph Riccelli, Sr. as a consultant to ensure a smooth transition, drawing on his extensive knowledge of production, products, and vendor relationships critical to the company.

Notably, Joseph A. Riccelli’s appointment was made without any prior arrangements or understandings with other individuals. It is highlighted that Joseph A. Riccelli, the son of Joseph Riccelli, Sr., has no familial relationships with any other directors or executive officers of the company, nor does he possess any material interest in transactions that require disclosure under Item 404(a) of Regulation S-K.

In compliance with regulatory requirements, the report was signed by Joseph A. Riccelli, now serving as Innovative Designs’ Interim Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer. The filing indicates the date of the report to be October 9, 2024.

These changes mark a significant transition within Innovative Designs, Inc., as the company looks ahead to maintain its operations and governance effectively.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Innovative Designs’s 8K filing here.

About Innovative Designs

Innovative Designs, Inc engages in manufacture and marketing of cold weather recreational and industrial clothing products in the United States and Canada. The company operates in two segments, Apparel and House Wrap. It offers arctic armor line products, including jackets, bibs, and gloves for ice fisherman, snowmobilers, utility workers, oil/gas pipeline workers, railroad workers, construction workers, ski resort workers, and police and first responders; and house wrap that provides barrier protection and moisture vapor transmission and insulation for the building construction industry.